SOUTH SAN FRANCISCO, Calif.,
April 15, 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
announced that Merck, known as MSD outside the United States and Canada, will make to Sutro a $15 million milestone payment for the initiation
of an IND enabling toxicology study for the first program in its
collaboration to develop novel cytokine derivative therapeutics for
cancer and autoimmune disorders. In July
2018, Sutro entered into a collaboration with Merck to
jointly discover and develop best-in-class immune-modulating
cytokine derivatives for both oncology and autoimmune
indications.
"The advancement of this first candidate into an IND enabling
toxicology study represents an important preclinical milestone in
our collaboration, led by Merck's deep understanding and leadership
within immuno-oncology and Sutro's strength in precise protein
design and optimization through its proprietary cell-free synthesis
approaches," said Bill Newell, Chief
Executive Officer of Sutro. "We are pleased with the continued
progress in our collaboration with Merck and will continue our
efforts towards developing novel therapeutics to improve outcomes
and expand much-needed treatment options for cancer patients."
Under the terms of the 2018 Merck collaboration agreement, Sutro
has been primarily responsible for preclinical research and
development of cytokine derivatives utilizing Sutro's proprietary
cell-free protein synthesis and site-specific conjugation
platforms, XpressCF® and Xpress CF+™. Merck has exclusive worldwide
rights to therapeutic candidates derived from the collaboration. In
March 2020, Merck exercised its
option to extend the first research term of the program by one
year, which generated a payment of $5.0
million to Sutro.
About Sutro Biopharma
Sutro Biopharma, Inc., located
in South San Francisco, is a
clinical-stage drug discovery, development and manufacturing
company. Using precise protein engineering and rational design,
Sutro is advancing next-generation oncology therapeutics.
Sutro's proprietary and integrated cell-free protein synthesis
platform XpressCF® and site-specific conjugation
platform XpressCF+™ led to the discovery of STRO-001 and STRO-002,
Sutro's first two internally-developed ADCs. STRO-001 is a
CD74-targeting ADC currently being investigated in a Phase 1
clinical trial of patients with advanced B-cell malignancies,
including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was
granted Orphan Drug Designation by the FDA for multiple myeloma in
October 2018. STRO-002 is a folate
receptor alpha (FolRα)-targeting ADC, currently being investigated
in a Phase 1 clinical trial of patients with ovarian and
endometrial cancers. A third product candidate, CC-99712
(BCMA-targeting ADC), which is part of Sutro's collaboration with
Bristol Myers Squibb (formerly Celgene Corporation), is enrolling
patients for its Phase 1 clinical trial of patients with multiple
myeloma and has received Orphan Drug Designation from the FDA for
multiple myeloma. A fourth product candidate, M1231, (MUC1-EGFR,
first-in-class bispecific ADC), which is part of Sutro's
collaboration with Merck KGaA, EMD Serono (EMD Serono) is enrolling
patients for its Phase 1 clinical trial of patients with metastatic
solid tumors, non-small cell lung cancer (NSCLC) and esophageal
squamous cell carcinoma. The four product candidates above being
evaluated in clinical trials resulted from Sutro's
XpressCF® and XpressCF+™ technology platforms.
Bristol Myers Squibb and EMD Serono
have worldwide development and commercialization rights for
CC-99712 and M1231, respectively, for which Sutro is entitled to
milestone or contingent payments and tiered royalties.
Sutro is dedicated to transforming the lives of cancer patients
by creating medicines with improved therapeutic profiles for areas
of unmet need. To date, Sutro's platform has led to cytokine-based
immuno-oncology therapies, ADCs, vaccines and bispecific antibodies
directed at precedented targets in clinical indications where the
current standard of care is suboptimal.
The platform allows it to accelerate discovery and development
of potential first-in-class and best-in-class molecules through
rapid and systematic evaluation of protein structure-activity
relationships to create optimized homogeneous product
candidates.
In addition to developing its own oncology pipeline, Sutro is
collaborating with select pharmaceutical and biotech companies to
discover and develop novel, next-generation therapeutics. As the
pace of clinical development accelerates, Sutro and its partners
are developing therapeutics designed to more efficiently kill
tumors without harming healthy cells.
Follow Sutro on Twitter, @Sutrobio, and
at www.sutrobio.com to learn more about our passion for
changing the future of oncology.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, anticipated preclinical and
clinical development activities, timing of announcements of
clinical results, potential benefits of the company's product
candidates and platform and potential market opportunities for the
company's product candidates. All statements other than statements
of historical fact are statements that could be deemed
forward-looking statements. Although the company believes that the
expectations reflected in such forward-looking statements are
reasonable, the company cannot guarantee future events, results,
actions, levels of activity, performance or achievements, and the
timing and results of biotechnology development and potential
regulatory approval is inherently uncertain. Forward-looking
statements are subject to risks and uncertainties that may cause
the company's actual activities or results to differ significantly
from those expressed in any forward-looking statement, including
risks and uncertainties related to the company's ability to advance
its product candidates, the receipt and timing of potential
regulatory designations, approvals and commercialization of product
candidates, the impact of the COVID-19 pandemic on the Company's
business, clinical trial sites, supply chain and manufacturing
facilities, the Company's ability to maintain and recognize the
benefits of certain designations received by product candidates,
the timing and results of preclinical and clinical trials, the
Company's ability to fund development activities and achieve
development goals, the Company's ability to protect intellectual
property, the value of the Company's holdings of Vaxcyte common
stock, and the Company's commercial collaborations with third
parties and other risks and uncertainties described under the
heading "Risk Factors" in documents the company files from time to
time with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this press
release, and the company undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date hereof.
Investor Contacts
Annie J.
Chang
Sutro Biopharma
(650) 801-5728
ajchang@sutrobio.com
Media Contacts
Maggie
Beller
Russo Partners
(646) 942-5631
Maggie.beller@russopartnersllc.com
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SOURCE Sutro Biopharma