AUSTIN, Texas, Feb. 14, 2024 — Epic Funds, an asset management firm investing in niche private credit and private equity strategies, announced the closing of a funding round for its management company, with 100% participation from existing investors and a select group of cornerstone clients. The successful fundraise fuels strategic investments in technology infrastructure and bolsters the team with the addition of Valentine Whittaker, John Battipaglia, and Alyssa Kubiak.

• Valentine Whittaker joins as Director of Investor Solutions, bringing with him 20 years of experience in capital formation and investor relations. His background includes roles at Abbott Capital, Brookfield Asset Management, and JPMorgan Asset Management.
• John Battipaglia joins as Fund Controller, bringing with him more than a decade of experience in fund accounting and operations. His background includes roles at KPMG and Antares Capital.
• Alyssa Kubiak joins as Investment Associate, bringing with her experience in fund finance and underwriting. Her background includes roles at Sumitomo Mitsui Banking Corporation and Unigestion.

“We’re thrilled with the support of our vision from our investors and the recent team expansion. There is a new wave of interest in allocating to private markets and we’ve seen many new platforms build on-ramps to the largest funds. These solutions, however, overlook niche strategies with capacity constraints, which, in our view, offer the strongest opportunity to deliver the returns and diversification that investors seek from less liquid assets. We look forward to advancing our mission of helping investors build sustainable, long-term portfolios through private markets, and delivering what we believe are exceptional results for our limited partners” emphasizes Alec Garza, Co-founder and Managing Partner of Epic Funds.

In addition, Jim Hirschmann, CEO of Western Asset Management, one of the world’s largest fixed income asset managers, has joined the Epic Funds advisory board. Alec adds, “Jim’s journey building Western Asset Management into one of the top fixed income firms globally is a testament to his strengths as a leader. Tapping into Jim’s insights and advice is invaluable.”

About Epic Funds
Epic Funds offers investors opportunities to invest in niche and capacity-constrained private equity and private credit strategies. The firm manages diversified multi-manager funds and bespoke solutions for sophisticated investors seeking to broaden their portfolio beyond traditional public offerings and conventional, large market strategies.

Contact:
Valentine Whittaker
Director of Investor Solutions
[email protected]
www.epic-funds.com

SOURCE Epic Funds

Parlay is an embedded fintech software that helps community banks and credit unions get more small businesses approved for loans.

ALEXANDRIA, Va., Feb. 14, 2024 — Parlay, the first-of-its kind small business loan readiness platform, today announces the close of $1.3 million in pre-seed financing led by Fenway Summer.

Other firms investing in the round include Hivers and Strivers Capital, Service Provider Capital, Capacity Capital, and Alumni Ventures, together with a follow-on investment from Techstars.

Parlay was founded in 2022 by entrepreneur and military spouse Alex McLeod, West Point graduate and former U.S. Special Operations Command Innovation Officer Jay Long, and West Point graduate and former Army Ranger James Cho. Parlay partners with community banks and credit unions to enable financial inclusion and capital access for the small business market — over 33 million diverse small business owners across the United States. 

“This pre-seed funding enables us to continue fulfilling our mission: partnering with community banks and credit unions to extend more loans to the small businesses that form the backbone of our economy,” said CEO of Parlay Alex Mcleod. “We’re excited to continue this important work with strategic champions like Fenway Summer by our side.”

“We are excited and proud to back Parlay. Small businesses drive the American economy; access to capital drives small businesses. Parlay’s loan readiness platform is an innovative approach to helping banks and credit unions better access and underwrite those critical small business customers” said Raj Date, managing partner of Fenway Summer, the Washington, D.C.-based venture capital firm focused on early-stage fintech investing, “But what we are most excited about is supporting a founding team that is as ambitious, talented, and passionate as this one.”

Parlay was selected to participate in The PenFed Foundation Veteran Entrepreneur Program Fall 2023 Cohort. The program exclusively supports veteran and military spouse entrepreneurs building highly scalable startup companies — ranging from the idea stage through to Series A and beyond.

For more information about Parlay visit parlay.finance.

About Parlay
Parlay Finance is an embedded fintech software that helps community banks and credit unions get more small businesses approved for loans. The company helps small businesses maximize their eligibility for loan products while increasing loan quality, throughput, and efficiency for lenders.

