Silverback Therapeutics Extends Series A to $47.5 Million to Advance Pipeline of First-in-Class Systemically Delivered, Locally Active Therapies
SEATTLE, September 19, 2018-- Silverback Therapeutics, Inc., a biotechnology company developing a pipeline of systemically delivered, locally active therapies, has closed an extension of its Series A financing to bring the total raised in the round to $47.5 million. The financing was led by existing investor OrbiMed, with participation from new investors Celgene Corporation and Alexandria Venture Investments.
Silverback's proprietary ImmunoTAC technology and integrated R&D approach enables the design of product candidates that can be administered systemically, but that act only at the sites of disease. The approach is designed to spare healthy tissues from unwanted side effects, while modifying disease processes in a potent and targeted manner. Silverback is directing the ImmunoTAC platform to modulate fundamental pathways underlying severe disorders, which traditional antibody and small molecule-based approaches have not been able to successfully target with systemic dosing due to inadequate activity and/or unacceptable toxicities. Silverback has filed over 15 patent families covering the ImmunoTAC platform and related product candidates. The company's lead programs are being advanced in oncology and fibrosis, and initial data will be disclosed at a scientific conference in 2019.
"Silverback's product candidates represent potentially important advances for patients, and the company's underlying technology is designed to continue to unlock new avenues for drug development," said Peter Thompson, M.D., Silverback's co-founder, CEO and chairman. "Having the support of top-tier investors like OrbiMed, Celgene and Alexandria will be important as we continue to build the company and its programs to treat serious diseases."
Silverback is led by industry veterans in science and business with substantial track records at companies including Amgen, Bristol-Myers Squibb, Genentech, Juno and Merck.
About Silverback Therapeutics
Silverback Therapeutics is a privately held biotechnology company advancing a pipeline of first-in-class therapies targeting fundamental disease pathways that are systemically delivered but locally active. Enabled by the company's proprietary ImmunoTAC platform, Silverback's pipeline is rapidly advancing towards clinical studies in several therapeutic areas, including oncology and fibrosis. Since its inception in 2016, Silverback has raised $47.5 million in venture capital financing from OrbiMed, Celgene Corporation and Alexandria Venture Investments. The company is headquartered in Seattle, Washington. For more information, please visit www.silverbacktx.com.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $14 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, royalty/credit funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, with the flexibility to provide equity and debt capital solutions that are tailored to the unique needs of our portfolio companies. The firm's global team of over 80 professionals brings the resources and experience required to be an exceptional long-term partner in building world-class healthcare companies. For more information, please visit www.orbimed.com.
About Celgene Corporation
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. For more information, please visit www.celgene.com.
About Alexandria Venture Investments
Alexandria Venture Investments, founded in 1996, is the strategic venture capital arm of Alexandria Real Estate Equities, Inc. Alexandria Venture Investments focuses on novel, breakthrough discoveries in biopharma, diagnostics, research tools, agtech and technology. Based on its experience and in-depth understanding of the life science and technology industries, its long-term relationships with leading investors and its world-class scientific advisory network, Alexandria Venture Investments is uniquely positioned to fund seed-, early- and growth-stage companies. For more information, please visit www.are.com.
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