GAITHERSBURG, Md.—Sirnaomics Inc., a leading biopharmaceutical company in discovery and development of RNAi therapeutics against cancer and fibrotic diseases, has announced that it has sealed its 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. Sirnaomics has completed its Series C financing, combining the previously announced C1 round of $25 million and this C2 round’s $22 million for a total $47 million.
“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,” said Patrick Lu, Ph.D., 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.”
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 is currently being investigated for treatment of non-melanoma skin cancer in a Phase 2 clinical study, based on its dual targeting property and early study results on safety. A second clinical trial for treatment of cholangiocarcinoma and hepatocellular carcinoma is expected to commence in the second half of 2019.
Managing director of CR-CP Life Science Fund Da Liu 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 a well balanced skill set 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.”