About PenFed Foundation Founded in 2001, The PenFed Foundation is a national nonprofit organization that supports veterans in their transition from service to success. Affiliated with PenFed Credit Union, the Foundation has provided more than $50 million in financial support to veterans, active-duty service members and military families. The credit union funds the Foundation’s personnel and most operational costs, allowing 99% of incoming donations to go directly to our programs. To learn more, please visit www.penfedfoundation.org.

SOURCE PenFed Foundation; Parlay

Potential best-in-class lead program targets Na_v1.8, a validated human target for pain

THOUSAND OAKS, Calif., Feb. 14, 2024 — Latigo Biotherapeutics Inc. (“Latigo”), a clinical-stage biotechnology company developing best-in-class non-opioid pain medicines that target pain at its source, today announced its emergence from stealth with a $135 million Series A financing. Westlake Village BioPartners (“Westlake”) incubated the company. Westlake led the Series A financing with 5AM Ventures and Foresite Capital as co-leads with participation from Corner Ventures.

The company has appointed Desmond Padhi, Pharm.D., operating partner at Westlake as interim chief executive officer (CEO) and Nancy Stagliano, Ph.D., CEO of Neuron23, Inc., as chair of the board. Proceeds from the financing will support the continued advancement of Latigo’s portfolio of novel pain therapeutics and the growth of the company and its platform.

The Thousand Oaks-based company was founded by Westlake in 2020, reinforcing Westlake’s commitment to building world-class biotech companies in the Los Angeles area. Recruiting local talent with expertise in neuroscience, pain, and drug discovery allowed Latigo to innovate and quickly advance to a clinical stage.

“It is particularly gratifying for me to participate in the evolution of Latigo over the past several years since its inception,” said Dr. Padhi. “With a strong syndicate of investors and the significant capital we’ve raised, we are well positioned to build a company that provides new therapeutic options to patients with pain. Latigo’s targets are identified by human genetics, grounded in human biology, and characterized using state-of-the-art human model systems. This combination increases our probability of success across the development continuum.”

Latigo’s lead program, LTG-001, is an oral, selective Na_v1.8 inhibitor currently in a Phase 1 clinical trial in healthy volunteers and intended to treat acute and chronic pain. LTG-001 has the potential to be best-in-class with a rapid onset, meaningful efficacy, and superior safety to standard of care with no central nervous system effects. In addition to LTG-001, the company has a suite of Na_v1.8 inhibitors, enabling Latigo to address the broad potential of such a target in the clinic.

Beyond Na_v1.8, the company has a pipeline of novel, genetically identified targets with small molecule programs at the discovery stage.

“Until recently, there was little innovation in pain therapeutics. Current treatments have significant liabilities – opioids carry the risk of dependency, while NSAIDs can be poorly tolerated with long term use,” said Dr. Stagliano. “Today, with a potentially best-in-class clinical-stage Na_v1.8 inhibitor as our lead program, Latigo is fulfilling its vision of developing non-opioid therapies for patients suffering from acute and chronic pain where there is a significant high unmet need for new treatments.”

About Latigo Biotherapeutics
Latigo Biotherapeutics Inc., headquartered in Thousand Oaks, CA, is a privately held clinical-stage biotechnology company developing best-in-class non-opioid pain medicines that target the fundamental mechanism of pain transduction. The company’s proprietary, in-house technology generates novel drugs against targets validated by human genetics using the most advanced artificial intelligence, machine learning, structure-based, and knowledge-based design techniques to optimize potency and selectivity. The company is backed by top-tier investors, including Westlake Village BioPartners, 5AM Ventures, Foresite Capital, and Corner Ventures. For more information, please visit https://latigobio.com or follow us on LinkedIn.

SOURCE Latigo Biotherapeutics

TULSA, Okla., Feb. 13, 2024 — 46 Venture Capital (“46VC”) is excited to announce the successful closure of a pivotal seed funding round for Boat Planet, Inc., the leading marketplace revolutionizing the boat repair and maintenance industry. The round was led by 46VC, with participation from Ascend Venture Capital and Quad 2 Capital.

