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IPO Alert: Silverback Therapeutics

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Silverback Therapeutics Inc., a clinical-stage biopharmaceutical company developing systemically delivered, tissue targeted therapeutics for the treatment of cancer and other chronic viral infections, is scheduled to hit the Nasdaq Global Select Market on December 4, under the symbol "SBTX".

The Seattle, Washington-based company has offered to sell 11.5 million shares of its common stock in the IPO at a price of $21 per share. The underwriters have a 30-day option to purchase up to an additional 1.72 million shares of common stock.

The offering, which is slated to close on December 8, is expected to rake in gross proceeds of $241.5 million.

Underwriters of the IPO:

Goldman Sachs & Co. LLC, SVB Leerink, Stifel H.C. Wainwright & Co.

Pipeline & Near-term Catalysts:

The company's drug candidates are based on its proprietary ImmunoTAC technology platform that is designed to increase the therapeutic window and prevent unacceptable toxicities.

-- The lead drug candidate is SBT6050, which is under a phase I dose-escalation trial in patients with advanced or metastatic HER2-expressing solid tumors like breast cancer, gastric cancer and Non-small cell lung cancer. The interim data from the phase I dose-escalation cohorts are anticipated in the second half of 2021.

The trial consists of four parts - monotherapy dose-escalation and expansion (Part 1), monotherapy dose expansion in tumor-specific cohorts (Part 2), Merck's Keytruda combination dose-escalation (Part 3), and a Keytruda combination dose expansion cohort (Part 4).

-- The second product candidate is SBT6290 for subsets of solid tumors including bladder, triple negative breast, head and neck, and non-small cell lung cancers, which is currently under IND-enabling studies. The company expects to submit the Investigational New Drug Application, seeking clearance to initiate the phase I trial for SBT6290 in the fourth quarter of 2021.

-- SBT8230, with potential for the treatment of chronic Hepatitis B Virus, for which IND-enabling tox studies are expected to be initiated in the first quarter of 2022.

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