Silverback Therapeutics Axes Lead Immuno-Oncology Candidates, Lays Off 27% Workforce

Author: Vandana Singh | April 01, 2022 11:11am

• Silverback Therapeutics Inc (NASDAQ:SBTX) undertakes “strategic realignment,” revealing it would drop its two lead cancer programs and lays off more than a quarter of its staff.
• Silverback will continue the advancement of early-stage discovery research.
• The Company said it is discontinuing SBT6050 and SBT6290 immuno-oncology candidates after a Phase 1/1b study of SBT6050, going after HER2, showing limited anti-tumor activity cytokine-related adverse events.
• Because SBT6290 used the same linker technology to go after a different target, Nectin4, Silverback decided to scrap both.
• Silverback said it would lay off about 27% of its employees.
• Now, the biotech plans to focus on the chronic hepatitis B virus program SBT8230, which remains in preclinical studies. 
• Silverback did not reveal plans for a clinical trial launch but said it is expecting to submit a “Phase I regulatory submission” in Q4 of 2022.
• The Company initiated Phase 1-enabling toxicology studies for SBT8230 in Q1 of 2022.
• The Company held cash, cash equivalents, restricted cash, and investments of $319.1 million at the end of 2021, which is expected to fund expenses into 2H of 2026.
• Price Action: SBTX shares are down 3.13% at $3.40 during the market session on the last check Friday.

Posted In: SBTX