“We are very excited to have had the opportunity to lead the seed round for Boat Planet. Michael and his team have delivered amazing traction in a short period of time by executing a relentless focus on the needs of their customers,” said Tracy Poole, Managing Partner of 46VC.

Boat Planet, a platform that simplifies the process of connecting boat owners with reliable marine professionals for repairs and maintenance, has quickly gained traction in the marine service industry. The company boasts a rapidly growing community of over 35,000 professionals across the nation.

Boat Planet’s platform not only benefits boat owners but also supports marine professionals in marketing their services effectively in the digital landscape, helping them connect with potential customers. This innovative approach bridges the gap between boat owners seeking reliable services and marine professionals eager to offer their expertise.

This funding round will enable Boat Planet to continue enhancing the platform’s features and expanding its reach across the nation. The company is laser-focused on onboarding even more boat professionals to ensure boaters everywhere can get jobs done more easily and enhance their boating experiences.

“We are thrilled to be working alongside a great group of investors who were all once operators and boaters on our journey to improve the boating experience. It’s never an easy task to change the status quo, but we’ve assembled the perfect team to tackle this challenge. With the launch of our new platform this spring, the biggest headache in boating will soon be easier than docking your boat on a windy day,” said Michael Kiel, Co-Founder of Boat Planet. 

About Boat Planet:
Boat Planet is a marketplace that connects boat owners with marine professionals, streamlining the process of boat repairs and maintenance. With a rapidly growing community of over 35,000 professionals nationwide, Boat Planet simplifies the journey of finding reliable marine services, obtaining quotes, and making secure payments, making it the go-to platform for boat enthusiasts.

Learn more at www.boatplanet.com.

About 46VC:
46VC is a venture capital fund manager based in Tulsa, Oklahoma. 46VC’s Kinetic Fund has a regional strategy to invest in startups and technologies in the heartland region where it has unique access to deal flow and domain expertise.

For media inquiries, please contact Tracy Poole, Managing Partner at 918-605-8321 or [email protected] For more information on 46VC, please visit the firm’s website at www.46.capital

SOURCE FortySix Venture Capital LLC

WASHINGTON, Feb. 13, 2024 — Parent Project Muscular Dystrophy (PPMD), a nonprofit organization leading the fight to end Duchenne muscular dystrophy (Duchenne), is excited to announce that PPMD has provided $500,000 in funding to Kinea Bio, Inc. (Kinea) through PPMD Venture Pathways, the organization’s venture philanthropy program which provides industry funding to accelerate therapeutic development. This funding commitment aims to address current limitations in gene therapy delivery and will advance the development of the company’s next-generation adeno-associated virus (AAV) mediated midi-dystrophin gene replacement therapy for the treatment of individuals with Duchenne by enabling Kinea to complete critical studies needed to secure funding required to advance their investigational product to the clinic.

Duchenne is the most common genetic disorder diagnosed in childhood, affecting approximately one in 5,000 live male births. Duchenne is caused by a change in the DMD gene that codes for the dystrophin protein. Gene therapy holds the promise of providing benefit to patients with Duchenne by introducing replacement (shortened) versions of the dystrophin producing gene into the muscle cells, where no dystrophin is produced.

Since 2016, PPMD has focused attention on the advancement of gene therapy for Duchenne. The organization prioritizes research for next-generation and future-generation gene therapies both through PPMD’s Gene Therapy Initiative and the PPMD Venture Pathways program.

One limitation to existing gene replacement strategies for Duchenne is the limited packaging capacity of AAV, which means a shortened micro-dystrophin transgene must be used. While micro-dystrophin proteins can provide benefit to patients, they are missing significant protein domains compared to the full-length dystrophin protein.

Additionally, the current gene therapy strategies require very high doses of viral vector to effectively get the micro-dystrophin transgenes into muscle. These high vector doses can increase the safety risk associated with receiving the therapy.

