Silverback Therapeutics, Inc. announced that it has entered into series C redeemable convertible preferred stock purchase agreement with 31 investors led by new investors EcoR1 Capital Fund, L.P., Ecor1 Capital Fund Qualified, L.P., and EcoR1 Venture Opportunity Fund, LP, funds managed by EcoR1 Capital, LLC for private placement of 24,926,685 series C redeemable convertible preferred shares at a price of $3.41 per share for gross proceeds of $84,999,995.85 on September 22, 2020. The transaction will also include participation from Precision Onco Limited, The Board of Trustees of The Leland Stanford Junior University, Alexandria Venture Investments, LLC, Meritz-NS Global Bio Fund, a fund managed by Paratus Investment Inc., existing investors OrbiMed Private Investments VI, LP, a fund managed by OrbiMed Advisors LLC subscribing 3,918,279 shares for $13,361,331, U.S. Venture Partners XII, L.P. and U.S. Venture Partners XII-A, L.P., funds managed by U.S. Venture Partners subscribing 1,128,289 shares for $3,847,465, Nextech VI Oncology SCSP, a fund managed by Nextech Invest Ltd., Hunt Pacific, L.P., a fund managed by Hunt Technology Ventures, L.P., Pontifax (Israel) V LP, Pontifax (China) LP, Pontifax (Cayman) LP, Pontifax Late Stage Fund Limited, funds managed by Pontifax Ltd., Celgene Corporation, new investors MVA Investors, LLC, Boxer Capital LLC, RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund, L.P., funds managed by RA Capital Management, L.P., Blackwell Partners LLC - Series A, a fund managed by Brightleaf Capital, Nantahala Capital Partners, LP, Nantahala Capital Partners II, LP, Silver Creek CS SAV, L.L.C., Nantahala Capital Partners SI, LP, and NCP QR LP, funds managed by Nantahala Capital Management, LLC, and funds managed by Fidelity Management & Research Company LLC. The preferred shares are entitled to receive noncumulative dividend of 8% of original issue price.

Each preferred share is convertible into a common share. The company will reimburse $50,000 as legal fees to the investors. Scott Platshon of EcoR1 Capital, LLC joins company's board of directors.

The securities will be issued pursuant to exemption provided under regulation D.