Sitka Biopharma, a Vancouver, BC, Canada-based preclinical biotechnology company, raised $1.9M in funding.
Quark Venture and GF Securities, through their Global Health Sciences Fund (GHS), made the investment.
The company intends to use the funds to complete critical GLP toxicology studies and GMP manufacture of clinical drug product. This will allow Sitka and partner Cancer Research UK (CRUK) to complete initial Phase 1 clinical trials of STK-01, its lead product for the treatment of bladder cancer.
A spin-off of the Centre for Drug Research and Development (CDRD), and the University of British Columbia (UBC), Sitka Biopharma focuses on developing nanoparticle platform technology to increase absorption of drugs in difficult-to-penetrate tissues. Initially targeting oncology indications, the company is developing its lead candidate (STK-01) to address the absorption challenge of intravesical chemotherapy for bladder cancer, and later intraperitoneal delivery for ovarian cancer.