Business
Sutro Biopharma Reports Second Quarter 2023 Financial Results, Business Highlights and Select Anticipated Milestones
- Enrollment is underway for REFRaME-O1, the Phase 2/3 pivotal study of luveltamab tazevibulin, or luvelta, for patients with platinum-resistant ovarian
About this update from Sutro Biopharma, Inc.
[{"type":"text","content":"- Enrollment is underway for REFRaME-O1, the Phase 2/3 pivotal study of luveltamab tazevibulin, or luvelta, for patients with platinum-resistant ovarian cancer - - Sutro will present data from the Phase 1 dose expansion for luvelta for patients with endometrial cancers as a Mini Oral Session at ESMO 2023 - - Sutro announced a royalty monetization agreement with Blackstone Life Sciences in June 2023, under which Sutro received an upfront payment of $140 million, and is eligible to receive up to an additional $250 million in milestone payments upon the achievement of certain return thresholds - - As of June 30, 2023, Sutro had cash and investments of $358.3 million and shares of Vaxcyte common stock valued at $33.3 million, which together provide a projected cash runway into the first half of 2025 - SOUTH SAN FRANCISCO, Calif., Aug. 10, 2023 (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 second quarter of 2023, its recent business highlights, and a preview of select anticipated milestones. “We are delighted with the initiation of the REFRaME study, a pivotal Phase 2/3 trial for patients with platinum-resistant ovarian cancer. The oral presentation at ASCO has generated significant interest of luvelta within the medical community, providing momentum for patient enrollment into REFRaME across our global sites,\" said Bill Newell, Sutro’s Chief Executive Officer. “Our financial position has been bolstered by the Blackstone royalty agreement, which helps to extend our cash runway into the first half of 2025. We remain committed to our pipeline progress and eagerly anticipate sharing updated data from the Phase 1 STRO-002-GM1 study in the second half of this year for ovarian and endometrial cancers.\" Recent Business Highlights and Select Anticipated Milestones STRO-002, International Nonproprietary Name, “luveltamab tazevibulin,” abbreviated as “luvelta”, FolRα-Targeting ADC: Luveltamab tazevibulin (luvelta) is being studied in the clinic globally for patients with ovarian and endometrial cancers. Data from the Phase 1 dose-expansion study for luvelta in ovarian cancer were featured as an oral presentation at the 2023 American Society of Clinical Onc...