Series C generates $20mm so far for Sutro Biopharma; adds $16.5mm

Protein therapeutics developer Sutro Biopharma Inc. (formerly Fundamental Applied Biology) has raised $20mm in its two-tranche Series C financing round led by new investor Skyline Ventures. Other first-time backers Lilly Ventures and Amgen Ventures were joined by returning shareholders SV Life Sciences and Alta Partners. In total, Sutro plans to raise $36.5mm in the round, with the remaining funds to come after milestones are met (before the end of 2012). The company will apply the funds to the ongoing development of "biobetters" with improved properties over existing drugs using its biochemical synthesis technology. Two representatives from Lilly Ventures will join Sutro's board.