Kinea’s approaches to these challenges are: (1) to utilize a dual vector approach to enable delivery of a larger construct (called a midi-dystrophin) to individual muscle cells. This midi-dystrophin is a larger dystrophin protein, containing more key domains of the dystrophin protein than current micro-dystrophins, and preclinical data suggests it may provide more benefit to muscle; (2) to utilize next-generation AAVs that increase the efficiency of viral delivery to muscle cells, thereby facilitating lower total AAV doses so as to decrease the risk of serious adverse events; and (3) to utilize miniaturized and highly active muscle-specific expression cassettes to produce high levels of midi-dystrophin exclusively in muscle cells.

Eric Camino, PhD, PPMD’s Vice President of Research and Clinical Innovation, explains:

“Through the PPMD Venture Pathways’ funding commitment to Kinea, PPMD continues our cutting-edge approach to accelerate research to get effective and safe therapies to the clinic and then into the hands of our community as quickly as possible. There is compelling preliminary evidence showing that Kinea’s dual vector midi-dystrophin approach can provide improved benefit compared to micro-dystrophin replacement therapies. This funding commitment from PPMD will enable the Kinea team to further advance the development of their midi-dystrophin product in the hopes of improving the health and function of dystrophic muscle in all people living with Duchenne.”

Casey Childers, DO, PhD, Chief Executive Officer of Kinea Bio, explains:

“We are pleased to receive this funding commitment from PPMD. This is an important milestone for Kinea and will help accelerate our midi-dystrophin strategy for larger transgene construct delivery.”

Jeff Chamberlain, PhD, Chief Scientific Advisor of Kinea Bio, describes:

“Our goal is to use a midi-dystrophin transgene, which contains more functional protein domains than current micro-dystrophins, along with a muscle regulated & targeted AAV to increase transduction efficiency to muscle tissue and dramatically improve muscle function and quality of life for patients living with this genetic disorder. Our gene therapy approach potentially overcomes many of the limitations of currently approved and investigational micro-dystrophin replacement therapies and builds on the learnings and research from my lab that has helped to shape where gene therapy for Duchenne is today.”

For the past 30 years, PPMD has funded more than $55 million in research to enhance our knowledge of dystrophinopathies. In addition to PPMD’s significant pre-clinical and academic research funding, the organization provides funding to biopharmaceutical companies through PPMD Venture Pathways, its venture philanthropy program. This type of industry funding allows companies to complete critical studies needed to advance investigational products to the clinic. These funding commitments also create the opportunity for PPMD to have a financial return that can be reinvested into its research strategy and support additional work in the future. All of PPMD’s research funding commitments undergo a rigorous scientific evaluation and are selected on the basis of potential benefit to the Duchenne community. Learn more about PPMD’s Ventures Pathways program.

ABOUT PARENT PROJECT MUSCULAR DYSTROPHY

Duchenne is a genetic disorder that slowly robs people of their muscle strength. Parent Project Muscular Dystrophy (PPMD) fights every single battle necessary to end Duchenne.

We demand optimal care standards and ensure every family has access to expert healthcare providers, cutting edge treatments, and a community of support. We invest deeply in treatments for this generation of Duchenne patients and in research that will benefit future generations. Our advocacy efforts have secured hundreds of millions of dollars in funding and won seven FDA approvals.

Everything we do—and everything we have done since our founding in 1994—helps those with Duchenne live longer, stronger lives. We will not rest until we end Duchenne for every single person affected by the disease. Join our fight against Duchenne at EndDuchenne.org. Follow PPMD on Facebook, Twitter, Instagram, and YouTube.

ABOUT KINEA BIO, INC.

Kinea Bio, Inc., located in Seattle, Washington, is a patient-dedicated gene therapy company focused on developing innovations to fight devastating neuromuscular diseases like Duchenne muscular dystrophy (DMD). Kinea strives to find new solutions for the current limitations in gene therapy through advancing capsid engineering, muscle specific expression cassette design, non-viral delivery and gene-splicing technology. Kinea’s engineered myotropic AAV capsids together with a suite of muscle specific promoters enable more effective dosing that can fine-tune the delivery of genetic cargo. Kinea’s protein splicing technology enables delivery of genes previously considered undeliverable due to size limitations of AAV vectors. This splicing innovation is especially important for treating DMD, for which previous treatments relied on truncated versions of the dystrophin gene.

