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Sirnaomics Closes $47 Million Series C Financing to Develop RNAi Therapeutics for Treatment of Cancer and Fibrotic Diseases
GAITHERSBURG, Md., April 26, 2019 /PRNewswire/ -- Sirnaomics Inc., a leading biopharmaceutical company in discovery and development of RNAi therapeutics against cancer and fibrotic diseases, announced today that it has sealed the C2 round of financing for $22 million. This round of funding was led by CR-CP Life Sciences Fund, a Hong Kong based joint venture established by China Resources Group and Charoen Pokphand Group, two Asian conglomerates. Additional investors for the C2 round included Rich Yield Capital from Shanghai, Rolling Boulder Investment from Shenzhen and Legend Sky Investment of USA. Therefore, the Company has completed its Series C financing combining the previously announced C1 round of $25 million and C2 round for a total $47 million.
Sirnaomics plans to use the proceeds to support its clinical programs for RNAi therapeutics for treatments of a range of cancers and fibrotic diseases, and to advance its technology platforms. The Company's lead product candidate (STP705), based on its dual targeting property and early safety study results, is currently being investigated for treatment of non-melanoma skin cancer in a phase II clinical study. A second clinical trial for treatment of cholangiocarcinoma and hepatocellular carcinoma is expected to commence in the second half of 2019.
"Completion of C round of financing strongly positions Sirnaomics for the next phase of technology and product development, in particular for our clinical studies to treat various types of cancer. It also demonstrated that investment communities have strong commitment to RNAi therapeutics and are confident in Sirnaomics' platform technology and therapeutic programs," remarked Patrick Lu, PhD, President and Chief Executive Officer. "We are thrilled to add a well-regarded syndicate of investors to the Series C financing. They will bring an abundance of resources beyond their financial commitments and will enable us to advance our innovative RNAi therapeutics."
Mr. Da Liu, the managing director of CR-CP Life Science Fund, stated, "We are pleased to invest in Sirnaomics. Sirnaomics is the only biotechnology company conducting clinical drug development in the field of RNAi therapeutics both in USA and China, the two major markets for oncology and fibrosis. The management team is truly international and has well balanced skillset in RNAi drug development. We have confidence in the team and trust that it will advance the focused pre-clinical and clinical programs quickly and efficiently."
About CR-CP Life Science Fund
CR-CP Life Science Fund is a joint venture set up by China Resources Group ("CR") and Charoen Pokphand Group ("CP"), one of the largest private Thai conglomerates, with initial AUM of US$300 million contributed by CR, CP and global life science investors. The fund is mandated to invest in leading life science companies that develop innovative drugs and cell therapies, medical devices and smart healthcare technology.
About China Resources Group
China Resources Group is a Hong Kong based conglomerate engaged in seven key strategic business units, including pharmaceuticals, consumer products, power, real estate, cement, town gas and finance. The company employs more than 420,000 employees globally. CR was ranked 86 of the Fortune Global 500 enterprises in 2018. CR conducts its healthcare business primarily through CR Pharmaceutical Group, the 2nd largest pharmaceutical group in China and manages multiple public pharma companies as well as CR Healthcare (operator of 110 hospitals and clinics with more than 15,000 open beds in China).
About Charoen Pokphand Group
Charoen Pokphand Group is a Thai based conglomerate operating businesses in several areas which include retail, telecommunication and media, e-commerce and digital, property development, plastics, automotive, finance and insurance, and pharmaceutical. The group has more than 300,000 employees in over 30 countries and, with over 200 business subsidiaries in Mainland China, CP is well known in China as "Zheng Da". CP participates in the healthcare industry mainly through Sino Biopharmaceutical Limited which has become one of the leading players in the pharmaceutical industry in China through innovative research, development, production and sales, covering pharmaceuticals, medical treatment and healthcare.
About Sirnaomics, Inc.
Sirnaomics, Inc., a leading privately held biopharmaceutical company for discovery and development of RNAi therapeutics, is a Delaware corporation headquartered in Gaithersburg, Maryland, USA, 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 great deal of combined experience in the biopharmaceutical industry, financial, clinical and business management in both the USA and China. The company is supported by funding from institutional investors, corporate partnerships and government grants. Sirnaomics has developed a strong portfolio of intellectual property with an enriched product pipeline. The therapeutic areas of focus include oncology and anti-fibrotic therapeutics. Learn more at www.sirnaomics.com.
Michael Molyneaux MD MBA
Chief Medical Officer
Tel: +1 646 277 1282
Media: James Heins
Tel: +1 203 682 8251
SOURCE Sirnaomics, Inc.