GlaxoSmithKline and Sirna Therapeutics Announce Major Alliance in RNAi-Based Therapeutics for Respiratory Disease
April 03 2006 - 9:32AM
PR Newswire (US)
LONDON, PHILADELPHIA and SAN FRANCISCO, April 3
/PRNewswire-FirstCall/ -- GlaxoSmithKline (NYSE:GSK) and Sirna
Therapeutics, Inc. (NASDAQ:RNAI) today announced that they are
forming an exclusive multi-year strategic alliance focused on
discovery, development and commercialisation of novel RNA
interference (RNAi)-based therapeutics for respiratory diseases.
The alliance combines Sirna's extensive expertise in short
interfering RNA (siRNA) chemistry and biology with GSK's industry
leading capabilities in the development and commercialisation of
novel therapies for respiratory diseases. Sirna will receive an
initial payment of $12 million, made up as cash and purchase of
Sirna common stock, priced at $ 8.36 per share. Under the
agreement, Sirna may also receive milestone payments in excess of
$700 million for collaboration and clinical development events, as
well as royalties on worldwide sales of products which successfully
result from the alliance. In addition, Sirna will be eligible to
receive contract manufacturing revenues. "By combining GSK's
pulmonary drug delivery expertise with Sirna's advanced application
of RNAi technology, this alliance will expedite the development of
novel therapeutics with potential use in a number of respiratory
diseases such as asthma and COPD," said Dr. Garth Rapeport, Senior
Vice President, Respiratory & Inflammation CEDD, at GSK. "We
recognise Sirna's leadership in the area of RNAi-based therapeutics
and hope for the potential benefits this research will bring to
patients." Under the terms of the agreement, Sirna will provide GSK
optimised and formulated siRNAs against Sirna and GSK targets. GSK
will assume all responsibility for the further preclinical and
clinical development of these compounds as well as worldwide
commercialisation of products resulting from the alliance. "This
collaboration is an extraordinary opportunity for us to work with
GSK, the world's second largest pharmaceutical company, to develop
important new medicines to treat patients with serious respiratory
diseases," stated Howard W. Robin, President and CEO of Sirna
Therapeutics. "With this collaboration, Sirna continues to
successfully execute our strategy to ally selected therapeutic
programs or drug targets with pharmaceutical companies that lead
the industry in their respective markets." Sirna will conduct a
live audio webcast conference call to discuss this alliance on
April 3, 2006 at 8:30 am ET. To participate over the Internet, go
to http://www.sirna.com/. Participants are urged to log on to the
web site 15 minutes prior to the scheduled start time to download
and install any necessary audio software. To access the live
telephonic broadcast, domestic callers should dial (877) 502-9272;
international callers may dial (913) 981-5581. An audio webcast
replay will be available on Sirna's web site,
http://www.sirna.com/, for 30 days. Additionally, a telephonic
replay of the call will be maintained through midnight, Monday,
April 17, 2006. To access the replay, please dial (888) 203-1112
from the U.S. or (719) 457-0820 when calling internationally, using
confirmation code 8943556. About GSK GlaxoSmithKline -- one of the
world's leading research-based pharmaceutical and healthcare
companies -- is committed to improving the quality of human life by
enabling people to do more, feel better and live longer. About
Sirna Therapeutics Sirna Therapeutics is a clinical-stage
biotechnology company developing RNAi-based therapies for serious
diseases and conditions, including age-related macular degeneration
(AMD), hepatitis B and C, dermatology, asthma, Huntington's
disease, diabetes and oncology. Sirna Therapeutics completed its
Phase 1 clinical trial for Sirna-027 in AMD in 2005 and with its
strategic partner, Allergan, Inc., will move Sirna-027 into Phase 2
clinical trials in 2006. Sirna has selected a clinical compound for
hepatitis C virus, Sirna-034, which the Company plans to bring into
Phase 1 clinical trials by the end of 2006. Sirna has established
an exclusive multi-year strategic alliance with GlaxoSmithKline for
the development of siRNA compounds for the treatment of respiratory
diseases. Sirna has a leading intellectual property portfolio in
RNAi covering over 250 mammalian gene and viral targets and over
