Sirnaomics to receive HK$8 million subsidy from the HKSTP Clinical Translational Catalyst Plan
HONG KONG and GERMANTOWN, Md. and SUZHOU BIOBAY, China, May 17, 2023 /PRNewswire/ -- Sirnaomics Ltd. (the "Company"; together with its subsidiaries, the "Group" or "Sirnaomics"; stock code: 2257), a leading biopharmaceutical company engaging in discovery and development of advanced RNAi therapeutics, has received approval of an HK$8 million subsidy from the Hong Kong Science and Technology Parks Corporation ("HKSTP"), which will be used to accelerate research and development of its leading RNAi drug candidate, STP122G, a GalNAc-based innovative anticoagulant therapeutic.
The subsidy comes under HKSTP's Clinical Translational Catalyst ("CTC") programme dedicated to catalysing clinical translation to bring innovative, life-changing therapies and technologies to patients advancing innovative therapies and technologies that can potentially improve patients' lives. The programme provides technical and financial supports to biomedical companies that are developing highly promising pre-clinical or clinical-stage projects, helping products under development to obtain regulatory approvals, conduct clinical trials and achieve commercialisation, turning cutting-edge research outcomes into tangible medical advancements for the benefit of patients.
Sirnaomics' success in obtaining funding testifies to the quality of its product candidate. It is proof of the evaluation committee recognizing the potential of its product candidate as well as its capability to make a significant impact in the industry, pointing to prospective new treatments that may improve patient outcomes and benefit society at large. According to the agreement, HKSTP will provide a total of HK$8 million in funding to Sirnaomics for the clinical study of STP122G, an anticoagulant therapeutic.
Sirnaomics submitted a U.S. IND for STP122G in March 2023 and launched in April 2023 Phase I clinical trial of STP122G based on its GalNAc-driven Factor XI RNAi therapeutic Program. This Factor XI program is applicable across a broad range of disease indications as an anticoagulant therapeutic, for potential prevention and treatment of stroke after atrial fibrillation, cancer patients after immunotherapy, and improving total knee replacement recovery, etc. The study marks the first time Sirnaomics is utilizing its proprietary GalNAc RNAi platform technology, GalAhead™, in one of its siRNA-based candidates and conducting a trial for patients with high unmet need in anticoagulation disorders.
Dr. Patrick Lu, Founder, Chairman of the Board, Executive Director, President and Chief Executive Officer of Sirnaomics said, "We are thrilled and honored to receive funding from HKSTP to support our ongoing clinical R&D efforts. It will allow us to accelerate development of our promising product candidate, STP122G, which can potentially transform patient care related to the anticoagulation therapeutics. As a leading biopharmaceutical company in RNA medicine, we are committed to driving innovation in the industry and bringing new therapies to market to address unmet medical needs. We will continue our work to improve patient outcomes, advance the field of biopharmaceuticals and create long-term value for stakeholders."
About Hong Kong Science and Technology Parks Corporation
Hong Kong Science and Technology Parks Corporation (HKSTP) has for over 20 years committed to building up Hong Kong as an international innovation and technology hub to propel success for local and global pioneers today and tomorrow. HKSTP has established a thriving I&T ecosystem that is home to two unicorns and Hong Kong's leading R&D hub with over 13,000 research professionals and over 1,300 technology companies focused on healthtech, AI and robotics, fintech and smart city technologies.
Established in 2001, we attract and nurture talent, accelerate and commercialise innovation and technology for entrepreneurs on their journey of growth in Hong Kong, to the Greater Bay Area, Asia and beyond. Our growing innovation ecosystem is built around our key locations of Hong Kong Science Park in Shatin, InnoCentre in Kowloon Tong and three modern INNOPARKs in Tai Po, Tseung Kwan O and Yuen Long. The three INNOPARKs are realising a vision of new industrialisation for Hong Kong. The goal is sectors like advanced manufacturing, electronics and biotechnology are being reimagined for a new generation of industry.
Through our infrastructure, services, expertise and network of partnerships, HKSTP will help establish innovation and technology as a pillar of growth for Hong Kong, while reinforcing Hong Kong's international I&T hub status as a launchpad for global growth at the heart of the GBA innovation powerhouse.
More information about HKSTP is available at www.hkstp.org.
About Sirnaomics Ltd. (Stock Code: 2257)
Sirnaomics is an RNA therapeutics biopharmaceutical company with product candidates in preclinical and clinical stages that focuses on the discovery and development of innovative drugs for indications with medical needs and large market opportunities. Sirnaomics is the first clinical-stage RNA therapeutics company to have a strong presence in both Asia and the United States. Based on its proprietary delivery technologies: Polypeptide Nanoparticle Formulation and the 2nd generation of GalNAc conjugation, the Group has established an enriched drug candidate pipeline. Sirnaomics is currently holding a leadership position on advancing RNAi therapeutics for oncology application with multiple successes of its clinical programs for STP705 and STP707. STP122G represents the first drug candidate of GalAhead™ technology entering clinical development. With establishment of the Group's manufacturing facility, Sirnaomics currently is undergoing a transition from a biotech company to a biopharma corporation. Learn more at: www.sirnaomics.com.
Company Codes: HongKong:2257