Health

Seattle biotech startup Silverback Therapeutics raises $78.5M

Seattle biotech startup Silverback Therapeutics raised a $78.5 million funding spherical to help improvement of its therapies for most cancers, fibrosis, and different situations.

Based in 2016, Silverback’s ImmunoTAC know-how can ship medication systematically however solely goal components of the physique affected by illness. The strategy may assist forestall dangerous uncomfortable side effects and make the therapies simpler.

Medical investigation for the corporate’s lead candidate, SBT6050, is anticipated to start this yr.

U.S. Enterprise Companions led the Sequence B spherical, which included participation from new traders Nextech Make investments Ltd., Hunt Funding Group, Pontifax Enterprise Capital, Colt Ventures LP and NS Funding. Present backers additionally invested, together with OrbiMed Advisors LLC, Bristol-Meyers Squibb, and Alexandria Enterprise Investments.

Whole enterprise capital funding so far for Silverback is $125 million.

“We’re happy to draw a bunch of world-class traders who imagine in our daring imaginative and prescient to develop potent immune-modulating brokers that may be delivered systemically, however act domestically on the web site of illness,” Peter Thompson, co-founder, chairman and CEO, mentioned in a statement. “With these extra assets, we’re targeted on advancing our lead program into the clinic this yr and progressing our preclinical pipeline property in direction of the clinic.”

The science behind ImmunoTAC originated from the corporate’s co-founders, Thompson and Badreddin Edris, a geneticist who left Silverback Therapeutics in 2018 and is at present the chief enterprise officer at SpringWorks Therapeutics.

Thompson took over as CEO in 2018 after earlier chief Eric Dobmeier departed. Dobmeier is now CEO at Chinook Therapeutics.

Jonathan Root, common accomplice at USVP, and Thilo Schroeder, accomplice at Nextech Make investments Ltd., joined Silverback’s board of administrators because of the brand new funding.

Silverback is certainly one of a number of biotech companies based mostly within the Seattle area. Others embrace Adaptive Biotechnologies; Nohla Therapeutics; and Sana Biotechnology.

Bristol-Meyers Squibb has a protracted historical past in Seattle. It purchased Seattle-based ZymoGenetics a decade in the past, and this previous November it scooped up Celgene, which acquired Seattle-based Juno Therapeutics in 2018.

Alexandria Actual Property Equities, the true property arm of Alexandria, final yr reached an agreement with the town of Seattle to purchase the Mercer Mega Block, a trio of improvement websites that lie between Amazon’s campus and the cluster of life sciences establishments round Lake Union.

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