Platonic Bio Closes Oversubscribed $55 Million Series A to Accelerate ADC Drug and Immuno-Oncology Platform Development

On July 12, ProfoundBio announced the completion of a $55 million+ Series A funding round, co-led by Lilly Asia Ventures and LYFE Capital, with participation from several new and existing shareholders. Gaorong Ventures, which had previously invested in ProfoundBio's Pre-A round, continued its investment in this round.

The proceeds will accelerate the development and application of antibody-drug conjugate (ADC) and immuno-oncology (IO) therapeutic technology platforms, and advance a pipeline of differentiated drug candidates into clinical development.

Founded in 2018, ProfoundBio is focused on developing next-generation large-molecule targeted drugs, with a product pipeline centered on antibody-drug conjugates (ADCs) and other antibody-based therapeutics.

Antibody-drug conjugates work by chemically linking highly potent — particularly highly cytotoxic — small-molecule drugs to highly specific monoclonal antibodies. The antibody serves as a delivery vehicle, transporting the small-molecule drug to target tissues and cells, enabling precise strikes against specific tumor types while reducing toxic effects on healthy tissue.

The mechanism of ADC drugs is well-defined, and their anticancer potential is beyond doubt. Yet over the past two decades, only a limited number of ADC drugs have won regulatory approval. Developing ADCs remains fraught with difficulties and challenges, particularly in selecting tumor targets and corresponding conjugated drugs. To address these pain points, ProfoundBio is building innovative technology platforms to design and synthesize more ideal high-activity drugs with improved mechanisms of action and physicochemical properties, and to develop optimized linkers for next-generation ADC creation — aiming to achieve greater breakthroughs in cancer treatment. The company seeks to further expand the therapeutic window beyond the safety and efficacy profiles of existing drugs, broaden the range of druggable targets, and rapidly expand its R&D pipeline and indications. To improve translational success from lab to clinic, the company also employs advanced computational modeling and analysis for prediction, alongside more effective in vitro and in vivo screening protocols.

Based on its innovative technology platforms, ProfoundBio has developed a pipeline of drug candidates targeting solid tumor indications, currently at the drug discovery and preclinical development stages.

Dr. Baiteng Zhao, co-founder, CEO, and chairman of ProfoundBio, said: "Since completing our Pre-A financing, we have made significant progress across both our product pipeline and innovative technology platforms. The proceeds from this round will enable us to further strengthen and enhance our integrated R&D capabilities, develop and broaden our innovative product pipeline, and prepare for multiple IND filings in 2022 and beyond. With everyone's collective efforts, I am confident we will bring more innovative targeted therapies to cancer patients at the earliest opportunity." For more information about ProfoundBio, visit: www.profoundbio.com

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