Sitka raises $1.2 mln to advance bladder cancer treatment

Sitka Biopharma, a Vancouver-based biotechnology company, has raised $1.2 million in follow-on financing. The investor was the Centre for Drug Research and Development (CDRD), a Canadian life sciences commercialization firm. Sitka was originally spun out of CDRD and the University of British Columbia. Sitka is developing a nanoparticle platform to increase the absorption of drugs in difficult-to-penetrate tissues. The funds raised will be used to accelerate development of STK-01, the company’s lead product for treating bladder cancer, and expedite clinical trials. Last October, Sitka secured a $1.9 million investment from Quark Venture and GF Securities Co Ltd.