SOURCE Parent Project Muscular Dystrophy (PPMD)

Investment to be used to Further Develop Risk Mitigation Tools for the Automotive Ecosystem

WASHINGTON, Feb. 13, 2024 — Fintech startup Exponential Markets Inc.(Exponential), formerly branded Exponential Exchange, today announced a strategic investment from Citi to develop and launch innovative risk mitigation tools.

Citi invested in Exponential’s most recent seed round, which was led by MaC Venture Capital, and included support from Autotech Ventures and Avanta Ventures, bringing the total amount raised to over $10 million.

Citi made the investment through its Markets Strategic Investments unit. The investment and partnership underscores Citi’s commitment to furthering the development of innovative risk mitigation tools.

Exponential Markets is developing a series of next-generation tradable financial instruments designed to offer new levels of hedging capabilities and risk management for participants in a variety of asset classes. The company’s first product, the Exponential Used Vehicle Index (Bloomberg ticker: AUTO), is a first-of-its-kind tradable index for the automotive sector that allows rental car companies, auto insurers, and auto lessors to hedge used vehicle price risk. The company’s product roadmap includes cash-settled index derivatives for new and underserved markets, in addition to exploration of smart market applications.

“Sweeping changes in the economy over the last twenty years driven by technological advances have given rise to new risks that need to be managed, as well as new data sets that can be used to develop tools to manage those risks,” said Katya Chupryna, director, Markets Strategic Investments at Citi. “Our investment in Exponential reflects our support for market-based solutions to address these emerging risks, thereby creating a healthier and more resilient ecosystem.”

Citi’s investment demonstrates the growing interest in Exponential’s innovative approach to risk management. While derivative instruments are currently used for the hedging of rates, foreign exchange, and equity markets, there are numerous asset classes and industries, such as automotive financing, currently lacking any derivative products.

In addition to the investment, Citi intends to collaborate with Exponential to cultivate the market for Exponential’s used vehicle derivatives, as well as jointly develop new products that will enable more efficient risk transfer across a variety of asset classes, industries, and market participants.

“Pioneering new financial markets involves great complexity and rigor. Having investors and strategic partners connected to our multi-sided market is invaluable and will help us kick start trading and build liquidity,” said Ryan Naughton, CEO and co-founder of Exponential Markets. “The investment and support from a global financial leader like Citi are a testament to our vision and ability to execute.”

About Exponential Markets

Exponential Markets is creating a series of next-generation financial instruments designed to offer new levels of financial protection for participants in a variety of asset classes. These tools will allow hedgers to offset exposure to adverse price movements via derivatives that settle against Exponential-powered indices. Targeting asset classes that lack effective risk-management tools, Exponential relies on robust data sets to create their tradable financial instruments. The result is a powerful and innovative alternative to more expensive, less efficient versions of risk mitigation, offering new levels of financial protection for hedgers, while unlocking new tradable asset classes for the derivatives market. For more information, visit www.exponentialmarkets.com.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

SOURCE Exponential Markets

NEW YORK, Feb. 13, 2024 — Seal Security announced today it has emerged from stealth with a $7.4 million seed funding round led by Vertex Ventures Israel, with participation from Crew Capital, PayPal Alumni Fund, and Cyber Club London.

Software supply chain attacks are on the rise, and security vulnerabilities are outpacing current remediation efforts, leaving security teams and developers overwhelmed. Organizations are faced with the challenge of managing thousands of vulnerabilities despite the availability of current market solutions. Seal Security is the first company to leverage generative AI to provide its customers with a unique remediation solution to this growing challenge. 

“Open source software is at the core of almost every innovation, yet securing it requires tremendous amounts of manual labor and cross-department collaboration,” said Itamar Sher, CEO and co-founder of Seal Security. “We tackle this problem head-on by enabling security teams to automate and scale their vulnerability remediation. Seal Security provides organizations with centralized control over the vulnerability patching process—without requiring involvement from R&D— reducing the MTTR from months to hours.”

“We are all familiar with successful SCA tools, which are trying to help companies stay secure while using open source. Yet, the same issue keeps coming up, the output of these platforms often overwhelms users with a large list of vulnerabilities and remediation steps,” explains Tami Bronner, Partner at Vertex Ventures Israel. “The unique benefit of Seal Security is that it not only identifies vulnerabilities but also ensures seamless fixes. Seal’s team’s unique expertise in vulnerabilities enables organizations to leverage open source and remain secure without having to put any effort into it.”

