Sirnaomics Announces Resignations of Chief Medical Officer and Chief Financial Officer, Provides Update on Pipeline and Submits Prospectus

Jun 03, 2024 09:13 CST Updated 09:13

Sirnaomics

RNA Interference New Drug Developer

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June 3, SirnaomicsAnnounce that the following matters will take effect from May 31, 2024: (i) Due toDr. Francois LebelPlans to devote more time to handling other affairs, he hasResignation from the Position of Chief Medical Officer of the GroupDr. Lebel has agreed to serve as the head of the group's pharmaceuticals.Senior Advisor for Development Strategy Affairs。The Company will seek to identify a suitable candidate to fill the vacancy of Chief Medical Officer. During this transition period, the Group will engage a contract research organization to perform its clinical development functions; and (ii) due toMr. Ye YongjiPlans to devote more time to handling other affairs, he hasResignation as Chief Financial Officer of the GroupOne position. Mr. Ye will continue to serve as an advisor to the Group on corporate transaction-related matters. The Board is satisfied that, following Mr. Ye's resignation, the Company has sufficient resources to carry out its strategic planning, financial management analysis, and internal control functions.

In 2007, Sirnaomics was founded, leveraging its proprietary Peptide Nanoparticle (PNP) delivery platform and GalNAc platform for the development of small nucleic acid drugs. Sirnaomics is the first clinical-stage RNA therapeutics biopharmaceutical company with a significant market presence in both China and the United States, and it is also the first company to achieve positive Phase II clinical results with its core product STP705, an RNAi therapy in the field of oncology.

SirnaomicsThe loss for the 12-month period ended December 31, 2023 narrowed from US$97.3 million to US$85 million.The reduction in losses was mainly attributed to: a decrease in research and development expenses and a reduction in the fair value loss of financial liabilities recorded at fair value through profit or loss, partially offset by impairment losses recognized for property, plant and equipment as well as right-of-use assets for the year ended December 31, 2023. As of December 31, 2023, the group maintained strong financial health with cash and cash equivalents and investment products amounting to 44 million US dollars.

The company has a rich R&D pipeline, with indications covering tumors, medical aesthetics, antiviral treatments, and cardiovascular diseases, demonstrating significant differentiation.Sirnaomics is advancing its priority product pipeline and conducting clinical trials for its lead candidates, STP705 and STP707, in the United States.Sirnaomics is conducting five siRNA clinical trials with STP122G. In addition, RV-1730 and RV-1770, the mRNA vaccine projects led by its non-wholly owned subsidiary RNAimmune, have received FDA approval for Investigational New Drug (IND) applications in the United States.

R&D Pipeline

Reference: Company Announcement