Silence Therapeutics Release: Interim Results For The Six Months Ended 30 June 2016
London, 27 September 2016 – Silence Therapeutics plc, AIM:SLN (“Silence” or “the Company”) a leader in the discovery, delivery and development of novel RNA therapeutics for the treatment of serious diseases with unmet medical need, announces its unaudited interim results for the half year to 30 June 2016.
Highlights
• In line with the new liver focus, competitive in vivo data generated in GalNAc-siRNA conjugates for several target genes.
• Encouraging RNA based CRISPR/Cas9 data in murine liver confirms the suitability of liposomal systems for in vivo gene editing. Target gene disruption maintained for over 145 days so far.
• Licensee Quark Pharmaceuticals started dosing of its Phase 2 and Phase 3 trials initiated in Delayed Graft Function and Acute Kidney Injury. In combination, over 1,000 patients will be treated with our proprietary modified siRNA (AtuRNAi®).
• Negotiations with US company for a single AtuRNAi licence continue.
• Senior management and main Board strengthened with key hires.
• Technology Advisory Board (TAB) consisting of three world leading experts in RNA therapeutics established.
• Arbitration proceedings instigated with licensee Quark Pharmaceuticals for a milestone payment.
• Atu027 Phase 2a follow up results showed consistent Overall Survival (OS) with the Progression Free Survival (PFS) previously reported.
Financial Highlights
• Loss after tax of £4.7M (2015 H1: £4.1M).
• Cash and cash equivalents of £47.6M (H1 2015: £55.8M, FY 2015 £51.9M).
Ali Mortazavi Chief Executive of Silence Therapeutics commented
“Silence has been fully focused on progressing a high conviction IND/CTA filing to spearhead the platform potential of RNA therapeutics. Central to this have been the key senior hires from the biopharma industry in conjunction with rapid progress in the powerful GalNAc liver technology. A proportion of our R&D budget has also been focused on high impact R&D areas such as CRISPR, where we believe that we can license or partner enabling technologies for larger players in the field.
In addition to our core science, through the licensing of our IP and newly granted patents, we are represented in the clinic in Phase 2 and 3 trials as well as continuing discussions around possible new licences to our own patents with competitors in the field. Recent legal advice in regards to our IP has further increased our confidence that this element of our business alone could represent a significant proportion of the current market capitalisation of the Company.”
Stephen Parker Non-Executive Chairman said
“This has been a time of intense activity for Silence, including a review of the research strategy and the recruitment of highly experienced executives to lead the implementation. At the Board level, we have recently been delighted to welcome Dr Andy Richards, CBE as a non-executive director and Chairman of the Remuneration Committee, Alistair Gray has extended the remit of the Audit and Risk Committee and we have completed the restructuring of the Board to have only two executive directors, the CEO and the CFO, in which role we have also been pleased to welcome David Ellam.”
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Highlights
• In line with the new liver focus, competitive in vivo data generated in GalNAc-siRNA conjugates for several target genes.
• Encouraging RNA based CRISPR/Cas9 data in murine liver confirms the suitability of liposomal systems for in vivo gene editing. Target gene disruption maintained for over 145 days so far.
• Licensee Quark Pharmaceuticals started dosing of its Phase 2 and Phase 3 trials initiated in Delayed Graft Function and Acute Kidney Injury. In combination, over 1,000 patients will be treated with our proprietary modified siRNA (AtuRNAi®).
• Negotiations with US company for a single AtuRNAi licence continue.
• Senior management and main Board strengthened with key hires.
• Technology Advisory Board (TAB) consisting of three world leading experts in RNA therapeutics established.
• Arbitration proceedings instigated with licensee Quark Pharmaceuticals for a milestone payment.
• Atu027 Phase 2a follow up results showed consistent Overall Survival (OS) with the Progression Free Survival (PFS) previously reported.
Financial Highlights
• Loss after tax of £4.7M (2015 H1: £4.1M).
• Cash and cash equivalents of £47.6M (H1 2015: £55.8M, FY 2015 £51.9M).
Ali Mortazavi Chief Executive of Silence Therapeutics commented
“Silence has been fully focused on progressing a high conviction IND/CTA filing to spearhead the platform potential of RNA therapeutics. Central to this have been the key senior hires from the biopharma industry in conjunction with rapid progress in the powerful GalNAc liver technology. A proportion of our R&D budget has also been focused on high impact R&D areas such as CRISPR, where we believe that we can license or partner enabling technologies for larger players in the field.
In addition to our core science, through the licensing of our IP and newly granted patents, we are represented in the clinic in Phase 2 and 3 trials as well as continuing discussions around possible new licences to our own patents with competitors in the field. Recent legal advice in regards to our IP has further increased our confidence that this element of our business alone could represent a significant proportion of the current market capitalisation of the Company.”
Stephen Parker Non-Executive Chairman said
“This has been a time of intense activity for Silence, including a review of the research strategy and the recruitment of highly experienced executives to lead the implementation. At the Board level, we have recently been delighted to welcome Dr Andy Richards, CBE as a non-executive director and Chairman of the Remuneration Committee, Alistair Gray has extended the remit of the Audit and Risk Committee and we have completed the restructuring of the Board to have only two executive directors, the CEO and the CFO, in which role we have also been pleased to welcome David Ellam.”
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.