175 issued or pending patents covering other major aspects of RNAi
technology. More information on Sirna Therapeutics is available on
the Company's web site at http://www.sirna.com/. About RNA
interference RNA interference (RNAi) is a natural, selective
process for turning off genes. RNAi is triggered by short
interfering RNA (siRNA) molecules that engage a group of cellular
proteins, known as RISC (RNA induced silencing complex). The RISC
guides the siRNA to its target messenger RNA (mRNA, the messenger
between DNA and proteins) by complementary base pairing for the
targeted break-up of the mRNA thus halting protein expression or
viral replication. The RISC-siRNA-complex binds and cleaves
multiple mRNA molecules in a catalytic fashion. GSK Enquiries: UK
Media enquiries: Philip Thomson (020) 8047 5502 Chris Hunter-Ward
(020) 8047 5502 Alice Hunt (020) 8047 5502 US Media enquiries:
Nancy Pekarek (215) 751 7709 Mary Anne Rhyne (919) 483 2839
Patricia Seif (215) 751 7709 European Analyst/Investor enquiries:
Duncan Learmouth (020) 8047 5540 Anita Kidgell (020) 8047 5542 Jen
Hill (020) 8047 5543 David Mawdsley (020) 8047 5564 US Analyst/
Investor enquiries: Frank Murdolo (215) 751 7002 Tom Curry (215)
751 5419 Sirna Therapeutics Inc: Media enquiries: Rebecca Galler
Robison (303) 449 6500 McKinney Chicago Media enquiries: Alan
Zachary (312) 944 6784 x316 GSK Cautionary statement regarding
forward-looking statements Under the safe harbor provisions of the
US Private Securities Litigation Reform Act of 1995, the company
cautions investors that any forward-looking statements or
projections made by the company, including those made in this
[Announcement], are subject to risks and uncertainties that may
cause actual results to differ materially from those projected.
Factors that may affect the Group's operations are described under
'Risk Factors' in the Operating and Financial Review and Prospects
in the company's Annual Report on Form 20-F for 2005. SIRNA Safe
Harbor Statement Statements in this press release which are not
strictly historical are "forward-looking" statements which should
be considered as subject to many risks and uncertainties. For
example, most drug candidates do not become approved drugs. Sirna
currently does not have any clinical drug candidates for the
treatment of respiratory diseases. Sirna's ability to obtain
milestone and royalty payments in its partnerships requires
advancing programs that are still at a relatively early stage, are
highly contingent upon future successes, and are subject to
significant risks and unknowns. Additional risks and uncertainties
include Sirna's early stage of development and short operating
history, Sirna's history and expectation of losses and need to
raise capital, the rate at which Sirna uses cash, the timing of
receipt of development milestone payments from collaborating
partners, Sirna's need to obtain clinical validation and regulatory
approval for products, Sirna's need to obtain and protect
intellectual property, risk of third-party patent infringement
claims, Sirna's need to attract and retain qualified personnel,
Sirna's need to engage collaborators, availability of materials for
product manufacturing, the highly competitive nature of the
pharmaceutical market, the limited trading volume and history of
volatility of Sirna's common stock, Sirna's concentration of stock
ownership, and risks from relocating Sirna headquarters. These and
additional risk factors are identified in Sirna's Securities and
Exchange Commission filings, including the Forms 10-K and 10-Q and
in other SEC filings. Sirna undertakes no obligation to revise or
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
DATASOURCE: Sirna Therapeutics, Inc.; GlaxoSmithKline CONTACT: GSK
Enquiries, UK Media enquiries, Philip Thomson, or Chris
Hunter-Ward, or Alice Hunt, (020) 8047 5502, or US Media enquiries,
Mary Anne Rhyne, +1-919-483 2839, or Nancy Pekarek, or Patricia
Seif, +1-215-751 7709, or European Analyst/Investor enquiries,
Duncan Learmouth, (020) 8047 5540, or Anita Kidgell, (020) 8047
5542, or Jen Hill, (020) 8047 5543, David Mawdsley, (020) 8047
5564, or US Analyst/ Investor enquiries, Frank Murdolo, +1-215-751
7002, or Tom Curry, +1-215-751 5419; or Media enquiries, Rebecca
Galler Robison of Sirna Therapeutics Inc, +1-303-449 6500; or Alan
Zachary of McKinney Chicago, +1-312-944 6784, ext. 316, for Sirna
Therapeutics Inc Web site: http://www.sirna.com/
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