China-based cancer treatment developer ProfoundBio raised over $55m on Monday to close a series A round co-led by Lilly Asia Ventures, a corporate venturing unit for pharmaceutical firm Eli Lilly.
Investment firm Lyfe Capital co-led the round, which also featured Sequoia Capital China, Oriza Holdings, K2VC, Gaorong Capital and Chang’an Capital.
ProfoundBio is working on antibody-drug conjugates (ADCs) for the treatment of patients with cancer. It will use the funding to speed up the enhancement of its technology platforms for ADC and immuno-oncology therapeutics development and advance its first drug candidates into clinical development.
ProfoundBio has raised over $68m of funding in total, according to its website. It had received over $10m in pre-series A funding from K2VC, Gaorong Capital and Chang’an Capital in February 2021.
Baiteng Zhao, ProfoundBio’s co-founder, chairman and CEO, said: “The additional funding will allow us to further strengthen and expand our integrated [research and development] capability, grow and broaden our innovative product pipeline, and prepare for multiple [investigational new drug] submissions in 2022 and beyond.
“We are really excited about the enthusiastic participation of the new investors and the continued support from our shareholders. I am confident that by working together, we can bring more innovative targeted therapeutics to patients with cancer sooner.”