Sitka absorbs $1.9m

Sitka Biopharma, a Canada-based biotechnology spinout of University of British Columbia and life sciences commercialisation organisation Centre for Drug Research and Development, has raised $1.9m in funding.
The money was supplied by the Global Health Sciences Fund, a joint venture fund established by VC firm Quark Venture and investment bank GF Securities.
Sitka Biopharma is developing drugs that are more easily absorbed by difficult-to-penetrate tissues. The company’s lead compound, STK-01, is a treatment for bladder cancer but is also expected to have applications in ovarian cancer and other indications.
The funding will enable Sitka to complete toxicology studies and the manufacturing of a clinical drug product, which in turn will enable the completion of a phase 1 trial of STK-01 in partnership with charity Cancer Research UK.
Michael Parr, president and chief scientific officer of Sitka, said, “This is an extremely pivotal investment for Sitka as it means we can complete the final investigational new drug-enabling studies and take our lead therapeutic for bladder cancer into the clinic via our partnership with Cancer Research UK.
“This investment sets up the company for rapid progression through those initial clinical trials and we can also begin planning to expand STK-01 to additional indications.”