It’s a case of déjà vu (and no IPO) as the U.S.-China RNAi biotech Sirnaomics grabs a $105 million funding round, just under a year after snagging the same amount in a D round.
This latest tranche of cash will go toward further boosting the company’s R&D in RNAi therapeutics, which are on tap to treat a diverse range of diseases including cancers, fibrosis diseases, metabolic diseases and viral infections.
The swag will also be put toward new delivery tech platforms and to strengthen its large-scale manufacturing capacity, all to “support the company’s fast-growing product pipeline at different clinical stage,” according to a statement.
Seeing $210 million in the space of nine months is a major boon for the biotech and a leap above the $47 million round it got for a series C in 2019, after 12 years in the RNA R&D biz.
This is likely due to the brighter spotlight on RNAi therapies, coming after Alnylam recently got off the first set of approvals for RNA drugs, partially validating it as a target.
After the series D last October, an IPO looked just around the corner. But going public seems to have been put on the back burner for now, despite major biotech IPO play amid the COVID crisis, which has upped interest in life sciences in general.
Two of Sirnaomics’ leading contenders include STP705 and STP707, dual targeting siRNA meds against TGF-β1 and COX-2, that are set up for certain cancers and fibrotic (scarring) diseases.
The former is in midstage testing, predominately in non-melanoma skin cancers, and solid liver tumors in phase 1, with the latter still preclinical and vague beyond “solid tumors.”
Sirnaomics also has a host of other early-stage efforts for NASH, liver fibrosis and lung fibrosis for ‘707. Outside of these two meds, there are several other preclinical hopefuls zeroing in on flu, coronavirus, and cardiometabolic disorders.
The biotech added that, based on successful clinical and preclinical studies, a “future clinical focus will be targeted towards immune oncological evaluation, with combination design of the novel RNAi drug candidate and immune checkpoint inhibitors, such as PD-1/PD-L1 monoclonal antibodies.” This could include the likes of Merck’s Keytruda and Bristol Myers Squibb’s Opdivo.
“We are pleased to close the series E round of financing with oversubscription from a very diversified and strong investor base,” said Patrick Lu, Ph.D., founder, president and CEO.
“This is another powerful validation that the RNAi therapeutics, fuelled by innovative delivery platforms, ground-breaking CMC technologies, and fast expansion of multiple clinical programs with positive results, are attracting significant interests from the investment community.”