Seattle biotech firm Silverback Therapeutics sets terms for IPO, looks to raise up to $151M

Laura Shawver, CEO of Silverback Therapeutics. (Silverback Photo)

Silverback Therapeutics plans to raise up to $151.8 million in its initial public offering, the Seattle-based company said Monday in an updated IPO filing.

The biotech firm will aim to sell 6.95 million shares at $17 to $19 per share. It would be valued at $566 million at the midpoint of the proposed stock price range.

Founded in 2016, Silverback uses a proprietary technology platform called ImmunoTAC to develop therapies that target specific areas of disease in a way designed to avoid damaging healthy tissue. Its lead product candidate, designated SBT6050, uses monoclonal antibodies to target breast, gastric and lung cancers. It’s currently in Phase 1/1b clinical trials, according to its IPO filing.

Silverback raised $210 million in venture capital over its lifetime as a private company, including an $85 million round in September, led by EcoR1 Capital; and a $78.5 million

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Sorrento Therapeutics Plans to Cut Development of Its Coronavirus Vaccine if the Leaders’ Vaccines Work

Sorrento Therapeutics (NASDAQ:SRNE) is considerably behind Pfizer (NYSE:PFE), BioNTech (NASDAQ:BNTX)Moderna (NASDAQ:MRNA), and the rest of the leaders in the race to develop a coronavirus vaccine. While multiple vaccines have completed phase 3 clinical trials or will in the coming months, Sorrento’s lead vaccine, T-VIVA-19, hasn’t even entered clinical trials yet.

In this video from Motley Fool Live recorded on Nov. 12, Henry Ji, chairman, president, and CEO of Sorrento, talks about the potential advantages of the biotech’s vaccine. But given how far behind Sorrento is, he admits the company is watching the leaders and might stop development if it’s clear there won’t be room for latecomers.

Brian Orelli: You do have a vaccine that you’re working on called T-VIVA-19. How does that work, and then what are the advantages of that over the current late-stage vaccines that are being tested right now?

Henry Ji:

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CMIC Supports Clinical Trials for Digital Therapeutics Using SUSMED’s Trial Management System

CMIC Co., Ltd. (henceforth “CMIC”)(TOKYO:2309) has launched services using SUSMED, Inc.’s (henceforth “SUSMED”) trial management system covering subject registration, software assignment and distribution for digital therapeutics (DTx).
The system is able to overcome the common challenges of DTx clinical trials, ensuring blinded assignment and preventing unauthorized access. By employing this system, CMIC will offer more efficient operations for DTx trials, such as for the assignment and delivery of software applications (apps) to trial participants, cutting development costs.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201115005172/en/

*The system allows for seamless management of both intervention/sham app assignment and app distribution. (Graphic: Business Wire)

In a DTx clinical trial, the software app must be installed on a device, such as a smartphone. Additionally, a placebo app (sham) is often used as a control in comparison to the actual treatment app (intervention), so it is essential that each app is

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