After positive results from a midstage test for its RNAi candidate sometime in the spring, Sirnaomics has raised $105 million in a Series D round.
The cash boost, co-led by existing investor Rotating Boulder Fund, new investor Walvax Biotechnology Co. Ltd., and Sunshine Riverhead Capital, will go toward the biotech aiming to push deeper into the clinic and one day follow rival and RNA pioneer Alnylam to regulatory approval. Proceeds for the funding will be used to fund the R&D process for its RNAi therapeutics, aiming to treat a diverse range of diseases, including fibrosis diseases, metabolic diseases, cancers, and viral infections. Sirnaomics will build on the positive results from its latest Phase IIa study for the treatment of Cutaneous Squamous Cell Carcinoma in-situ and conduct multiple clinical studies to further examine 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 several kinds of cancers and fibrotic diseases.
The funding also supports existing investors Sangel Capital and new investors: Longmen Capital, HongTao Capital, and Alpha Win Capital. Chinese Renaissance and Huatai Financial Holdings (Hong Kong) Ltd. served as the financial advisors for this fundraising round.
The next step for the U.S.-China biotech will be an IPO, which may come sooner rather than later.
"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 the near future," said Patrick Lu, Ph.D., founder, president, and CEO of Sirnaomics.
The cash boost is a significant jump on the $25 million round Sirnaomics got last time out, after 12 years in the RNA Research & Development business. This can be attributed to the brighter spotlight on RNA therapies, coming after Alnylam recently got off the first set of approvals for RNA drugs, partially validating it as a target.