NEW YORK, Sept. 19, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Silverback Therapeutics, Inc. ("Silverback" or the "Company") (NASDAQ: SBTX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Silverback and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around December 3, 2020, Silverback conducted its initial public offering ("IPO"), offering 11.5 million shares of common stock priced at $21.00. Then, on September 13, 2021, Silverback issued a press release "announc[ing] that interim data from the dose-escalation portion of its Phase 1/1b clinical trial evaluating SBT6050 as a monotherapy and in combination with pembrolizumab in patients with advanced or metastatic HER2-expressing or amplified solid tumors will be presented at the upcoming European Society for Medical Oncology (ESMO) 2021 Congress from September 16-21, 2021" and advising that "[t]he accepted abstract . . . is now available on the ESMO website." Per the abstract, while there was a manageable safety profile for the Company's experimental therapy, the best overall response was PR (n=1), SD (n=3), and PD (n=10).
On this news, Silberback's stock price fell $4.54 per share, or 23.35%, to close at $14.90 per share on September 13, 2021.
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