Sign In
1 Aug 2011 07:00
FOR IMMEDIATE RELEASE
Group Reorganisation and Board Changes
London, August 1, 2011 -Silence Therapeutics plc (AIM: SLN) ("Silence", the "Group" or the "Company"), a leading global RNA interference (RNAi) therapeutics company, today announces a reorganisation of the Group in order to consolidate and streamline the Company's operations.
Improvements in Operational Efficiency
On 27 April 2011, Silence announced a restructuring in order to simplify its corporate structure and to reduce operating costs. As part of this initiative Silence intended to close its office in Redwood City, California. The Company now confirms that the Redwood City office will close on 1 August 2011. In addition Silence will be reducing headcount in its Berlin facility from 32 to 27, with effect from 31 July 2011. The headcount reductions will not affect the Company's Research and Development capabilities in Berlin and will not have a material impact on the Company's cash position.
Recruitment of new Chief Executive Officer
Silence also announced on 27 April 2011 that Dr Philip Haworth would step down from the position of Chief Executive Officer at a time agreed by the Board to ensure a smooth and orderly transition. Dr Haworth, who is based in Redwood City, will resign as Chief Executive Officer and a Director of the Group on 1 August 2011. The Board is grateful to him for his contribution to the Company. An international executive search firm has been retained to identify a new Chief Executive Officer. The search is well underway and a new Chief Executive Officer is expected to be appointed in the near future. In the interim period, Max Herrmann, Chief Financial Officer of Silence, will temporarily assume Dr Haworth's executive duties.
Board Reorganisation
Following discussions with its major shareholders, and in recognition of current best practice for the size of Board appropriate for a small public company, the Board has decided to reduce the number of Non-Executive Directors from five to three. As a result, Dr James Topper will resign as a Director of Silence with immediate effect and Dr David U'Prichard has agreed to serve out his six months notice as a Director. The Board thanks them for their valuable contributions.
Jerry Randall, Chairman of Silence Therapeutics, said: "This reorganisation completes the rationalisation that was announced in April to streamline the operations and reduce ongoing costs. We thank Phil, David and James for their valuable contributions to Silence. Following the successful fundraising earlier this year and the completion of the reorganisation, we believe that Silence will be well positioned to focus on the development and commercialisation of its pipeline of innovative RNAi therapeutics."
--Ends--
For further information, please contact:
Silence Therapeutics Singer Capital Markets Max Herrmann Shaun Dobson/Claes Sp¥ng +44 20 7491 6520 +44 20 32057500 m.herrmann@silence-therapeutics.com shaun.dobson@singercm.com claes.spang@singercm.com Vida Communication (US) M:Communications (Europe) Tim Brons (media)/Stephanie Diaz Peter Laing / Emma Thompson
(investors) +44 20 7920 2345 / +44 20 7920 2342 +1 (415) 675-7400 healthcare@mcomgroup.com tbrons@vidacommunication.com sdiaz@vidacommunication.com Notes for editors
About Silence Therapeutics plc (www.silence-therapeutics.com)
Silence Therapeutics plc (AIM: SLN) is a leading global biotechnology company dedicated to the discovery, development and delivery of targeted, systemic RNA interference (RNAi) therapeutics for the treatment of serious diseases. The company possesses multiple proprietary short interfering RNA (siRNA) delivery technology platforms including AtuPLEXâ„¢, a system that enables the functional delivery of siRNA molecules to targeted diseased tissues and cells, while increasing their bioavailability and intracellular uptake. Additionally, the company has a platform of novel siRNA molecules, AtuRNAi, which provide a number of advantages over conventional siRNA molecules, including reduced cytokine induction and decreased manufacturing costs. Silence's unique RNAi assets also include structural features for a next generation of RNAi molecules and additional proprietary siRNA sequences against more than 50 highly valued oncology and other disease targets.
The Company's lead internal drug candidate is Atu027, a liposomal AtuRNAi formulation in clinical development for systemic cancer indications and one of the most clinically advanced RNAi therapeutics in the area of oncology. Silence is currently conducting an open-label, single-centre, dose-escalation Phase I study with Atu027 in patients with advanced solid tumors involving single, as well as, repeated intravenous administration. The study is expected to be completed in the second half of 2011.
The Company's RNAi therapeutic platform has received key validation through multiple partnerships with pharmaceutical companies including AstraZeneca, Dainippon Sumitomo, Pfizer, and Quark. Silence is actively pursuing the establishment of additional partnerships.
Forward-Looking Statements
This press release includes forward-looking statements that are subject to risks, uncertainties and other factors. These risks and uncertainties could cause actual results to differ materially from those referred to in the forward-looking statements. All forward-looking statements are based on information currently available to Silence Therapeutics and Silence Therapeutics assumes no obligation to update any such forward-looking statements.
# # #
XLON
Follow the stocks
