Silverback Therapeutics, a Seattle, WA-based biopharmaceutical company pioneering a new class of immune-modulating ImmunoTAC™ drug conjugates targeting previously inaccessible disease pathways, closed a $78.5m Series B financing round.
The round was led by U.S. Venture Partners, with participation from new investors including Nextech Invest Ltd., Hunt Investment Group, Pontifax Venture Capital, Colt Ventures LP and NS Investment and existing investors OrbiMed Advisors LLC, Bristol-Meyers Squibb and Alexandria Venture Investments, LLC. Along with the financing, Jonathan Root, M.D., general partner at USVP, and Thilo Schroeder, Ph.D., partner at Nextech Invest Ltd., have joined Silverback’s board of directors.
The company will use the proceeds to support ongoing development of SBT6050, an anti-HER2 antibody conjugated to a potent TLR8 agonist for the treatment of HER2-expressing solid tumors, and to advance its pipeline of ImmunoTAC™ programs. It expects to file an Investigational New Drug Application (“IND”) and initiate clinical investigation for SBT6050 this year.
Led by Peter Thompson, M.D., co-founder, Chairman, & CEO, Silverback Therapeutics is a biopharmaceutical company advancing a pipeline of therapies that are systemically delivered, but locally active and target fundamental disease pathways. Its ImmunoTAC™ platform enables local modulation of powerful biologic pathways enabling innovative therapeutic approaches to oncology, virology and fibrotic diseases. The lead candidate, SBT6050, directly and potently activates myeloid cells in HER2-containing tumors leading to eradication of the cancer cells and reprogramming of the tumor microenvironment in preclinical models. Clinical investigation of SBT6050 is expected to begin in 2020.
Since its inception in 2016, Silverback has raised over $125m in venture capital.