12th Sep 2019 11:08
(Alliance News) - Genetic medicines developer Silence Therapeutics PLC said Wednesday its interim loss remained broadly stable during the "transformational" period in which it signed a key deal.
For the six months ended June, pretax loss improved to GBP9.6 million from GBP9.8 million the year prior. This was after both research & development and administrative costs softened on the year prior.
Cash levels halved to GBP16.5 million from GBP34.3 million the year prior.
"The first half of 2019 has been transformational for Silence with the game-changing RNAi collaboration with Mallinckrodt reached in July, following months of business development work in the first half - a deal which provided us with a significant cash injection through the upfront and equity investment and provides for significant development and commercial milestones," Chief Executive Officer David Horn Solomon said.
In late July - after the interim period end - Silence signed a collaboration deal with US drugsmaker Mallinckrodt Pharmaceuticals for the commercialisation of its RNAi Therapeutics technology. The deal saw Silence receive a USD20 million upfront payment in addition to potential further payments.
"We have made excellent progress in returning to the clinic with SLN124 and expect to dose our first patient in H2 2019 and we are excited about the potential of this asset to treat patients with serious diseases such as beta-thalassemia," Horn Solomon added. "We are well capitalised to deliver on our strategic objectives as we continue to drive value for shareholders and offer hope to patients with rare and serious conditions."
Shares in Silence were 1.9% lower at 189.40 pence in London on Wednesday.
Related Shares:
SLN.L