HONG
KONG, GERMANTOWN, Md. and
SUZHOU, China, July 31,
2024 /PRNewswire/ -- Sirnaomics Ltd. (the
"Company", Stock Code: 2257.HK, together with its
subsidiaries, the "Group" or "Sirnaomics"), a
leading biopharmaceutical company engaging in discovery and
development of advanced RNAi therapeutics, today announced a
partnership with Gore Range Capital LLC ("Gore Range
Capital") (Dallas, TX, USA)
for establishment of a joint venture, Sagesse Bio, Inc., to advance its novel RNAi
therapeutic products into aesthetic medicine.
Sagesse Bio,
Inc., a Delaware corporation
("Sagesse Bio"), combines the
strength of Sirnaomics' leadership in RNAi-based technology and
product development for focal fat reduction and Gore Range
Capital's world leading expertise in skin health industry and
financial resources, to accelerate clinical development of the
company's innovative products for addressing a fast-growing
aesthetic medicine market. Sagesse
Bio will rapidly advance Sirnaomics lead compound that is
IND-enabled and currently in Phase II clinical trials for other
indications. Initial indications of interest include body
contouring and fat reduction. The founders, board of directors, and
newly established executive management team of Sagesse Bio are comprised of a group of
well-accomplished senior executives from skin health industry,
world-renowned clinicians in dermatology and aesthetic medicine,
and leading experts in RNAi medicine. The strategic goal of
Sagesse Bio is to become a
world-leading aesthetic medicine company with innovative
technologies and aesthetic products.
Frederick
Beddingfield, MD, PhD, serving as Chairperson of the board
of directors of Sagesse Bio, is
an internationally renowned dermatologist and expert in
biopharma and the aesthetics industry, who has led the development
of global leading brands such as BOTOX®, JUVEDERM®, LATISSE® and
KYBELLA®. He served as Chief Medical Officer of Allergan Medical
and Kythera, and as CEO of Sienna Bio and Kira Pharmaceuticals, and
currently serves on the board of directors of Cytrellis Biosystems.
Dr. Beddingfield stated: "I could not be more excited to help lead
and build Sagesse Bio. We have an
amazing team with the right experience and a unique opportunity
based on the finding of adipocytolysis with good tolerability in
human clinical studies, to rapidly advance our IND-approved lead
product."
Mr. Humberto
Antunes, co-founder of Sagesse
Bio, partner of Gore Range Capital, former Chairman and CEO
of Galderma/Nestlé Skin Health, an internationally renowned
executive in skin health industry, comments: "The strategic
goal of Sagesse Bio is to deliver
innovative and life changing therapies to patients with an initial
emphasis on focal fat destruction."
"We are thrilled to build this historic
partnership: RNAi therapeutic candidate is moving into medical
aesthetic product development for body contouring," commented Dr.
Patrick Lu, founder, Chairman of the
board, executive director, President and CEO of Sirnaomics. "The
joint expertise and resources from both Sirnaomics and Gore Range
Capital are setting up a strong foundation for a tremendous growth
potential of Sagesse Bio with its
accelerated product development speed."
The board of directors of the Company has
approved, and the board of directors and the stockholders of
Sagesse Bio have approved, a series
of agreements in relation to the partnership (the "Agreements").
The Company and Sagesse Bio have signed the Agreements, which
shall become effective only upon being approved by the shareholders
of the Company at an upcoming general meeting. Under the
partnership arrangement, Sagesse Bio will initiate a clinical
evaluation immediately for its leading product candidate, SGY-101,
with scientific and technical support from Sirnaomics, receiving
assignment and licensing of certain relevant intellectual property
rights for the licensed product. In return, Sirnaomics will receive
milestone payments of up to US$33
million and a majority equity position of Sagesse Bio with value of approximately
US$36 million upon successful
equity or debt financing in the future at a minimum pre-financing
valuation of Sagesse Bio at
US$60 million. Gore Range Capital is
responsible for initial funding and building the executive
management team and advisory board. In addition, with its
well-built domain expertise and extensive networks in the skin
health industry, Gore Range Capital is able to provide a hands-on
approach for Sagesse Bio's
fundraising and business development challenges.
About Gore Range Capital
Gore Range Capital is focused on
investments in the skin health businesses. Gore Range's
approach is simple: "We invest in what we know." Over the course of
their respective careers the Gore Range team has built domain
expertise and extensive networks across multiple areas of
healthcare. Through Gore Range Capital, capabilities are channeled
to focus on the largest organ and the most visible manifestation of
personal identity: the skin. At Gore Range, the hands-on approach
of operationally focused private equity is blended with the
early-stage guidance needed in venture capital. Formed in 2015,
Gore Range works closely with portfolio companies and industry
leaders to bring skin health innovations to market. To accomplish
this mission, Gore Range leverages its team of experienced
healthcare investors, leaders, and practitioners to bring
strategic, financial and scientific expertise to its investments.
Learn more at: www.gorerangecapital.com.
About Sirnaomics
Sirnaomics is an RNA therapeutics
biopharmaceutical company that focuses on the discovery and
development of innovative drugs for indications with unmet medical
needs and large market opportunities. Sirnaomics is the first
clinical-stage RNA therapeutics company to have a strong presence
in both Asia and the United States. Based on its proprietary
delivery technologies, a polypeptide nanoparticle RNAi platform and
GalNAc RNAi platform, GalAhead™, Sirnaomics has established an
enriched drug candidate pipeline. STP122G, which represents the
first drug candidate utilizing the Company's GalAhead™ mxRNA
technology, is currently in Phase I development. STP237G is the
first dual-targeted drug based on a GalAhead™ muRNA technology and
is in the late stage of preclinical development. The Company has
also had multiple successes with oncology applications through its
clinical programs for STP705 and STP707. With the establishment of
the it manufacturing facility in China, Sirnaomics is undergoing a transition
from a biotech company to a biopharma corporation. Learn more at:
www.sirnaomics.com.
CONTACT:
USA Media
Contact:
George Ji, MBA
Head of Finance and Administration
Email: USA@sirnaomics.com
Asia Media Contact:
Johnson Shen, M.A.
Senior Business Manager for Investor Relations
Email: johnsonshen@sirnaomicschina.com
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SOURCE Sirnaomics