Press Release

ProfoundBio Announces $112 Million Oversubscribed Series B

February 14, 2024

Seattle – February 14, 2024 – Cooley advised ProfoundBio, a clinical-stage biotechnology company developing novel antibody-drug conjugate (ADC) therapeutics for patients with cancer, on its $112 million oversubscribed Series B financing. Lawyers Patrick Loofbourrow and Monica Xu led the Cooley team advising ProfoundBio.

The financing was led by Ally Bridge Group, with substantial contributions from new investors – including Nextech Invest, Janus Henderson Investors, RA Capital Management, OrbiMed, Surveyor Capital (a Citadel company), Medicxi, Logos Capital, Octagon Capital, Piper Heartland Healthcare Capital, LifeSci Venture Partners, and funds and accounts advised by T. Rowe Price Associates – as well as continued support from existing investors Lilly Asia Ventures and LYFE Capital. ProfoundBio will use the proceeds to support its diverse array of clinical and preclinical ADC programs, primarily targeting solid tumor cancers.

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