ROCKVILLE, Md., Dec. 26 Sirnaomics, Inc. announced todaythat the company has received funding from a variety of Government Programs.Sirnaomics, Inc. (www.sirnaomics.com), a biopharmaceutical company founded inearly 2007, dedicates to advancing RNA interference (RNAi) Technology fornovel drug discovery and targeted therapeutics development. The company'smulti-targeted siRNA therapeutic programs and its nanoparticle-enhanceddelivery technologies represent the unique approach for truly realizingadvantages of small interfering RNA (siRNA)-based drugs, to treat variouscritical human diseases. Sirnaomics has been successfully attracting grantsand investments from the State of Maryland, Department of Business andEconomics Development (DBED), Maryland Industrial Partnerships (MIPS) and theMontgomery County Technology Growth Programs (TGP), in addition to the Stateof Maryland Tax Credit Program for Biotechnology Investment.
RNAi has emerged as a fundamentally important biological phenomenon and asa versatile, powerful tool for biomedical research. RNAi plays a multifacetedrole in molecular biology by silencing genes through chromatin remodeling,interfering with protein synthesis, and in its best-studied mode of actionquashing gene expression by cleaving messenger RNA. Experimental applicationsof RNAi have spurred the exploration of gene function in many basic research,drug discovery and clinical settings. The 2006 Nobel Prize for medicine andphysiology and a number of corporate acquisitions and investments by Novartis,Merck, AstraZeneca and Roche injecting billions of dollars into this noveltechnology further fueled the enthusiasm for the great promise of siRNAtherapeutics development.
Sirnaomics' mission is to advance RNAi technology with the proprietarypositions on multi-targeted siRNA cocktail design and nanoparticle-mediatedsiRNA delivery for novel therapeutics. The company is dedicated to becomingthe leader in the field of RNAi technology by spearheading into the targetedtherapeutics market. The company's partnership with big pharmas and majorbiotech companies, along with government funding and venture capital financing,will strengthen its financial resources to accelerate the development of thetechnology platforms and siRNA therapeutic products. The strong ties withbiopharmaceutical communities in Asia (China) allow the company to speed upits pre-clinical and clinical processes for novel siRNA therapeuticdevelopment with low cost. The company's proprietary "Tri-Blocker" technologyfor multi-targeted siRNA cocktail design and "Snano" series of nanoparticledelivery systems enable its advanced RNAi therapeutic programs for treatmentof various critical human conditions including aging diseases, infectiousdiseases and cancer. The leading product, STP601, a multi-targeted siRNAcocktail therapeutics for treatment of ocular neovascularization such as AMD,PDR and HSK, is expected to be in clinic in 2008, in addition to an enrichedproduct pipeline of siRNA therapeutics. Since the summer of 2007, Sirnaomicshas received a number of angel investments related to the State of MarylandTax Credit Programs for Biotechnology Investment. The company has alsoreceived the TGP grant from Montgomery County and has recently been awarded atwo-year MIPS grant jointly with Professor James Mixson of University ofMaryland. In addition, the company has also received an investment from theState of Maryland DBED Challenge Investment Fund.
"The Governmental fundings play the critical role in Sirnaomics earlystage financing," said the founder, President and CEO of the company, Dr.Patrick Y. Lu. "It not only supplies initial fuel for us to take off, but moreimportantly provides solid foundation for our staged financing strategy, toensure the long term health of the company's financial structure." Dr. Lufurther emphasized that the Sirnaomics case clearly reflects the governmental