ProfoundBio announced an oversubscribed $112 million Series B financing on February 13, 2024, to advance its clinical- and preclinical-stage antibody-drug conjugate (ADC) programs. The round was led by Ally Bridge Group, with ovarian-cancer candidate Rina-S among the programs highlighted. This is a historical financing milestone: Genmab agreed to acquire ProfoundBio in April 2024 and completed the acquisition in May.
What the $112 million financing was for
ProfoundBio said the proceeds would support its ADC pipeline, including clinical and preclinical programs. The company specifically highlighted plans for a pivotal ovarian cancer trial of rinatabart sesutecan, also called Rina-S or PRO1184. The February announcement described that trial as planned; it does not establish that the trial subsequently began.
Ally Bridge Group led the oversubscribed Series B. ProfoundBio named Nextech Invest; funds and accounts advised by T. Rowe Price Associates; Janus Henderson Investors; RA Capital Management; OrbiMed; Surveyor Capital; Medicxi; Logos Capital; Octagon Capital; Piper Heartland Healthcare Capital; and LifeSci Venture Partners as new investors. Lilly Asia Ventures and LYFE Capital were identified as continuing investors. The release did not report how much any individual investor contributed.
ProfoundBio co-founder, CEO, and board chair Baiteng Zhao, Ph.D., said: “With this support, we are better positioned to advance our clinical trials and offer new differentiated approaches.” GeekWire republished the company-reported statement in its contemporaneous coverage. Read GeekWire’s report.
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What ProfoundBio was developing in February 2024
The financing announcement described the following programs and stages at that time. These are not current-status claims, and anticipated milestones should not be read as confirmed events.
| Program | Target and modality | Status described in February 2024 |
|---|---|---|
| Rina-S (rinatabart sesutecan; PRO1184) | FRα-targeted ADC | Phase 2 trials for ovarian and endometrial cancers; pivotal ovarian cancer studies were planned. |
| PRO1160 | CD70-targeted ADC | Phase 1; initial results were expected in 2024. |
| PRO1107 | PTK7-targeted ADC | Phase 1; initial results were anticipated in 2025. |
| PRO1286 | Bispecific ADC | Clinical-trial entry was anticipated in 2024. |
These descriptions come from ProfoundBio’s February 13, 2024 financing announcement. It did not provide evidence for comparing the candidates’ efficacy, and the stages and expectations above should not be treated as a later clinical update.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who acquired ProfoundBio?
Genmab announced a definitive agreement to acquire ProfoundBio on April 3, 2024, describing the portfolio as three clinical and multiple preclinical programs. Genmab reported completing the acquisition on May 21, 2024, in an all-cash transaction valued at USD 1.8 billion, subject to adjustments for closing net debt and transaction expenses.
The acquisition value is separate from the $112 million Series B financing. Neither the financing announcement nor the cited acquisition release establishes a financing valuation or per-investor allocations. Genmab’s agreement announcement and completion announcement establish the acquisition timeline and reported terms. The cited releases do not establish the present status of each individual clinical program.
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