ProfoundBio Closes $70 Million Series A+ Round to Advance Novel Antibody-Drug Conjugate Clinical Development

On June 2, 2022, ProfoundBio, a biotech company focused on developing novel targeted therapies, announced the completion of a $70 million Series A+ funding round led by HSG. To date, ProfoundBio has raised nearly $140 million in total. Gaorong Ventures had previously invested in ProfoundBio's Pre-A and Series A rounds in 2021.

Developing Next-Generation Large-Molecule Targeted Drugs

Advancing Two Lead ADC Programs into Clinical Development

ProfoundBio is a company dedicated to developing next-generation large-molecule targeted drugs, with a product pipeline focused primarily on antibody-drug conjugates (ADCs) and other antibody-based therapeutics. Leveraging its innovative technology platform, the company has built a pipeline of drug candidates targeting multiple tumor antigens, currently in various stages of drug discovery and preclinical development. ProfoundBio will use proceeds from this round to advance two lead ADC programs — PRO1184 and PRO1160 — into Phase I clinical trials. PRO1184 is an ADC targeting folate receptor alpha (FRα), with potential therapeutic applications across multiple solid tumors; PRO1160 is an ADC targeting CD70 for both hematologic malignancies and solid tumors. Preclinical studies have shown that both ADC candidates demonstrate favorable benefit-risk profiles.

Building Efficient, Vertically Integrated Product Development Capabilities

Additionally, the company will continue accelerating multiple early-stage discovery programs into preclinical and CMC development, further deepening and expanding its innovative ADC technology platform, and establishing comprehensive end-to-end drug development capabilities spanning from early discovery through clinical research. "Against the backdrop of today's challenging economic environment, the successful completion of this financing reflects the confidence that both new and existing investors have in our capabilities, pipeline, and ADC technology platform," said Dr. Baiteng Zhao, co-founder, CEO, and Chairman of ProfoundBio. Dr. Zhao noted, "Our plan to develop innovative therapies for cancer patients is progressing smoothly and achieving multiple milestones. In the near term, we will submit the IND application for PRO1184 to the FDA; we recently initiated preclinical studies to support the IND for PRO1160; and we have simultaneously broadened our candidate product pipeline. Our ADC technology platform continues to expand, with select results presented at the American Association for Cancer Research (AACR) annual meeting in April 2022, garnering significant attention. Last but not least, our team continues to grow, particularly with the addition of several key members who share our vision and commitment."