Business
Sutro Biopharma Reports Full Year 2020 Financial Results and Provides Business Highlights and 2021 Anticipated Milestones
- Year-end 2020 cash, cash equivalents and marketable securities of $326.5 million, with projected runway into the second half of 2023 - Four antibody-drug
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"- Year-end 2020 cash, cash equivalents and marketable securities of $326.5 million, with projected runway into the second half of 2023\n - Four antibody-drug conjugate programs are now in the clinic that were discovered through Sutro's proprietary and integrated cell-free protein synthesis platform\n - Advancement of partner EMD Serono's novel bispecific MUC1-EGFR ADC, M1231, into the clinic\n - Dosing of initial patients in dose-expansion of the Phase 1 STRO-002 study initiated January 2021\n - STRO-002 data presented at Company-hosted KOL event and STRO-001 data presented at ASH in December 2020\n\n\n\n SOUTH SAN FRANCISCO, Calif., March 18, 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 year ended December 31, 2020, its recent business highlights, and provided a preview of anticipated selected milestones in 2021.\n\"2020 was a highly productive year for Sutro as we advanced the clinical development of our programs and navigated through the pandemic. Four product candidates that have now entered the clinic, two of which are partnered programs, were discovered and developed using our cell-free protein synthesis platform, showcasing its strength and versatility,\" said Bill Newell, Sutro's Chief Executive Officer. \"We were particularly encouraged to see meaningful clinical benefit for women with advanced platinum-resistant and refractory ovarian cancer who were part of the Phase 1 dose-escalation study for STRO-002, our FolRα-targeted ADC. We dosed the first patient in dose-expansion in January 2021 and are rapidly moving this program forward. Additionally, we are progressing well on our partnerships – our Bristol Myers Squibb and EMD Serono collaboration programs are enrolling patients in Phase 1 studies and we are continuing to work with Merck on the cytokine derivatives collaboration to bring its first program to the clinic. We look forward to continued progress on our clinical programs and utilizing our industry leading cell-free platform to advance additional product candidates to benefit patients with unmet medical needs.\" \nRecent Business Highlights and Ex...