Pomerantz Appointed Lead Counsel in Silverback Therapeutics Securities Litigation

On February 23, 2022, U.S. Magistrate Judge Theresa L. Fricke of the Western District of Washington (Tacoma) appointed Pomerantz LLP as Lead Counsel on behalf of Lead Plaintiff, Benjamin Dresner, and the class, in Dresner v. Silverback Therapeutics, Inc., 21-cv-1499 (W.D. Wash.).

Silverback Therapeutics, Inc. (“Silverback” or the “Company”) is a biopharmaceutical company that develops tissue-targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases.

The litigation concerns allegations that Silverback Therapeutics, Inc.’s (“Silverback” or the “Company”) Offering Documents for its December 2020 IPO misrepresented the efficacy and commercial prospects of SBT6050, its lead product candidate for the treatment of tumors, such as breast, gastric, and non-small cell lung cancers. Specifically, the Offering Documents for its December 2020 IPO failed to disclose that: i) SBT6050 was less effective than the Company had represented to investors; and (ii) accordingly, Silverback had overstated SBT6050’s commercial and clinical prospects for SBT6050 were overstated.

On September 13, 2021, Silverback announced the interim results from the dose-escalation portion of SBT6050’s clinical trial, revealing that SBT6050 yielded only one partial response among 14 breast cancer solid tumors that were HER2-positive (testing positive for the human epidermal growth factor receptor 2 protein that enables breast cancer to grow quickly).

On this news, Silverback’s stock price fell $4.54 per share, or 23.4%, to close at $14.90 per share on September 13, 2021.