WA-based ProfoundBio secures $112million in series B round funding. Ally Bridge Group led the round, with Nextech Invest and T. Rowe Price Associates, Inc. funds and accounts participating.
Janus Henderson Investors, RA Capital Management, OrbiMed, Surveyor Capital (a Citadel firm), Medicxi, Logos Capital, Octagon Capital, Piper Heartland Healthcare Capital, LifeSci Venture Partners, and LAV and LYFE Capital have supported the company.
Read also – NYC-based Tandym Group Acquired Kolter Solutions
The investment will help the business develop its distinct clinical-stage ADC pipeline, including the crucial rinatabart sesutecan study. CEO Baiteng Zhao and COO and CFO Erin Lavelle lead ProfoundBio, a clinical-stage biotechnology business developing antibody-based cancer treatments.
Its pipeline includes various ADC therapeutic candidates for solid tumors and hematological malignancies based on internally created, unique, and exclusive technological platforms.
Read also – FL-based Odyssey Secures $6Million in Funding
The company’s development pipeline includes rinatabart sesutecan (Rina-S; PRO1184), targeting FRĪ±, PRO1160, targeting CD70, PRO1107, targeting PTK7, and PRO1286, targeting two clinically proven solid tumor antigens.
After adding Andrew Lam from Ally Bridge Group and two independent directors, Eric Dobmeier and Enoch Kariuki, with biotechnology and investment experience, ProfoundBio strengthened its board. They join co-founder Baiteng Zhao, Ph.D., Lynn Yang (HongShan), and Josh Jin (LAV) on the board.
Read also – IL-based Ascent Technologies Acquired Waymark
About ProfoundBio
ProfoundBio is a clinical-stage biotechnology startup developing antibody-based cancer treatments with curative potential. ProfoundBio has a pipeline of antibody-drug conjugate (ADC) drug candidates targeting solid tumors and hematological malignancies in discovery, preclinical, and clinical development based on internally developed, innovative, and proprietary technology platforms.
Read also – Swirl Secures $1.1Million in Seed Funding
