Business
Sutro Biopharma Reports Full Year 2018 Financial Results and Recent Business Highlights and Developments
SOUTH SAN FRANCISCO, Calif., April 1, 2019 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ: STRO), a clinical-stage drug discovery, development and
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":" SOUTH SAN FRANCISCO, Calif., April 1, 2019 /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 oncology therapeutics, today reported its financial results for the year ended December 31, 2018.\n\"This last year was a landmark one for Sutro. Our initial clinical trial for our first internal program, STRO-001 for the treatment of patients with multiple myeloma and non-Hodgkin's lymphoma, commenced in April 2018. Importantly, we also advanced our second clinical program, STRO-002 for the treatment of ovarian and endometrial cancers, to its clinical trial initiation in March 2019. On the business front, we entered a significant collaboration with Merck and completed our IPO in the second half of 2018,\" said Bill Newell, Sutro's Chief Executive Officer. \"In 2019, we look forward to the continued advancement of our internal programs, while working with our partners on progressing the collaboration product candidates.\"\nRecent Business Highlights and Developments\nSTRO-001 Clinical Program\nPotential first-in-class and best-in-class antibody-drug conjugate (ADC) directed against CD74, which is highly expressed in many B cell malignancies Phase 1 dose-escalation, with dose expansion, clinical trial enrolling patients with multiple myeloma and non-Hodgkin's lymphoma, with initial safety data expected to be presented at the European Hematology Association Congress in June 2019 and initial efficacy data expected by year end 2019 STRO-001 granted Orphan Drug Designation by the U.S. Food and Drug Administration (FDA) for the treatment of multiple myeloma STRO-002 Clinical Program\nPotential best-in-class ADC directed against folate receptor-alpha, which is highly expressed in ovarian cancer Phase 1 dose-escalation, with dose expansion, clinical trial enrolling women with advanced ovarian and endometrial cancers, with initial safety data expected by year end 2019Corporate Highlights\nCollaboration and licensing agreement with Merck signed in July 2018 to discover and develop novel immune-modulating therapies for cancer and autoimmune disorders Initial public offering (IPO) that closed on October 1, 2018, provided Sutro with gross proceeds of $85.0 million, before d...