Earlier this year, Genmab A/S (Nasdaq: GMAB) acquired ProfoundBio, a clinical-stage biotech company developing next-generation antibody-drug conjugates (ADC) for the treatment of ovarian cancer and other solid tumors for $1.8 billion.
Therapeutics startups collect a significant portion of healthcare investment and M&A dollars. In 2023, biopharma (with oncology and immunology leading) accounted for 25% of healthcare deal activity and 54% of deal value in North America. With this deal, we see therapeutics specific to women’s health conditions reaping the same rewards.
ProfoundBio’s primary asset, Rina-S, is a clinical-stage, FRα-targeted, Topo1 ADC, currently in part 2 of a Phase 1/2 clinical trial, for the treatment of ovarian cancer and other FRα-expressing solid tumors. In January of this year, the FDA granted Rina-S Fast Track designation.
Ovarian cancer is often referred to as “the silent killer” for a good reason: it ranks as the fifth deadliest cancer among women. Each year, approximately 22,539 women are diagnosed with ovarian cancer, and sadly, nearly 14,000 of them succumb to the disease, as reported by the American Cancer Society (ACS). This is mainly due to a lack of early-stage diagnostic innovation but also a lack of effective late-stage treatment options.
Improved methods are needed to enable early detection of ovarian cancer, accurately distinguish between benign and malignant tumors, and incorporate molecular analysis for targeted therapies. By addressing these challenges, researchers can pave the way for innovative diagnostic and therapeutic tools that enhance patient outcomes and revolutionize ovarian cancer treatment.
In recent years, several startups innovating in the ovarian cancer diagnostic and therapeutic space have succeeded in securing VC funding:
AOA Dx, Series A - a blood test for the early detection of ovarian cancer and other cancers
CpG Diagnostics Inc., Seed - uses cell-free DNA and machine learning to detect ovarian cancer earlier
Aspira Women’s Health, Late Stage - developing testing solutions to improve women's lives through earlier risk assessment, more accurate diagnoses, and personalized care strategies
ImmunoGen, Acquired by Abbvie - developing a first-in-class antibody-drug conjugate (ADC) approved for treatment of platinum-resistant ovarian cancer (PROC). The acquisition occurred after ImmunoGen raised $126M from VC investors
As more innovative players enter the market, women will receive better care and investors will reap impressive returns. We at Amboy Street Ventures are proud to be investing in this type of innovation to improve access to critical care and realize financial returns.
