Silverback Therapeutics Inc. SBTX is undertaking a “strategic reshuffle,” which reveals it would drop its two main cancer programs and lay off more than a quarter of its staff. Silverback will continue the advancement of early stage research. The company said it is discontinuing the SBT6050 and SBT6290 immuno-oncology candidates following a Phase 1/1b trial of SBT6050, after HER2, which showed limited cytokine-related side effects against tumor activity. Since SBT6290 used the same linker technology to go after another target, Nectin4, Silverback decided to drop both. Silverback said it would lay off about 27% of its employees. Now the biotech plans to focus on the chronic hepatitis B virus program SBT8230, which remains in preclinical studies. Silverback did not disclose plans to launch a clinical trial, but said it expects to “submit Phase I regulation” in the fourth quarter of 2022. cash equivalents, limited cash and investments of $319.1 million at the end of 2021, which are expected to fund costs in the 2H of 2026. Price Action: SBTX shares are down 3.13% to $3.40 during the market session on last check Friday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
This post Silverback Therapeutics Axes Leads Immuno-Oncology Candidates, Lays Off 27% of Staff was original published at “https://www.benzinga.com/general/biotech/22/04/26424014/silverback-therapeutics-axes-lead-immuno-oncology-candidates-lays-off-27-workforce”