Therapy Areas: Devices
Sitka Biopharma Receives New Investment from Global Health Sciences Fund
29 October 2018 - - Canadian venture capital company Quark Venture Inc. and GF Securities, through their Global Health Sciences Fund, has invested CDN 1.9m into Canadian preclinical biotechnology company Sitka Biopharma financing that will enable the company to complete critical GLP toxicology studies and GMP manufacture of clinical drug product, the company said.

This in turn will allow Sitka and partner Cancer Research UK to complete initial Phase 1 clinical trials of STK-01, Sitka's lead product for the treatment of bladder cancer.

A spin-off of CDRD and the University of British Columbia, Sitka Biopharma is a preclinical biotechnology company focused on developing its breakthrough nanoparticle platform technology to increase absorption of drugs in difficult-to-penetrate tissues.

While STK-01 is being developed for the treatment of bladder cancer, follow-on indications of the current core formulation include intraperitoneal delivery for ovarian cancer and other indications where localized drug delivery would be advantageous but currently ineffective due to those penetration challenges.

Preclinical studies have established that Sitka's candidate formulation significantly improved bladder tissue uptake when compared to the commercial docetaxel formulation. Furthermore, the proprietary hyperbranched polyglycerols -docetaxel formulation demonstrated superior efficacy over commercial docetaxel providing a preclinical proof-of-concept.

Bladder cancer is the 4th most common cancer in men, and has the highest per patient lifetime cost of all cancers. The challenge in bladder cancer is that because of the nature of the bladder, drugs are not well-absorbed and only stay in the bladder for as long as the patient does not void their bladder a critical issue addressed by the Sitka technology.

This technology was initially developed through a collaboration between the UBC and CDRD. Additional early funding included grants from the Canadian Institutes of Health Research, Genome British Columbia, and the National Research Council of Canada's IRAP Program. Quark Venture provided the first private financing in March 2016.

Sitka Biopharma is a preclinical biotechnology company focused on developing its breakthrough nanoparticle platform technology to increase absorption of drugs in difficult-to-penetrate tissues.

Initially targeting oncology indications, Sitka is developing its lead candidate (STK-01) to address the absorption challenge of intravesical chemotherapy for bladder cancer, and later intraperitoneal delivery for ovarian cancer. Sitka is a spin-off company of The Centre for Drug Research and Development, and the University of British Columbia.

Global Health Sciences Fund was jointly established by Quark Venture Inc. and GF Securities in 2016. Global Health Sciences Fund is a health sciences venture fund that invests globally in a diversified portfolio of innovative biotechnology and health sciences companies that are addressing unmet medical needs through innovations in drug development, medical devices, health IT and emerging convergent technologies.

Quark Venture Inc. is a venture capital company focused on equity financing of innovative biotechnology companies with breakthrough technology platforms. Our strategic goal is to continually support such entrepreneurial biotechnology companies to efficiently improve the technology platform and obtain high-growth value by providing diversified healthcare products or services.

CDRD is Canada's national life sciences venture, powering the country's life sciences industry by creating and growing companies of scale and training the scientific and business talent needed to drive them to become global anchors in Canada.
Login
Username:

Password: