Sutro Biopharma, Inc. - STRO STOCK NEWS

Sutro Biopharma (NASDAQ: STRO) presented expanded preclinical data for its ROR1-targeting antibody-drug conjugate (ADC), STRO-003, at the AACR Annual Meeting 2023 in Orlando. This next-generation ADC demonstrated significant anti-tumor activity and immune-modulating effects in preclinical models, suggesting its ability to enhance checkpoint blockade therapy. The promising results indicate the potential of STRO-003 in treating immunogenically cold solid tumors, particularly in non-small cell lung cancer and triple-negative breast cancer. Sutro is preparing for IND-enabling studies of STRO-003, expected to complete in Q1 2024. The detailed findings will be accessible on the company’s website following the presentation.

Sutro Biopharma (STRO) announced plans to start a Phase 2/3 study for luvelta in platinum-resistant ovarian cancer in Q2 2023. The company reported a revenue of $67.8 million for 2022, an increase from $61.9 million in 2021, primarily from partnerships with Merck, Astellas, and others. Operating expenses rose to $196.7 million, influenced by higher R&D costs. As of the end of 2022, Sutro had cash and investments totaling $302.3 million, ensuring a cash runway into the second half of 2024. Notably, the company has also expanded its collaboration with Vaxcyte, securing significant upfront and potential future payments.

Sutro Biopharma announced the appointment of Anne Borgman, M.D., as Chief Medical Officer, with a compensation package that includes 175,000 stock options and 150,000 restricted stock units (RSUs). This compensation was approved by the Compensation Committee on March 1, 2023, to encourage employee acceptance. The RSUs and options are tied to Sutro's 2021 Equity Inducement Plan, with vesting conditions over a four-year period. Sutro is focused on developing novel antibody drug conjugates for oncology, with two products in clinical studies and collaborations with major pharmaceutical companies.

Sutro Biopharma, Inc. (NASDAQ: STRO), a clinical-stage oncology company, will have CEO Bill Newell participate in an Ovarian Cancer panel at the Cowen 43rd Annual Health Care Conference on March 8, 2023, at 9:10 a.m. ET in Boston, MA. The event will be accessible via the company's website, with a replay available for 30 days post-event.

Sutro is focused on developing site-specific and novel-format antibody drug conjugates (ADCs), with two ADCs currently in clinical trials for ovarian and endometrial cancers. The company collaborates with major pharmaceutical firms on various ADC projects aimed at treating multiple cancers.

Sutro Biopharma has appointed Dr. Anne Borgman as Chief Medical Officer effective February 28, 2023. Dr. Borgman brings over 20 years of oncology drug development experience, having led nine regulatory approvals. Sutro plans to initiate a Phase 2/3 study of its ADC, luvelta, for advanced ovarian cancer this Q2 2023. Dr. Borgman expressed enthusiasm about Sutro's promising pipeline and collaboration with global pharmaceutical partners. Her previous roles include leadership positions at Jazz Pharmaceuticals and Exelixis, where she managed global drug development. The company aims to innovate cancer treatment standards through its clinical-stage portfolio.

Sutro Biopharma (NASDAQ: STRO) announced the grant of stock options and restricted stock units (RSUs) to attract new employees. On February 15, 2023, the Compensation Committee approved 90,000 stock options and 130,000 RSUs as part of its 2021 Equity Inducement Plan. The RSUs and options will vest over four years, subject to continued employment. Sutro is focused on developing novel antibody-drug conjugates (ADCs) targeting various cancers, with candidates like STRO-002 and STRO-001 currently in clinical studies. The company's strategic collaborations with major pharmaceutical firms bolster its pipeline, including treatments for multiple myeloma and solid tumors.

Sutro Biopharma announced promising results from the Phase 1 dose-expansion study of STRO-002 (luvelta) for treating advanced ovarian cancer. FolRα-selected patients, representing 80% of this population, showed an overall response rate (ORR) of 43.8% at a higher dose of 5.2 mg/kg, with a median duration of response (DOR) of 5.4 months and median progression-free survival (PFS) of 6.6 months. The safety profile was manageable, primarily featuring asymptomatic neutropenia. Sutro plans to initiate the Phase 2/3 REFRaME study in Q2 2023 to further evaluate luvelta's efficacy.