Silverback Therapeutics secures $78.5 million to advance immuno-modulating drug conjugate SBT6050 into the clinic to treat HER2-expressing solid tumors.
FREMONT, CA: A private biopharmaceutical company pioneering a new class of immune-modulating ImmunoTAC™ drug conjugates targeting previously inaccessible disease pathways, Silverback Therapeutics, has raised $78.5 million Series B financing round. The funding was led by the U.S. Venture Partners along with new investors, including Nextech Invest Ltd., Pontifax Venture Capital, Hunt Investment Group, NS Investment, and Colt Ventures LP. Existing investors - OrbiMed Advisors LLC, Bristol-Meyers Squibb, and Alexandria Venture Investments, LLC also participated in this round of investment. Proceeds from the funds will be used to support the ongoing development of SBT6050, an anti-HER2 antibody conjugated to a potent TLR8 agonist for the treatment of HER2-expressing solid tumors.
Silverback Therapeutics is building a platform technology that is capable of opening potent immuno-modulatory pathways using an established antibody-guided approach for targeting diseased sites. The company's studies revealed that systemic delivery of TLR8 agonists targeted to HER2-expressing tumors potently activates myeloid cells, kills cancer, and reprograms the tumor microenvironment, resulting in a durable, curative single-agent activity. Silverback Therapeutics is thrilled to draw a group of world-class investors who believes in the company's bold vision to develop potent immune-modulating agents that can be delivered systemically. With the additive resources, Silverback Therapeutics is centered on advancing its lead program into the clinic, progressing preclinical pipeline assets towards the clinic.
Silverback Therapeutics is a privately-held biopharmaceutical firm, advancing a pipeline of therapies that are systemically delivered but locally active and target fundamental disease pathways. Armed with its proprietary ImmunoTAC™ technology, the company believes that it is likely to overcome some of the biggest barriers to creating effective and enduring treatments for fibrosis, cancer, infectious diseases, and other devastating conditions.