Sutro Biopharma Secures $36.5 Million in Series C... ( SAN FRANCISCO Nov. 17 2010 /- Sutro B...)

Sutro Biopharma Secures $36.5 Million in Series C Financing

Date:11/17/2010

SAN FRANCISCO, Nov. 17, 2010 /PRNewswire/ -- Sutro Biopharma today announced that the company has secured $36.5 million in Series C financing. This financing will support the company's ongoing development of novel biotherapeutics with superior pharmaceutical properties and advance the company's biochemical protein synthesis platform to meet current Good Manufacturing Practice (cGMP) standards.

Led by Skyline Ventures, the financing round, which consists of two tranches, includes participation from new investors, Lilly Ventures and Amgen Ventures, and existing investors, SV Life Sciences and Alta Partners. The first tranche of $20 million closed on Nov. 5.

"Skyline Ventures is delighted to lead this round of financing as we believe that Sutro's programs, technology and capabilities have significant market potential in many different applications," said Leon Chen, Ph.D., Partner at Skyline Ventures. "We believe that the novel biotherapeutics developed with Sutro's technology will effectively address the tremendous unmet needs that still remain in a wide variety of diseases."

In conjunction with the financing, Dr. Chen and Armen Shanafelt, Ph.D., Venture Partner at Lilly Ventures, have joined Sutro's board of directors.

William Newell, Chief Executive Officer of Sutro Biopharma, said, "Securing this major investment in the current economic environment demonstrates our investors' enthusiasm and belief in the transformative potential of our programs and our biochemical protein synthesis technology. The financing provides us with sufficient capital to drive our own programs to the clinic and to support our collaborative relationships, which focus on therapeutic proteins that have been inaccessible until now."

To date, the company has raised a total of $59.5 million in financing.

About Sutro BiopharmaSutro Biopharma is a biopharmaceutical company that develops and designs novel protein therapeutics and biosuperiors that hav
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