Seal Security leverages the latest advancements in Large Language Models (LLMs), to create an automated pipeline that significantly increases their patching capacity. This innovative approach provides access to security patches across five programming languages, enabling organizations to remediate over 95 percent of critical and high severity vulnerabilities identified in the last five years. These patches are fully compatible, enabling seamless remediation of vulnerabilities in both direct and transitive dependencies, without relying on public maintainers. The open source patches are continuously maintained, tested, and verified for production use and are available on GitHub, offering transparency and fostering community collaboration.

“Seal Security’s solution has been transformative in helping us secure our open source dependencies. It empowers our security teams with standalone patches, enabling prompt resolution of critical and high security issues.” Said Yul Bahat Director of Cybersecurity in Kiteworks. “Implementing this solution has been instrumental in maintaining FedRAMP compliance. Their approach has allowed us to handle vulnerabilities associated with CentOS EoL packages, and reinforce our existing protections.”

“Open source components are foundational to software development, and organizations face significant challenges in managing libraries with critical vulnerabilities. These challenges have a significant impact on business outcomes,” explains Daniel Dines, Co-founder and General Partner at Crew Capital. “Seal Security addresses this market demand with a solution that streamlines security patch management, allowing its customers to effectively eliminate vulnerabilities.”

Currently, the solution is deployed in major organizations and Fortune 100 companies are already using the solution to supercharge their AppSec and product security programs.

About Seal Security
Seal Security, a cybersecurity startup, was founded by three software vulnerability experts with more than 30 years of combined experience in vulnerability mitigation and exploitation. Seal Security is proud to be SOC2 and ISO27001 compliant, affirming its commitment to maintaining the highest standards in information security and operational processes.

https://www.seal.security

SOURCE Seal Security

– Proceeds to support development of ProfoundBio’s differentiated clinical-stage ADC pipeline, including the planned pivotal trial of rinatabart sesutecan (Rina-S)

– Financing led by Ally Bridge Group, bolstered by contributions from world-class healthcare dedicated and mutual fund institutional investors, including Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed, among others

– Andrew Lam, Eric Dobmeier and Enoch Kariuki to join ProfoundBio Board of Directors 

SEATTLE, Feb. 13, 2024 — ProfoundBio, a clinical-stage biotechnology company developing novel antibody-drug conjugate (ADC) therapeutics for patients with cancer, today announced an oversubscribed $112 million Series B financing supported by a syndicate of top healthcare dedicated and mutual fund institutional investors. This financing underscores the new and existing investor confidence in ProfoundBio’s innovative approach to cancer treatment and is expected to accelerate the development of its comprehensive ADC portfolio, including the planned pivotal trial of rinatabart sesutecan (Rina-S) for the treatment of ovarian cancer.

The funding round was led by Ally Bridge Group, with substantial contributions from new investors including Nextech Invest, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, RA Capital Management, OrbiMed, Surveyor Capital (a Citadel company), Medicxi, Logos Capital, Octagon Capital, Piper Heartland Healthcare Capital and LifeSci Venture Partners, as well as continued support from existing investors Lilly Asia Ventures (LAV) and LYFE Capital.

“We are excited to welcome this premier group of life science investors. Their commitment is a testament to our progress and our mission to develop innovative ADCs with the potential for improved clinical outcomes for patients,” said Erin Lavelle, Chief Operating Officer and Chief Financial Officer of ProfoundBio. “This investment boosts our momentum, especially with three clinical-stage candidates in our portfolio and another poised for clinical trials in the next few months. It’s a pivotal step in enabling significant milestones and delivering key data readouts this year and through 2025. The addition of Andrew Lam, Eric Dobmeier, and Enoch Kariuki to our board brings invaluable expertise, strengthening our path to redefine patient care.”

