Silverback Therapeutics, Inc., a Seattle, WA-based clinical-stage biopharmaceutical company leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered and tissue-targeted therapeutics for the treatment of cancer and other serious diseases, closed an $85m Series C financing.
The round was led by EcoR1 Capital with participation from new investors including Boxer Capital of Tavistock Group, Fidelity Management & Research Company LLC, Nantahala Capital Management, and RA Capital and existing investors OrbiMed Advisors, U.S. Venture Partners, Nextech Invest Ltd., Hunt Technology Ventures, and Pontifax Venture Capital.
The company intends to use the proceeds to support its clinical development of SBT6050, a TLR8 agonist conjugated to a HER2-directed antibody currently in a Phase 1 clinical study for the treatment of HER2-expressing solid tumors, and to advance its pipeline of other ImmunoTAC therapeutics.
Silverback Therapeutics is a clinical-stage biopharmaceutical company focused on leveraging its proprietary ImmunoTACTM technology platform to develop systemically delivered and tissue targeted therapeutics for the treatment of cancer and other serious diseases. Its platform enables the strategic pairing of proprietary payloads that modulate key disease modifying pathways with monoclonal antibodies directed at specific disease sites. Initially, the company is creating a new class of targeted immuno-oncology agents that direct a TLR8 agonist myeloid cell activator to the tumor microenvironment in solid tumors to promote cancer cell killing. Silverback’s lead product candidate, SBT6050, is a therapeutic comprised of a TLR8 agonist payload conjugated to a HER2-directed monoclonal antibody that targets tumors such as certain breast, gastric and non-small cell lung cancers. SBT6050 is currently in a Phase 1 clinical study in patients with advanced or metastatic HER2-expressing solid tumors (ClinicalTrials.gov Identifier: NCT04460456).
The company also announced two key executive promotions. Valerie Odegard, Ph.D., has been named president and chief scientific officer, and Naomi Hunder, M.D., has been named chief medical officer.