Healthcare Industry News: Sutro Biopharma
News Release - May 8, 2012
Sutro Closes $16.5 Million Second Tranche of Series C FinancingSAN FRANCISCO, May 8, 2012 -- (Healthcare Sales & Marketing Network) -- Sutro Biopharma today announced the closing of the $16.5 million second tranche of its Series C financing. This financing was led by Skyline Ventures and included participation of Lilly Ventures, Amgen Ventures, SV Life Sciences and Alta Partners. With the Series C funding, Sutro has raised almost $60 million since its founding in 2003.
William Newell, chief executive officer of Sutro, said, "Our investors understand the uniqueness of our antibody drug conjugate platform that allows us to rapidly create high fidelity, homogeneous antibody drug conjugates with a superior therapeutic index potential. We look forward to collaborating with biopharmaceutical companies who seek next generation antibody drug conjugates, in addition to creating our own novel cancer therapies."
About Sutro Biopharma
Sutro Biopharma, located in South San Francisco, is developing a new generation of antibody drug conjugate therapeutics and bifunctional antibody-based therapeutics for targeted cancer therapies. These therapeutics will significantly extend the clinical impact of current oncology therapeutic approaches and are beyond what can be envisioned with current (cell-based) expression technologies. Sutro's biochemical synthesis technology, which underpins these therapeutics, allows the rapid and systematic exploration of many protein drug variants to identify drug candidates. Our make-test cycle for hundreds of protein variants, including those incorporating non-natural amino acids, takes approximately two weeks. Once these product candidates are identified, production can be rapidly and predictably scaled up to commercial levels. In addition to developing its own drug pipeline, Sutro Biopharma is collaborating with select pharmaceutical and biotech companies in the discovery and development of novel protein therapeutics. For more information, visit www.sutrobio.com.
Source: Sutro Biopharma
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