Ally Bridge Group led the funding round, which saw contributions from healthcare focused and mutual fund institutional investors.
New investors comprised Nextech Invest, funds and accounts advised by T. Rowe Price Associates, Janus Henderson Investors, RA Capital Management and Medicxi among others.
The company also received investments from current investors Lilly Asia Ventures and LYFE Capital.
The latest capital will bolster ProfoundBio’s clinical and preclinical ADC programmes, primarily targeting solid tumour cancers.
This includes the advancement of a trial of a key programme, rinatabart sesutecan (Rina-S), an ADC targeting the folate receptor-alpha (FRα).
It is in Phase II trials for ovarian and endometrial cancers with pivotal studies in ovarian cancer expected to commence later this year.
The US FDA granted fast track designation for FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer earlier.
Apart from Rina-S, the other programmes of the company comprise PRO1160, PRO1107 and PRO1286. PRO1160 is a CD70 targeted ADC, PRO1107 is a protein tyrosine kinase 7 (PTK7) targeted ADC and PRO1286 is a bi-specific ADC.
PRO1160, PRO1107 are currently in Phase I trials while PRO1286 is expected to enter clinical trials in 2024.
In conjunction with the fund, Andrew Lam from Ally Bridge Group and two independent directors Eric Dobmeier and Enoch Kariuki will become part of ProfoundBio’s board of directors.
ProfoundBio CEO Baiteng Zhao said: “This Series B financing is an important milestone in our mission to redefine cancer treatment.
“Our ADC pipeline programmes, led by Rina-S, demonstrate our dedication to bringing groundbreaking therapies to patients with cancer.
“With this support, we are better positioned to advance our clinical trials and offer new differentiated approaches.”