5th Apr 2016 09:08
LONDON (Alliance News) - Silence Therapeutics PLC on Tuesday expressed "great confidence" for its future prospects, and reported a narrowed pretax loss for 2015 as it continued to develop its pipeline of treatments.
Silence Therapeutics is focused on the development of ribonucleic acid therapeutics for serious diseases, including key product Atu027, currently in clinical trials for the treatment of pancreatic cancer.
The company reported a pretax loss of GBP9.4 million for 2015, compared to a pretax loss of GBP12.0 million in 2014, primarily as a result of lower research, development and administrative costs. It did not produce revenue in either year.
Silence Therapeutics attributed the fall in research and development costs to the slowing of the execution of its clinical and preclinical drug development programmes.
The company raised GBP38.9 million in April 2015, and said that these funds have allowed it to expand the development of its platform technology.
Following the year-end, a phase IIa trial for Atu027 met its primary endpoint. Elsewhere, the company's licensee Quark Pharmaceuticals Inc began phase III and II trials in the treatment of Delayed Graft Function and Acute Kidney Injury respectively. Silence Therapeutics has instigated arbitration against Quark in regards to a USD3 million milestone payment it believes it is now due.
Quark has confirmed in writing they will honour their financial obligations to Silence if both trials come to a successful conclusion, Silence said.
Elsewhere, an undisclosed US company has approached Silence to licence a clinical product, it said, and Silence is continuing negotiations over this potential deal.
"2015 was a difficult year for the biotechnology sector globally but a significant one for Silence Therapeutics. Modulating gene expression on and off in vivo remains a serious technical challenge. However, for the first time in its history, the company has the combination of world leading technologies and the balance sheet to create a world class biopharma company," said Chief Executive Officer Ali Mortazavi in a statement.
Shares in Silence Therapeutics were down 1.7% at 127.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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