Sitka sets up $1.2m

Sitka Biopharma, a Canada-based bladder cancer treatment technology spun out of University of British Columbia and life sciences commercialisation agency Centre for Drug Research and Development (CDRD), has secured $1.2m from CDRD.
Founded in 2013, Sitka Biopharma is working on cancer drugs that utilise nanoparticle technology to improve absorption in difficult-to-penetrate tissues.
The company’s prime commercialisation candidate, STK-01, is initially indicated for bladder cancer but could also have applications in ovarian cancer and other diseases.
CDRD’s investment will enable Sitka to conduct critical development activities as it prepares STK-01 for phase 1 clinical testing. The capital will also help Sitka scale up its operations and develop STK-01 for additional indications.
Sitka Biopharma previously received $1.9m in October 2018 from Global Health Sciences Fund, a joint venture vehicle established by VC firm Quark Venture and investment bank GF Securities.
Quark Venture had already supplied Sitka with $2.4m across three tranches in 2016 and 2017.
Gordon McCauley, president and CEO of CDRD, said: “This investment exemplifies CDRD commitment to powering the country’s life sciences industry by creating and growing companies of scale for Canadian life sciences to lead the world.”