ProfoundBio, led by Seagen veterans and co-located in China and Seattle, raises $55M

ProfoundBio, led by Seagen veterans and co-located in China and Seattle, raises $55M

ProfoundBio, primarily based in Woodinville, Wash., and Suzhou, China, has raised $55 million in a Collection A funding spherical to advance its applications growing new anti-cancer brokers.

The corporate is led by veterans of Bothell, Wash.-based biotech big SeaGen. Baiteng Zhao, CEO and chair of the board, and Tae Han, president and COO, are each former affiliate administrators at Seagen, whereas CTO Xiao Shang is a former principal scientist.

ProfoundBio is growing new antibody-drug conjugates, a expertise that’s the mainstay of Seagen’s drug improvement efforts. Such brokers have two elements: an antibody that zeros in on a goal in the physique, akin to a molecule current on tumor cells, and an energetic compound, akin to a toxin that kills the cells.

“The extra funding will enable us to additional strengthen and increase our built-in R&D functionality, develop and broaden our modern product pipeline, and put together for a number of IND submissions in 2022 and past,” mentioned Zhao, referring to investigative new drug submissions to the U.S. Meals and Drug Administration, a key step earlier than continuing towards a medical trial.

Along with growing antibody-drug conjugates, the corporate has a program to develop T-cell engagers, a category of immunotherapy compounds. ProfoundBio’s web site lists 11 active preclinical programs for strong 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 have been developed by Seagen, which markets Padcev to deal with bladder most cancers and Adcetris for sure blood cancers. The antibody-drug conjugate platform has been a boon to Seagen, which has grown to greater than 1,800 staff and expanded operations into Europe and California since its founding in 1997.

ProfoundBio’s financing spherical was led by Lilly Asia Ventures, which originated as a enterprise arm of pharma big Eli Lilly and Firm however is now an unbiased funding administration firm with places of work in Shanghai, Hong Kong, and Palo Alto. The spherical was co-led by LYFE Capital, with participation from Sequoia Capital China and Oriza. K2VC, Gaorong Capital, and Chang’an Capital additionally participated in the spherical.

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