Proviva Therapeutics closes $30M+ Series A+ to advance its core product PD-1/IL-2 prodrug PTX-912

On December 1, 2025, Proviva Therapeutics announced the completion of a Series A+ financing round exceeding US$30 million. This round was led by the globally leading healthcare investment firm OrbiMed, with participation from several prominent institutional investors, including Hankang Capital, HSG (formerly known as Sequoia Capital China), and a globally renowned industry fund.

The proceeds will be primarily used to accelerate global clinical development of its core product PTX-912 and advance the R&D of several other innovative preclinical pipeline assets.

Proviva Therapeutics is a clinical-stage biotechnology company focused on next-generation anti-tumor immunotherapies. The company has independently developed highly innovative platforms, including the "CROSSOVER" cytokine prodrug technology platform and the "MUSICA" multifunctional effector cell activation technology platform.

Product candidates derived from these platforms are designed for specific activation within the tumor microenvironment. Through integrated molecular design, they effectively address key limitations of traditional therapies—such as cytokines or immune cell engagers—including high peripheral toxicity, low precision in effector cell activation, and severe T-cell exhaustion. Leveraging these breakthrough technologies, Proviva is committed to driving substantial progress in cancer immunotherapy worldwide.

PTX-912 is a first-in-class fusion protein combining a PD-1 antibody with an IL-2 prodrug, and is the first such molecule to enter clinical development. Its highly innovative molecular design is reflected in several key aspects: 1) It utilizes an IL-2 mutant that retains binding capacity for IL-2Rβγ and partially for IL-2Rα, while its systemic activity is masked by the prodrug structure, significantly reducing peripheral toxicity; 2) The fused PD-1 antibody not only provides immune checkpoint blockade but also directs the high-affinity IL-2—released upon protease activation in the tumor microenvironment (TME)—to tumor-specific T cells; 3) The activated IL-2 exhibits a certain stimulatory effect on tumor-infiltrating NK cells, offering potential synergistic benefits to enhance the overall anti-tumor immune response.

Through its dual mechanisms of PD-1 blockade and selective activation of the IL-2 signaling pathway within the TME, PTX-912 is expected to significantly enhance anti-tumor immune responses while reducing the severe systemic toxicity typically associated with IL-2-based therapies.

PTX-912 is currently in the dose-escalation phase of a Phase I clinical trial. Preliminary data indicate a favorable safety and tolerability profile, and a confirmed partial response (cPR) has been observed in a patient with non-small cell lung cancer (NSCLC), demonstrating the promising translational potential of its first-in-class mechanism.