Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a
clinical-stage oncology company pioneering site-specific and
novel-format antibody drug conjugates (ADCs), today announced the
appointment of Hans-Peter Gerber, Ph.D., as Chief Scientific
Officer, effective September 18, 2023. Dr. Gerber brings over 25
years of drug discovery and development experience to Sutro, with
extensive scientific background and expertise in ADCs, targeted
oncology, and novel biotherapeutic platforms.
“Dr. Gerber’s deep experience in the development of ADCs and
other novel therapeutics make him an invaluable addition to our
management team,” said Bill Newell, Sutro’s Chief Executive
Officer. “With a demonstrated track record from target
identification and selection of lead compounds to IND and
subsequent regulatory filings, he is the ideal CSO for Sutro. As we
continue to develop our pipeline, Dr. Gerber is well-positioned to
execute on our goal of continuing to identify, design, and develop
next-generation cancer drugs that will rapidly progress into the
clinic.”
“I was impressed by Sutro’s unique ability to design and
manufacture precise targeted molecules, addressing current
challenges in the development of biotherapeutics, as well as its
already promising pipeline,” said Dr. Gerber. “It is an honor to
join such a talented team and to have the chance to transform the
lives of cancer patients by discovering and developing innovative
treatments.”
Dr. Gerber began his Biotech career at Genentech in the
Department of Molecular Oncology, followed by various management
roles at Seattle Genetics and Pfizer. He has a strong track record
in leading cross-functional teams, innovative discovery and
translational medicine, and contributions to IND filings and BLA
submissions.
Prior to joining Sutro, Dr. Gerber served as Chief Scientific
Officer at Codeable Therapeutics, an ADC startup company focusing
on the development of next generation ADCs that induce immunogenic
cell death. Previously, he held executive roles at 3T Biosciences
and Maverick Therapeutics. He has also served as an advisor for
various Biotech startups, VCs, and Pharma companies and is
currently a Board member at Athebio AG and Chairman of the Board at
T-CURX. With over 100 peer-reviewed publications and 100 issued
patents, he has an impressive record of high scientific
achievement. He received an MS in Biochemistry and a PhD in
Molecular Biology from the University of Zurich, Switzerland.
Inducement Grants Under Nasdaq Listing Rule
5635(c)(4)
In connection with Dr. Gerber’s appointment as Chief Scientific
Officer, the Compensation Committee of Sutro’s Board of Directors
granted to Dr. Gerber 175,000 shares of Sutro stock options and
150,000 restricted stock units (RSUs) of Sutro common stock. These
grants were made as an inducement material to the Dr. Gerber’s
acceptance of employment with Sutro and were approved by the
Compensation Committee of Sutro’s Board of Directors in accordance
with Nasdaq Listing Rule 5635(c)(4).
The RSUs and stock options are subject to the terms and
conditions of Sutro’s 2021 Equity Inducement Plan. One-fourth of
the total number of shares subject to the RSUs will vest on the
one-year anniversary of the Dr. Gerber’s hire date and annually
thereafter until fully vested on the fourth anniversary, subject to
Dr. Gerber’s continued service with Sutro on each such vesting
date. One-fourth of the total number of shares underlying the stock
options will vest on the one-year anniversary of Dr. Gerber’s hire
date and 1/48th of the total number of shares underlying the
stock options will vest each month thereafter until fully vested on
the fourth anniversary of Dr. Gerber’s hire date, subject to Dr.
Gerber’s continued service with Sutro on each such vesting date.
The stock options have a term of ten years and an exercise price
equal to the closing price of Sutro’s common stock on the grant
date as reported by The Nasdaq Stock Market.
About Sutro
Biopharma
Sutro Biopharma, Inc., is a clinical-stage company developing
next-generation cancer therapeutics, principally antibody-drug
conjugates (ADCs), designed for greater potency, tolerability and
improved safety. Sutro’s cell-free technology, XpressCF®, enables
the design and manufacture of homogeneous product candidates with
precise and empirically-demonstrated positioning of linker-payloads
and consistent drug antibody ratio (DAR). Sutro’s platform has
produced six clinical stage candidates to date, including two
wholly-owned ADCs—luveltamab tazevibulin, or luvelta, a folate
receptor alpha (FolRα)-targeting ADC in clinical studies for
ovarian and endometrial cancers, as well as STRO-001, a
CD74-targeting ADC in clinical studies for B-cell malignancies. In
addition, the Company has a robust pipeline of preclinical and
discovery stage candidates including STRO-003, a ROR1-targeting
ADC, and STRO-004, a tissue factor-targeting ADC. Sutro has also
entered into high-value collaborations with industry partners,
including Astellas and Merck (MSD outside of the United States and
Canada); and Sutro’s platform technology enabled the formation of
Vaxcyte. Sutro is headquartered in South San Francisco. For more
information, follow Sutro on Twitter, @Sutrobio, or visit
www.sutrobio.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, anticipated preclinical and clinical development
activities, timing of announcements of clinical results, trial
initiation, and regulatory filings, potential benefits of luvelta
and the Company’s other product candidates and platform, potential
future milestone and royalty payments, and potential market
opportunities for luvelta and the Company’s other product
candidates. All statements other than statements of historical fact
are statements that could be deemed forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, the Company cannot
guarantee future events, results, actions, levels of activity,
performance or achievements, and the timing and results of
biotechnology development and potential regulatory approval is
inherently uncertain. Forward-looking statements are subject to
risks and uncertainties that may cause the Company’s actual
activities or results to differ significantly from those expressed
in any forward-looking statement, including risks and uncertainties
related to the Company’s ability to advance its product candidates,
the receipt and timing of potential regulatory designations,
approvals and commercialization of product candidates and the
Company’s ability to successfully leverage Fast Track designation,
the market size for the Company’s product candidates to be smaller
than anticipated, the impact of the COVID-19 pandemic on the
Company’s business, clinical trial sites, supply chain and
manufacturing facilities, the Company’s ability to maintain and
recognize the benefits of certain designations received by product
candidates, the timing and results of preclinical and clinical
trials, the Company’s ability to fund development activities and
achieve development goals, the Company’s ability to protect
intellectual property, the value of the Company’s holdings of
Vaxcyte common stock, and the Company’s commercial collaborations
with third parties and other risks and uncertainties described
under the heading “Risk Factors” in documents the Company files
from time to time with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this
press release, and the Company undertakes no obligation to revise
or update any forward-looking statements to reflect events or
circumstances after the date hereof.
ContactEmily WhiteSutro Biopharma (650)
823-7681ewhite@sutrobio.com
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