Gaithersburg-based Sirnaomics closes $47 million funding round

Gaithersburg-based Sirnaomics closes $47 million funding round
<span>Sirnaomics Inc. has taken in yet another $11 million in investments, closing a Series C funding round that totaled $47 million.</span>

Dr. Patrick Lu is founder, president and CEO of Gaithersburg-based Sirnaomics, which just closed on a $47 million funding round.

Original Post: Washington Business Journal

By: Katishi MaakeDigital Producer

Sirnaomics Inc. has taken in yet another $11 million in investments, closing a Series C funding round that totaled $47 million.

The Gaithersburg biopharmaceutical company kicked off the round last year with $25 million in Series C1 financing — one of the biggest venture deals of the year last year in a generous overall haul for Maryland biotech companies. That was followed by an $11 million raise as part of a Series C2 round in January.

The latest $11 million, also part of the C2 round, was led by CR-CP Life Sciences Fund, a Hong Kong joint venture established by China Resources Group and Charoen Pokhand Group, two Asian conglomerates.

Additional investors for the C2 round include Shanghai-based Rich Yield Capital; Rolling Boulder Investment from Shenzhen, China; and Legend Sky Investment.

 

In three venture rounds, the company has raised a total of $58 million in financing and obtained government funding and corporate partnerships valued at another $10 million, Chief Medical Officer Michael Molyneaux said Friday in an email to the Washington Business Journal. The company, he said, is now valued at more than $200 million.

Sirnaomics develops anti-fibrosis and anticancer therapeutics through RNA interference technology, which shuts down disease-causing genes.

The company plans to use the capital to support its next phase of product development and clinical programs for its RNAi therapeutics. Its lead product candidate — STP705, an anti-fibrosis and anti-inflammatory small interfering RNA — is currently being investigated for treatment of non-melanoma skin cancer in a phase 2 clinical study.

"Sirnaomics is the only biotechnology company conducting clinical drug development in the field of RNAi therapeutics both in USA and China, the two major markets for oncology and fibrosis," Da Liu, managing director of CR-CP Life Science Fund, said in a statement Friday. "We have confidence in the team and trust that it will advance the focused preclinical and clinical programs quickly and efficiently."

Prior to the Series C round, Sirnaomics raised $10 million in a Series B round in 2016. President and CEO Dr. Patrick Lu started the company in 2007 after leaving Intradigm Corp. a Rockville RNAi therapeutics company he had also co-founded.

Source: www.bizjournals.com