Sequoia leads Series A extension for China's ProfoundBio
Sequoia Capital China has led a USD 70m extended Series A round for ProfoundBio, a Chinese drug developer with two cancer treatments entering phase-one clinical trials.
Additional commitments came from Lilly Asia Ventures (LAV), Oriza, Chang’an Capital, Lyfe Capital, and K2VC. ProfoundBio has now raised more than USD 138m in the past two years, according to a statement.
K2VC led a USD 10m pre-Series A round in February 2021 with participation from Gaorong Capital and Chang’an. This was followed five months later by a USD 55m Series A. LAV and Lyfe took the lead in that round, supported by Sequoia and Oriza as well as the pre-Series A investors.
Founded in 2019 by a senior team with more than 40 years of experience in the field of antibody-drug conjugates (ADC), ProfoundBio focuses on novel therapeutics designed to leverage the immune system to eradicate cancer. For patients with immune systems insufficient to mount an anti-cancer response, it also develops drugs that deliver small molecule payloads to target tumour cells.
With operations in Suzhou and Seattle, the company has 10 pipeline treatments – two in preclinical development and the rest in the discovery phase. Both preclinical candidates are ADCs: PRO1184 targets multiple solid tumours by binding cancer cell-killing payload to proteins that sit on cell membranes and absorb folic acid, while PRO1160 addresses blood disorders and tumours.
In addition to advancing these drugs into phase one trials, ProfoundBio will use the new funding to develop earlier-stage candidates, strengthen and expand its innovative ADC technologies, and establish vertically integrated development capabilities to streamline discovery to clinical trials.
"This financing, especially in the context of this challenging economic environment, represents the confidence our new and all our current investors have in our capabilities, pipeline, and ADC technology," said Baiteng Zhao, co-founder, CEO, and chairman of ProfoundBio, who previously worked on ADCs for Seagen and Merck in the US.
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