ProfoundBio, based in Woodinville, Wash., and Suzhou, China, has raised $55 million in a Series A funding round to advance its programs developing new anti-cancer agents.
The company is led by veterans of Bothell, Wash.-based biotech giant SeaGen. Baiteng Zhao, CEO and chair of the board, and Tae Han, president and COO, are both former associate directors at Seagen, while CTO Xiao Shang is a former principal scientist.
ProfoundBio is developing new antibody-drug conjugates, a technology that is the mainstay of Seagen’s drug development efforts. Such agents have two components: an antibody that zeros in on a target in the body, such as a molecule present on tumor cells, and an active compound, such as a toxin that kills the cells.
“The additional funding will allow us to further strengthen and expand our integrated R&D capability, grow and broaden our innovative product pipeline, and prepare for multiple IND submissions in 2022 and beyond,” said Zhao, referring to investigative new drug submissions to the U.S. Food and Drug Administration, a key step before proceeding toward a clinical trial.
In addition to developing antibody-drug conjugates, the company has a program to develop T-cell engagers, a class of immunotherapy compounds. ProfoundBio’s website lists 11 active preclinical programs for solid tumors, with ten for antibody-drug conjugates, and one for a T-cell engager.
The FDA is approving an increasing number of antibody-drug conjugates. Two were developed by Seagen, which markets Padcev to treat bladder cancer and Adcetris for certain blood cancers. The antibody-drug conjugate platform has been a boon to Seagen, which has grown to more than 1,800 employees and expanded operations into Europe and California since its founding in 1997.
ProfoundBio’s financing round was led by Lilly Asia Ventures, which originated as a venture arm of pharma giant Eli Lilly and Company but is now an independent investment management company with offices in Shanghai, Hong Kong, and Palo Alto. The round was co-led by LYFE Capital, with participation from Sequoia Capital China and Oriza. K2VC, Gaorong Capital, and Chang’an Capital also participated in the round.
