Business
Sutro Biopharma Reports First Quarter 2021 Financial Results, Business Highlights and 2021 Anticipated Milestones
- Additional follow-up data on STRO-002 from the Phase 1 dose-escalation will be presented at ASCO 2021; enrollment for the dose-expansion is ongoing - Merck
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"- Additional follow-up data on STRO-002 from the Phase 1 dose-escalation will be presented at ASCO 2021; enrollment for the dose-expansion is ongoing\n - Merck initiated IND-enabling toxicology studies for the first program under the cytokine derivatives collaboration resulting in a $15 million milestone payment earned in April 2021\n - EMD Serono began a Phase 1 study for the bispecific MUC1-EGFR ADC, M1231, during the first quarter of 2021\n - Financial position remains strong with cash, cash equivalents and marketable securities of $294.9 million as of March 31, 2021 and projected runway into the second half of 2023\n\n\nSOUTH SAN FRANCISCO, Calif., May 7, 2021 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ: STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation cancer and autoimmune therapeutics, today reported its financial results for the quarter ended March 31, 2021, its recent business highlights, and provided a preview of anticipated selected milestones in 2021.\n\"We are enthusiastic about the meaningful clinical benefit of STRO-002, our FolRα-targeting Antibody-Drug Conjugate (ADC), for women with advanced ovarian cancer, as demonstrated by the Phase 1 dose-escalation data, and look forward to providing follow-up data at ASCO,\" said Bill Newell, Sutro's Chief Executive Officer. \"We continue to enroll patients for the dose-expansion portion of the Phase 1 study and we have activated additional clinical sites. STRO-002 is one of the four product candidates in the clinic that were discovered, developed, and are manufactured using our proprietary and integrated cell-free protein synthesis platform. We intend to continue creating value by leveraging our platform to deliver on therapeutics that are precise, rationally designed, and homogenous, for a broad set of patients with unmet medical needs.\"\nRecent Business Highlights and Expected 2021 Milestones \nSTRO-002, FolRα-targeting ADC: Ongoing enrollment in dose-expansion trial for patients with advanced ovarian cancer\nThe dose-escalation portion of the Phase 1 trial, in patients with advanced ovarian cancer, completed enrollment as of August 31, 2020. Follow-up data will be presented as a poster at the American Society of Clinical Oncology (ASCO...