US-based biologic drug developer Silverback Therapeutics completed a $78.5m series B round yesterday featuring pharmaceutical firm Bristol-Meyers Squibb and life sciences real estate investment trust Alexandria Real Estate Equities (AREE).
The round was led by venture capital firm US Venture Partners (USVP) and included Nextech Invest, Hunt Investment Group, Pontifax Venture Capital, OrbiMed, Colt Ventures and NS Investment. AREE took part through its Alexandria Venture Investments vehicle.
Silverback’s lead drug candidate is SBT6050, an antibody it is developing to fight cancer by destroying cancer cells by activating myeloid cells in tumours containing the HER2 protein.
The proceeds from the round will support the continual progress of SBT6050 and plans to initiate an investigational new drug application and begin clinical testing this year. The company also intends to apply its technology to viral and fibrotic diseases.
Peter Thompson, Silverback’s co-founder, chairman and CEO, said: “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 are focused on advancing our lead program into the clinic this year and progressing our preclinical pipeline assets towards the clinic.”
OrbiMed led the company’s $47.5m series A round in September 2018, investing alongside Alexandria Venture Investments and pharmaceutical company Celgene.
Jonathan Root, a general partner at USVP, and Nextech Invest partner Thilo Schroeder are joining Silverback’s board of directors in connection with the latest round.
