Business
Sutro Biopharma Reports First Quarter 2024 Financial Results, Business Highlights and Select Anticipated Milestones
- Investigational New Drug application for non-small cell lung cancer trial with luvelta cleared by U.S. Food and Drug Administration; Phase 2 on track to
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"- Investigational New Drug application for non-small cell lung cancer trial with luvelta cleared by U.S. Food and Drug Administration; Phase 2 on track to begin dosing in the second half of 2024 - - Patient expansion phase well underway in Phase 2 study of luvelta in combination with bevacizumab; enrollment is expected to complete in the first half of 2024 - - The randomized portion of REFRαME-O1, the registration-enabling study of luvelta for patients with platinum-resistant ovarian cancer, is active and enrolling - - As of March 31, 2024, Sutro had cash and investments of $267.6 million and shares of Vaxcyte common stock valued at $45.6 million - - In April, Sutro further bolstered its cash position with $75 million in upfront payments and an equity investment from licensing exclusive global rights to STRO-003 to Ipsen and $75 million raised in an underwritten offering of common stock - SOUTH SAN FRANCISCO, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), today reported its financial results for the first quarter of 2024, its recent business highlights, and a preview of select anticipated milestones. “The Sutro team executed on multiple fronts in the first quarter of 2024, advancing luvelta through the clinic in multiple indications of high unmet need, continuing to progress our pipeline and collaboration programs, and establishing a new licensing relationship with Ipsen. The upfront funding from the Ipsen deal and our recent financing also augmented our strong cash position,” said Bill Newell, Sutro’s Chief Executive Officer. “We plan to deliver on important catalysts throughout 2024, reporting on expanded patient data with luvelta in combination with bevacizumab, the initiation of a registrational trial for pediatric patients with a rare form of acute myeloid leukemia (AML), and a Phase 2 trial in non-small cell lung cancer (NSCLC). We continue to build upon our momentum and are well positioned on our goal to rapidly deliver precisely designed ADCs to patients in need.” Recent Business Highlights and Select Anticipated Milestones Luveltamab Tazevibulin (luvelta), FolRα-Targeting ADC Franchise: Part 1 (dose-optimization) of the registration-directed trial, REFRαME-O1...