Sirnaomics seals $105m Series D financing for RNAi therapeutics

Sirnaomics Inc., a leading biopharmaceutical company in discovery and development of RNAi therapeutics, announced that it has sealed its USD$105 million Series D financing.

This round of funding was co-led by existing investor Rotating Boulder Fund, new investor Walvax Biotechnology Co., Ltd. and Sunshine Riverhead Capital, with support from existing investors Sangel Capital and new investors: Longmen Capital, HongTao Capital and Alpha Win Capital. Chinese Renaissance and Huatai Financial Holdings (Hong Kong, S.A.R., China) Ltd. served as the financial advisors for this round of fund raising.

Proceeds for the financing will be used to fund continued development of its novel RNAi therapeutics for treatment of diverse human disorders, including cancers, fibrosis diseases, metabolic diseases and viral infections. Sirnaomics will build on the positive results from its recent Phase IIa study for treatment of Cutaneous Squamous Cell Carcinoma in-situ (April 9, 2020 news release), and conduct multiple clinical studies to further evaluate its lead product candidates, STP705 and STP707, which are dual targeting siRNA therapeutics against TGF-β1 and COX-2 for both local and systemic administrations to treat various types of cancers and fibrotic diseases. A clinical focus will be immune oncological evaluation for these dual-targeted siRNA inhibitors, based on potential synergistic effects with immune checkpoint inhibitors observed at both preclinical and clinical settings. With further expansion of the company’s innovative drug delivery platforms, such as siRNA-chemodrug conjugates (August 27, 2020 news release) and PDoV-GalNAc and advanced nebulizers, Sirnaomics is poised to address multiple therapeutic areas.

“We are very excited to get the D round of financing closed in a timely manner. The fact that the D round was oversubscribed is further validation that RNAi therapeutics are attracting a great deal of interest from the investment community and is fuelled by innovative targeted technologies and very impressive clinical results. We are thrilled to add a well-regarded syndicate of investors to the Series D financing. This type of investor base will not only strengthen our financial foundation, but also brings tremendous experience and expertise to Sirnaomics as it enters  the next phase of growth and prepares for an initial public offering in near future,” commented Patrick Lu, PhD, Founder, President and CEO.

Donald (Xiaochang) Dai, PhD, Managing Partner of Rotating Boulder Fund, said, “We are very happy to continue our investment in Sirnaomics. The company is the only biopharma venture conducting innovative R&D and clinical development in the field of RNAi therapeutics in both the US and China, the two largest markets for cancer and fibrosis disease treatments. The management team has a well-balanced skillset in RNAi drug development and is truly international with global vision. We have confidence that Sirnaomics will advance its technology platforms and novel therapeutic pipeline with sound clinical and regulatory strategies.”

Mr. Yunchun Li, Chairman of Walvax, stated, “It is Walvax’s pleasure to invest in Sirnaomics. By leveraging Sirnaomics’ top management team led by Dr. Lu and its industry leading RNA drug development platform as well as the synergy with Walvax’s technical transfer and commercialization capabilities, Walvax and Sirnaomics will work together to advance RNA drug development and benefit more patients in China and globally.”

Mr. Shenghao Shi, Managing Partner of Sunshine Riverhead Capital, commented, “There is no doubt that in the next decade the field of oligonucleotide drugs will usher in an explosive period due to the unique advantages of druggability. After more than a decade of cultivation and unremitting efforts, the team of Sirnaomics has accumulated rich experience and has developed several original and advanced drug delivery systems, which we believe will make it an essential player in cancer and fibrosis fields. As a long-term capital investor with an insurance background, we are honored to be able to reach cooperation with them and will support the development of the enterprise for a long time in the future.”