Commitment to Innovative Cancer Therapy

The capital raised will support ProfoundBio’s diverse array of clinical and preclinical ADC programs, primarily targeting solid tumor cancers. Key programs include:

• Rina-S, a folate receptor-alpha (FRα) targeted ADC, in Phase 2 trials for ovarian and endometrial cancers, with pivotal studies in ovarian cancer planned for later this year.
• PRO1160, a CD70 targeted ADC, in Phase 1 trials with initial results expected in 2024.
• PRO1107, a protein tyrosine kinase 7 (PTK7) targeted ADC, in Phase 1 trials with initial results anticipated in 2025.
• PRO1286, a bi-specific ADC, anticipated to enter the clinic in 2024.

Baiteng Zhao, Ph.D., Chairman of the Board and Chief Executive Officer of ProfoundBio stated, “This Series B financing is an important milestone in our mission to redefine cancer treatment. Our ADC pipeline programs, 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. We welcome our new board members and look forward to this next chapter of ProfoundBio.”

New Board of Directors Appointments

ProfoundBio strengthens its board of directors with the addition of Andrew Lam from Ally Bridge Group, alongside two independent directors, Eric Dobmeier and Enoch Kariuki, who bring a breadth of experience in biotechnology and investment.

• Andrew Lam, Pharm.D., Managing Director and Head of Biotech Private Equity at Ally Bridge Group, is known for his strategic and capital markets insights based on his extensive expertise in the life sciences sector.
• Eric Dobmeier brings over two decades of leadership, operating and business development experience in biotechnology companies, having led significant growth initiatives at Seagen and Chinook Therapeutics.
• Enoch Kariuki, Pharm.D., brings extensive background in healthcare strategy, investment banking, and venture capital, contributing valuable financial and strategic acumen.

Joining existing board members Baiteng Zhao, Ph.D. (co-founder), Lynn Yang (HongShan), and Josh Jin (LAV), these new members bring considerable experience and expertise to ProfoundBio. 

“ProfoundBio is led by an experienced management team with a proven track record of global approvals of ADC therapeutics and decades of research and development experience focused on this modality,” said Dr. Lam. “We are proud to be supporting a great team that has advanced an exciting pipeline of differentiated and potentially best-in-class and first-in-class ADCs.”                  

ProfoundBio’s Cutting-Edge Investigational ADC Programs

Rinatabart sesutecan (Rina-S, PRO1184) is a FRα-targeted ADC being developed as a novel treatment option for patients with ovarian and endometrial cancer, and potentially other FRα-expressing cancers. Rina-S is comprised of a FRα-directed antibody conjugated to sesutecan, ProfoundBio’s novel, proprietary hydrophilic exatecan-based linker-drug, at a homogeneous drug-to-antibody ratio (DAR) of 8. Exatecan is a highly potent, membrane permeable topoisomerase-1 inhibitor with strong bystander effect. The linker component of sesutecan is a highly hydrophilic, stable, cleavable linker designed to mask the hydrophobicity of exatecan, enabling high DAR and efficient delivery of the exatecan payload to tumors while maintaining favorable physicochemical and pharmacokinetic properties of the ADC. Rina-S is currently being evaluated in a Phase 1/2 clinical trial (NCT05579366) and has been granted Fast Track Designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

PRO1160 is an ADC consisting of a CD70-targeted antibody conjugated to ProfoundBio’s novel, proprietary hydrophilic exatecan-based linker-drug, sesutecan.  CD70 is a protein expressed on both solid tumors and hematological malignancies including renal cell carcinoma, nasopharyngeal carcinoma, and non-Hodgkin lymphoma, yet is largely absent in normal tissues. With preclinical results showcasing encouraging pharmacokinetics, efficacy, and tolerability, PRO1160 is emerging as a potential advancement in the treatment of these cancers and is currently being evaluated in a Phase 1/2 clinical trial (NCT05721222).

PRO1107 is an ADC consisting of a PTK7-targeted antibody conjugated to ProfoundBio’s novel, proprietary hydrophilic MMAE-based linker-drug, LD343, at a homogeneous DAR of 8. MMAE is a potent, membrane-permeable microtubule inhibitor that has been clinically validated as an ADC payload by multiple marketed ADCs incorporating MMAE in the linker-drug vedotin at a DAR of 4. The linker component of LD343 is a highly hydrophilic stable, cleavable linker designed to mask the hydrophobicity of MMAE, enabling high DAR and efficient delivery of the MMAE payload to tumors while maintaining favorable physicochemical and pharmacokinetic properties of the ADC.  PRO1107 is currently being evaluated in a Phase 1/2 clinical trial (NCT06171789).

