Business
Sutro Biopharma Reports Full Year 2023 Financial Results, Business Highlights and Select Anticipated Milestones
- Sutro highlighted luveltamab tazevibulin (luvelta) in a January 2024 investor webcast, describing the broad opportunity to address unmet needs in multiple
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"- Sutro highlighted luveltamab tazevibulin (luvelta) in a January 2024 investor webcast, describing the broad opportunity to address unmet needs in multiple FolRα-expressing cancers - - Compelling anti-leukemic activity of luvelta in pediatric patients with relapsed/refractory CBF2AT3-GLIS2 AML treated under Compassionate Use shown in data presented at ASH 2023 - - Jane Chung promoted to President and Chief Operating Officer in November 2023 - - As of year-end 2023, Sutro had cash and investments of $333.7 million and shares of Vaxcyte common stock valued at $41.9 million, which together provide a projected cash runway into the second half of 2025 - SOUTH SAN FRANCISCO, Calif., March 25, 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 full year 2023, its recent business highlights, and a preview of select anticipated milestones. “The year 2023 was pivotal for Sutro, with the initiation of REFRαME-O1, our registration-directed study of luvelta for platinum-resistant ovarian cancer (PROC) patients, further validating our next-generation ADC capabilities. In addition, we advanced our earlier stage programs, strengthened our management team, and bolstered our already strong cash position with additional non-dilutive capital,” said Bill Newell, Sutro’s Chief Executive Officer. “We look forward to continuing the momentum in 2024, with the initiation of a second registration-directed trial with luvelta, REFRαME-P1, for pediatric patients with CBF/GLIS AML, and two additional planned INDs. I am delighted with the strides we are taking towards meaningfully impacting the lives of cancer patients in need.” Recent Business Highlights and Select Anticipated Milestones STRO-002, International Nonproprietary Name, “luveltamab tazevibulin,” abbreviated as “luvelta,” FolRα-Targeting ADC Franchise: In January 2024, Sutro hosted an investor webcast highlighting luvelta’s broad opportunity to address unmet needs in several FolRα-expressing cancers, including platinum-resistant ovarian cancer (PROC), endometrial cancer, CBFA2T3::GLIS2 (CBF/GLIS; RAM phenotype) acute myeloid leukemia (AML), and non-small cell lung cancer (NSCLC).The registration-directed trial, ...