Health/Life Sciences

ProfoundBio, led by Seagen veterans, raises $70M

ProfoundBio has raised $70 million to advance two of its oncology drug candidates into medical trial. The corporate is growing antibody-drug conjugates, which goal cells with an antibody and ship a toxin. That’s the identical class of medication marketed by Seattle space biotech large Seagen, the earlier employer of Profound’s co-founders, CEO Baiteng Zhao, COO Tae Han and CTO Xiao Shang. Sequoia China led the “Collection A+” spherical, which builds on a $55 million Collection A spherical final summer season and brings complete funding so far to $140 million for the startup, which has about 50 staff in Woodinville, Washington and Suzhou, China, Han instructed GeekWire. Sequoia Capital managing director Lynn Yang will be part of the corporate’s board of administrators.

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