PRO1286 is a bispecific ADC that has the potential to treat multiple tumor types. PRO1286 is built on the clinically validated sesutecan platform and is anticipated to begin clinical trials in 2024.

About ProfoundBio

ProfoundBio is a clinical-stage biotechnology company focused on the development of novel antibody-based therapeutics for patients with cancer. Built on internally developed, innovative, and proprietary technology platforms, ProfoundBio has developed a pipeline consisting of multiple ADC drug candidates targeting solid tumors and hematological malignancies. The company’s disclosed development pipeline consists of rinatabart sesutecan (Rina-S; PRO1184), an ADC targeting FRα; PRO1160, an ADC targeting CD70; PRO1107, an ADC targeting PTK7; and PRO1286, a bispecific ADC targeting two clinically validated, broadly expressed solid tumor antigens. ProfoundBio is headquartered in Seattle, Washington.

For more information, please visit www.profoundbio.com and follow us on LinkedIn.

Investor Contact:
ir@profoundbio.com

Media Contact:
Priyanka Shah
908-447-6134
pshah@elephantheadcommunicationsllc.com

SOURCE ProfoundBio

TOKYO, Feb. 13, 2024 — Ajinomoto Co., Inc. (“Ajinomoto Co.”), the Japan-based multinational corporation covering food, healthcare and electronic materials, and built on “AminoScience,” (*) has expanded its corporate venture capital (CVC) arm with new U.S. headquarters to grow its investments in U.S. and global companies. The aim is to back innovators in the company’s four growth areas, “Healthcare,” “Food & Wellness,” “ICT,” and “Green.”

(*) “AminoScience” is a collective term for the various materials, functions, technologies, and services derived from research and implementation processes with a rigorous focus on the functions of amino acids. It also refers to the Ajinomoto Group’s unique scientific approach to connect these findings and services to help resolve social issues and contribute to well-being.

Ajinomoto Co.’s New CVC arm in Silicon Valley: https://cdn.kyodonewsprwire.jp/prwfile/release/M107658/202402066250/_prw_PI1fl_VEc6o2a8.jpg

With its new team in Silicon Valley, the CVC arm will strengthen its funding and partnership support to startups while driving growth across the Ajinomoto Group’s food, healthcare, and electronic material business verticals. Portfolio entrepreneurs will gain access to Ajinomoto Co.’s technology expertise in advanced ingredient and material research as well as manufacturing capabilities from fermentation to biopharma CDMOs (Contract Development and Manufacturing Organizations).

The CVC arm has been actively deploying capital with new fund-on-fund and direct investments. Its growing portfolio now includes Translink Capital — a U.S.-based early-stage venture capital firm investing in semiconductors, mobility, AI, healthcare, robotics, and sustainability. The CVC arm has also made its first semiconductor investment in Elephantech — a manufacturing technology company advancing metal inkjet printed circuit boards as a more sustainable production process.

“Ajinomoto is built by scientists and engineers who execute on bold innovative ideas, and we believe there is no better place than Silicon Valley for us to keep our innovation edge sharp and find shared growth opportunities with entrepreneurs,” says Shunji Takehana, the U.S.-based General Manager of the CVC arm.

For the 115-year-old company, the new focus on startup partnerships is crucial for its next growth phase, as outlined in its recently published 2030 roadmap. Ajinomoto Co. intends to amplify its impact beyond food and nutrition and drive growth in other business segments that contribute to society and planet, specifically in healthcare and information & communications technology.

In healthcare, Ajinomoto Co. has a growing product portfolio that includes a biopharma CDMO as well as growth factors and culture media for a variety of drug manufacturing. In semiconductors, Ajinomoto Co. is a pioneer of film-based circuit insulation technology that has become a benchmark component in today’s computers.

For further information please visit Ajinomoto Corporate Venture Capital’s LinkedIn: https://www.linkedin.com/company/ajinomoto-cvc/mycompany/ 

SOURCE Ajinomoto Co., Inc.