Life Science Washington Institute (LSWI), a Life Science Washington affiliate focused on supporting early-stage companies and entrepreneurs in Washington state, today announced Baiteng Zhao, PhD, and Tae H. Han, PhD, co-founders of ProfoundBio, as the recipients of the 2024 Entrepreneurial Achievement Award. Launched in 2020, this award honors founding leaders who have demonstrated significant entrepreneurial accomplishments, advanced life-changing innovations, and contributed to Washington state’s economic development.
LSWI is honoring Dr. Zhao and Dr. Han for their significant contributions to advancing life science innovations. Following their tenure at another homegrown Washington company, Seagen (now Pfizer), Dr. Zhao and Dr. Han co-founded ProfoundBio to provide better therapeutic options for patients with cancer. The ProfoundBio pipeline focused on potential best-in-class antibody-drug conjugates (ADCs), a cutting-edge technology that aims to eradicate cancer while sparing normal tissues. In just four years after its Series Pre-A financing, the ProfoundBio team advanced multiple ADC candidates into clinical trials and secured funding totaling $250 million, including an over-subscribed $112 million Series B round in February 2024 that was supported by many of the world’s top life science investors. ProfoundBio was ultimately acquired by Danish drugmaker Genmab A/S (Nasdaq: GMAB) for approximately $1.8 billion in cash, one of the top life science deals in 2024.
“ProfoundBio, founded and led by Baiteng Zhao and Tae Han, had nothing short of an astounding year and we are thrilled to recognize them as the winner of this year’s Entrepreneurial Achievement award,” said Richard Giersch, Executive Director of Life Science Washington Institute. “ProfoundBio is a powerful example of how Washington’s life sciences ecosystem continues to thrive as talented leaders remain in the region, build new companies, and drive innovation. The company was able to develop such strong investor interest and ultimately be acquired because of its innovative proprietary technology platforms and a robust pipeline of drug candidates. This team is incredibly deserving of this award for their scientific and entrepreneurial accomplishments.”
Dr. Zhao and Dr. Han are proud graduates of LSWI’s Washington Innovation Network (WIN) mentoring program, participating from 2019-2020. Celebrating 10 years of impact this year, WIN has had 102 ventures participate, with 43 graduates collectively raising over $3.2 billion. The program leverages Washington state’s dynamic mix of seasoned entrepreneurs and industry leaders, connecting early-stage companies with the expert resources, people, and funding they need to drive life sciences innovation forward.
The ProfoundBio journey exemplifies the power of the WIN program and highlights how Washington’s life sciences ecosystem continues to thrive. By fostering homegrown talent and innovation, WIN plays a key role in ensuring Washington remains a top 10 life sciences hub.
“We’re honored to receive this year’s Entrepreneurial Achievement Award and accept it on behalf of the ProfoundBio team. We are now a part of the inspiring group of award winners, all of us with a common vision and commitment to improving patient lives,” said Dr. Zhao and Dr. Han. “Seattle is a special place to grow companies like ProfoundBio. We have a collaborative ecosystem, top talent, and supportive programs that help entrepreneurs bring lifesaving medicines to patients faster. In addition, we are grateful for the WIN program as it helped us during the initial phase of the company to be sure ProfoundBio was being built the right way for success. We look forward to seeing and contributing to the next chapter of life sciences innovation here in Washington state.”
Hear more from ProfoundBio and other WIN participants in a Life Science Washington Institute video: https://vimeo.com/873842986.