Silverback Therapeutics announced the close of an oversubscribed 78.5 million Series B financing round.
The round was led by U.S. Venture Partners and included new investors Nextech Invest Ltd., Hunt Investment Group, Pontifax Venture Capital, Colt Ventures LP and NS Investment. Existing investors participating in the financing include OrbiMed Advisors LLC, Bristol-Meyers Squibb and Alexandria Venture Investments, LLC.
Silverback 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. The Company expects to file an Investigational New Drug Application (“IND”) and initiate clinical investigation for SBT6050 this year.
“Our preclinical studies demonstrate that systemic delivery of our TLR8 agonist targeted to HER2-expressing tumors potently activates myeloid cells to kill cancer and reprograms the tumor microenvironment, resulting in durable, curative single-agent activity,” said Peter Thompson, M.D., co-founder, Chairman, & CEO, Silverback Therapeutics. “We are pleased to attract a group of world-class investors who believe in our bold vision to develop potent immune-modulating agents that can be delivered systemically, but act locally at the site of disease. With these additional resources, we’re focused on advancing our lead program into the clinic this year and progressing our preclinical pipeline assets towards the clinic.”