Sutro Biopharma, an immunotherapy developer commercialising technology created at Stanford University, has floated on the Nasdaq Global Market.
Sutro Biopharma, a US-based cancer drug developer based on research at Stanford University and backed by pharmaceutical firms Amgen, Celgene, Eli Lilly and Merck & Co, raised $85m in its initial public offering on Thursday.
The company listed on the Nasdaq Global Market, issuing almost 5.7 million shares priced at $15.00 each. Its shares opened at $15.40 before closing at $15 on Friday.
Founded in 2003 as Fundamental Applied Biology, Sutro Biopharma is working on immuno-oncology therapies, antibody drug conjugates and bispecific antibodies targeting cancer and autoimmune diseases.
Sutro’s drug discovery platform, XpressCF, is exploiting research undertaken by founder James Swartz, the James H. Clark professor at Stanford University’s School of Engineering.
The company has two lead assets: STRO-001, a therapy for non-Hodgkin lymphoma and multiple myeloma, and STRO-002, aimed at ovarian and endometrial cancers.
Sutro will use $35m to $40m of the proceeds…
