Quark Venture’s early investment in Sitka Biopharma helps the Vancouver-based company advance to clinical trials.
We are pleased to announce the third and final tranche of a $2.4 million seed investment in Sitka Biopharma, a Vancouver-based company that is developing a new bladder cancer treatment. This initial investment in Sitka Biopharma, announced April 2016, was Quark Venture’s first investment in this promising company CDRD-UBC spin-off company.
In a recent press release, Sitka Biopharma announced it will move into an early phase clinical trial for an experimental treatment for bladder cancer under an agreement with Cancer Research UK and Cancer Research Technology.
“As our major investor at the outset, Quark Venture’s foresight and support has been a key factor in advancing our technology platform to clinical trials in bladder cancer. The final $900,000 investment will be used to support initial clinical trials including completion of GMP manufacturing and GLP studies that support the Clinical Trials Application submission,” said Dr. Michael Parr, Sitka Biopharma’s President and Chief Scientific Officer.
We are delighted to see Sitka Biopharma advance its lead candidate (STK-01) to address the absorption challenge of intravesical chemotherapy for bladder cancer. It is a notable example of how innovative research, developed at the University of British Columbia, can be nurtured and advanced with the needed seed financing at the right time from Quark Venture.
Karimah Es Sabar
Chief Executive Officer, Quark Venture Inc.