Healthcare Industry News: HSMN NewsFeed
News Release - July 1, 2021
Sirnaomics Secures $105 Million in Series E FinancingProceeds to Fund Development of Novel RNAi Therapeutics for Cancers, Viral Infections, Fibrosis, and Metabolic Diseases
GAITHERSBURG, Md. and SUZHOU BIOBAY, China, July 1, 2021 -- (Healthcare Sales & Marketing Network) -- Sirnaomics Ltd., a leading biopharmaceutical company in discovery and development of RNAi therapeutics, announced today that it has sealed $105 million in a Series E financing. This round of funding was led by Rotating Boulder Fund, an investor that has been supporting the company since its Series B round, with participation from existing investors and a well-recognized syndicate of new investors.
Proceeds from the financing will be used to fund the continued development of Sirnaomics' novel RNAi therapeutics for treating diverse human disorders, which include cancers, viral infections, fibrosis, and metabolic diseases. Sirnaomics will also further advance its delivery technology platforms and strengthen its large-scale manufacturing capacity to support the company's fast-growing product pipeline at different clinical stages (See: https://sirnaomics.com/news/).
Sirnaomics' product candidates, STP705 and STP707, are dual targeting siRNA therapeutics against TGF-ß1 and COX-2 for either local or systemic administration to treat various types of cancers and fibrotic diseases. Based on successful clinical and preclinical studies, a future clinical focus will be targeted towards immune oncological evaluation, with combination design of the novel RNAi drug candidate and immune checkpoint inhibitors, such as PD-1/PD-L1 monoclonal antibodies. With further expansion of the company's systemic RNAi drug delivery platforms, encompassing siRNA-chemodrug conjugates and proprietary GalNAc-siRNA conjugates, Sirnaomics is poised to address multiple therapeutic areas.
"We are pleased to close the Series E round of financing with oversubscription from a very diversified and strong investor base," commented Patrick Lu, Ph.D., Founder, President and Chief Executive Officer. "This is another powerful validation that the RNAi therapeutics, fuelled by innovative delivery platforms, ground-breaking CMC technologies, and fast expansion of multiple clinical programs with positive results, are attracting significant interests from the investment community. We appreciate strong trust and persistent support from our existing investors, and we are very excited with this addition of a well-regarded syndicate of investors for the Series E financing. This combination of existing and new investors will not only strengthen our financial foundation, but also bring tremendous experience and expertise to Sirnaomics as it enters the next phase of growth."
About Sirnaomics Ltd.
Sirnaomics Ltd., a leading privately held biopharmaceutical company for discovery and development of RNAi therapeutics, is a Delaware corporation headquartered in Gaithersburg, Maryland, with subsidiaries in Suzhou and Guangzhou, China. The Company's mission is to develop novel therapeutics to alleviate human suffering and advance patient care in areas of high unmet medical need. The guiding principles of the company are: Innovation, Global Vision with a Patient Centered focus. Members of the senior management team have a combined experience in the biopharmaceutical industry, spanning clinical development, regulatory, financial and business management in both the U.S. and China. The company is supported by funding from institutional investors and corporate partnerships. Sirnaomics has developed a strong portfolio of intellectual property with an enriched product pipeline. The therapeutic areas of focus include oncology, anti-fibrotic, anti-viral and metabolic therapeutics. Learn more at www.sirnaomics.com.
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