Seattle biotech Silverback Therapeutics raises $85M, just six months after raising $78.5M

Peter Thompson, co-founder and CEO of Silverback Therapeutics. (OrbiMed Advisors Photo)

Seattle biotech startup Silverback Therapeutics continues to raise capital to support development of its therapies for cancer, fibrosis, and other conditions. The company today announced a $85 million Series C round, which comes just six months after a separate $78.5 million round.

Founded in 2016, Silverback’s ImmunoTAC technology can deliver drugs systematically but only target parts of the body affected by disease. The approach could help prevent harmful side effects and make the therapies more effective.

The fresh cash will be used to support further investigation for the company’s lead drug candidate, SBT6050, which is in a Phase 1 clinical study.

EcoR1 Capital led the Series C round, with participation from new investors Boxer Capital of Tavistock Group, Fidelity Management & Research Company LLC, Nantahala Capital Management, and RA Capital. Existing backers also participated including OrbiMed Advisors, U.S. Venture Partners, Nextech Invest Ltd., Hunt Technology Ventures, and Pontifax Venture Capital.

Total venture capital funding to date for Silverback is $210 million.

The company also announced two promotions: Valerie Odegard is now president, and Naomi Hunder is now chief medical officer.

The science behind ImmunoTAC originated from the company’s co-founders, Peter Thompson and Badreddin Edris, a geneticist who left Silverback Therapeutics in 2018 and is currently the chief business officer at SpringWorks Therapeutics.

Thompson took over as CEO in 2018 after Eric Dobmeier departed. Dobmeier is now CEO at Seattle-based Chinook Therapeutics.

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