Sirnaomics Closes $47 Million Series C Financing to Develop RNAi Therapeutics for Treatment of Cancer and Fibrotic Diseases

On Apr 26, 2019, Sirnaomics Inc., a leading biopharmaceutical company in the discovery and development of RNAi therapeutics against cancer and fibrotic diseases, announced that it has sealed its Series C2 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, headquartered in Gaithersburg, Maryland, USA, is a leading privately held biopharmaceutical company for discovery and development of RNAi therapeutics, The company 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 the treatment of non-melanoma skin cancer in phase II clinical study. A second clinical trial for the 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 a strong commitment to RNAi therapeutics and are confident in Sirnaomics' platform technology and therapeutic programs," remarked 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."

Mr. Da Liu, the managing director of the CR-CP Life Science Fund, stated, " Sirnaomics is the only biotechnology company conducting clinical drug development in the field of RNAi therapeutics both in the 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."

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.

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).