17 Jan 2008 07:00
Silence Therapeutics plc ('Silence Therapeutics', 'the Group' or 'the Company')
Silence Therapeutics announces that the entire shareholding held by Introgen Inc has been placed with existing and new shareholders
London, 17 January 2008 - Silence Therapeutics plc , a leading European RNAi therapeutics company, is pleased to announce that a number of existing institutional shareholders have increased their shareholdings in the Company, while several additional investors have become new shareholders. These shareholders have purchased their shares from Introgen Inc., which has disposed of its entire holding of 7,478,261 ordinary shares in Silence Therapeutics, representing approximately 6.2% of the issued share capital of the Company.
The shares were purchased at the prevailing market price of 56.75p per share and as necessary further regulatory announcements concerning this transaction will follow in due course.
Iain Ross, Chairman of Silence Therapeutics, commenting on today's announcement said "I would like to thank Introgen for its support since it became a shareholder in 2005, particularly in backing our decision to focus on our RNAi chemistry and delivery technologies. I am very encouraged that some of our most important institutional investors have taken the opportunity to increase their investment in the Company and welcome our new shareholders. With the continued support of these high quality investors, I am confident that we will achieve our goal of becoming a global leader in the RNAi field, one of the most exciting areas of drug discovery and development."
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Enquiries:
For further information, please contact the following:
Silence Therapeutics plc Citigate Dewe Rogerson +44(0)20 7307 1620 +44(0)20 7638 9571 Iain Ross, Chairman David Dible Jeff Vick, Chief Executive Officer Emma Palmer Melvyn Davies, Finance Director Nominated Advisers Nomura Code Securities Limited +44(0)20 7776 1200 Chris Collins Gerard Harper Notes to Editors
Silence Therapeutics plc (www.silence-therapeutics.com)
Silence Therapeutics plc is a leading RNAi company. RNA interference (RNAi) can selectively 'silence' genes linked to the onset of disease.
Silence Therapeutics has developed novel, proprietary short interfering RNA ('siRNA') molecules, AtuRNAi, which provide a number of advantages over conventional siRNA molecules as they show increased stability against nuclease degradation. In addition, the Company has developed a proprietary systemic delivery system, AtuPLEX. This enables the delivery of siRNA molecules to targeted diseased tissues and cells, whilst increasing their bioavailability and intracellular uptake.
In July 2007, Silence Therapeutics formed a research and development collaboration with AstraZeneca to develop AtuRNAi against five specific targets including those in respiratory indications. The Company's AtuRNAi technology also has been sublicensed to Pfizer through Quark's license to Pfizer of the compound RTP-801i-14 for the treatment of Age-related Macular Degeneration (AMD) and a number of other indications. This compound entered the clinic in early 2007. Silence Therapeutics also has licensed to Quark rights to the AtuRNAi structure for its proprietary compound AKIi-5. This compound is in a Phase I human clinical study for treatment of acute kidney injury. In addition, Silence Therapeutics expects to begin the clinical development of its own proprietary AtuRNAi therapeutic molecules for systemic cancer indications in 2008.
Silence Therapeutics is based in London, UK, and Berlin, Germany, and is listed on AIM.
About RNAi
RNA interference (RNAi), a Nobel Prize winning technology, is one of the most exciting areas of drug discovery today. It represents a completely new approach to selectively 'silence' or inactivate disease relevant genes and as such it has the potential to create a new class of therapeutic products. RNAi could therefore offer a therapeutic approach to a broad range of diseases (cancer, infectious diseases, inherited diseases), many of which have been regarded as incurable and are not addressed by current therapeutics, therefore providing a large market opportunity.
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.
SILENCE THERAPEUTICS PLC