A biotechnology company that develops targeted cancer therapies for solid tumors improve More than $55 million in financing, as it is preparing to use multiple drugs in human trials as early as next year.
ProfoundBio announced its Series A financing on Monday. The investment was led by Eli Lilly Asia Ventures and LYFE Capital.
ProfoundBio is headquartered in Suzhou, China, and has other operations in Woodinville, a suburb of Seattle, and is developing a drug called an antibody-drug conjugate (ADC). These drugs use powerful cancer-killing payloads attached to antibodies that look for proteins that are expressed on cancer cells rather than normal cells. This method can target tumors to protect healthy tissues.
The list of ADCs approved by the FDA includes Adcetris and Padcev from ADC expert Seagen. The management team of ProfoundBio brings the experience of a biotech company based in Bothell, Washington, including work on these two drugs. According to his LinkedIn profile, CEO Baiteng Zhao has worked at Seagen for more than eight years, first as a pharmacokineticist and then as an associate director.
ProfoundBio’s financing announcement and its website stated that the biotech company is developing “best-in-class” and “first-in-class” drugs, but did not provide more details about ADC. The company did not respond to news asking how its drugs are different. But the ways ADCs can differentiate themselves include the cancer cell targets they target, the anti-cancer drug payload carried by the drug, and the chemical linkers used to hold them together.
This Deep biological pipeline 11 procedures are listed, all of which are being developed for solid tumors. Two of the most advanced projects have entered preclinical research and can support the submission of investigational new drug (IND) applications. Zhao stated in the company’s press release that the biotech company is “preparing for multiple IND submissions in 2022 and beyond.”
The ten programs of ProfoundBio are ADC. The only one that is not is T cell cement, which is an antibody therapy designed to bind to T cells and tumors and connect them. These drugs are designed to redirect immune cells to precisely target tumors.
Advances in ADC technology have led to more companies joining the field. In April, Adcendo and Adcentrx raised a total of US$112 million in their Series A financing Support the development of their respective drug pipelines.
Prior to Monday’s Series A financing, ProfoundBio said it had raised more than $12 million. Sequoia Capital China and Oriza joined the latest financing. Investors from the Pre-A round – K2VC, Gao Huan Capital and Changan Capital – also participated in the A round of financing.
Photos of Flickr users Ed Osman Through knowledge sharing license.
