Silence Therapeutics Announces R&D Update
25 March 2020
Re-prioritisation and acceleration of R&D pipeline due to strengthened balance sheet
SLN360 brought forward as priority asset, new clinical protocol for SLN124
LONDON, Silence Therapeutics plc (LON: SLN) ("Silence" or "the Company"), a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, today announces an acceleration and re-prioritisation of its proprietary pipeline assets. This follows today's announcement that the Company will receive a $60 million cash payment and a further $20 million equity investment from AstraZeneca1.
Due to the significant strengthening of the Company's balance sheet, the Board has taken the decision to accelerate SLN360, an Lp(a) targeting siRNA for the potential treatment of cardiovascular disease. The asset has been re-allocated as Silence's highest priority development programme as a result of the high and prevalent unmet medical need and the excellent preclinical profile. The Company intends to submit an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) later this year and thereafter commence a first in man study with a view to generating interim data around the middle of 2021.
For SLN124, in view of the COVID-19 outbreak and to ensure the integrity of safety monitoring procedures for patients, we have decided to pause patient recruitment under the current protocol. The Company will recommence patient recruitment under a new and broader protocol when appropriate. As a result, the Company now aims to report interim data for SLN124 in the first half of 2021. The Company is pleased to confirm that it has been notified by the FDA that SLN124 has been granted Rare Pediatric Disease designation for the treatment of β Thalassemia.
We remain cognisant of the potential impact of coronavirus (COVID-19) on our operations and have taken the steps necessary to maintain the integrity of the Company's assets and the health and wellbeing of our employees.
Iain Ross, Executive Chairman at Silence Therapeutics, commented: "The potential of our highly innovative proprietary RNAi pipeline assets to treat diseases with poor treatment options has been further highlighted by the recent investment from AstraZeneca. We are now well capitalised to further accelerate our pipeline towards clinical development with a focus on assets which we believe will transform the lives of patients."
For more information, please contact:
Silence Therapeutics plc
Iain Ross, Executive Chairman
Rob Quinn, Chief Financial Officer
Tel: +44 (0)20 3457 6900
Peel Hunt LLP (Nominated Adviser and Broker)
James Steel/Oliver Jackson
Tel: +44 (0)20 7418 8900
Consilium Strategic Communications
Mary-Jane Elliott/Chris Welsh/Angela Gray
Tel: +44 (0) 20 3709 5700
Tel: +1 (443) 213-0505
Note: 1 $60 million upfront payment will be paid in tranches with $20 million being invoiced immediately and the remaining $40 million invoiced unconditionally within 12 months.
About Silence Therapeutics plc
Silence Therapeutics is developing a new generation of medicines by harnessing the body's natural mechanism of RNA interference, or RNAi, within its cells. Its proprietary technology can selectively inhibit any gene in the genome, specifically silencing the production of disease-causing proteins. Using its enabling delivery systems, it has achieved an additional level of specificity by delivering its therapeutic RNA molecules exclusively to target cells. Silence's proprietary RNA chemistries and delivery systems are designed to improve the stability of our molecules and enhance effective delivery to target cells, providing a powerful modular technology well suited to tackle life-threatening diseases. Silence Therapeutics remains focused and is determined to be responsive to creating shareholder value as well as the appropriate growth and development of its business. Silence Therapeutics continues to assess a number of options in addition to its organic plan which it believes would be additive to the Company's future growth prospects and shareholder value, which may include equity fundraisings as well as other strategic licensing and collaboration opportunities. For more information, please visit: https://www.silence-therapeutics.com/