13 Apr 2010 07:00
Silence Therapeutics Executes Strategic Plan to Optimize and Integrate Technologies and Assets From Intradigm Merger
Company Consolidates Research Activities in Berlin and Operations in Palo Alto
LONDON, April 13 -- Silence Therapeutics plc (AIM: SLN) ("Silence" or the "Company") announces that the Company is executing a strategic plan designed to optimally organize its resources following its recent merger with Intradigm Corporation. Moving forward, all research activities related to Silence's novel RNA interference (RNAi) therapeutic platforms, including technologies that have emerged from both Silence and Intradigm, will take place at the Company's Berlin location. Other functions including operations, business development, legal and certain drug development activities will be conducted in Palo Alto. As a result of this consolidation, Silence has eliminated approximately 20 positions, predominantly in the area of research and development, from the Company's Palo Alto and Berlin locations. Silence expects this move to result in a significant reduction in the Company's burn rate moving forward. The Company expects to maintain the current headcount and finance function in its London office.
"Following months of strategic planning, we have developed a plan that eliminates duplication between the sites and focuses key activities in specific locations. We believe this new structure will allow us to most effectively advance Silence's novel RNAi therapeutic platforms, support our ongoing partnerships and focus our business development efforts that are critical to establishing new partnerships," stated Philip Haworth, Ph.D., chief executive officer of Silence Therapeutics. "While there are many benefits to this reorganization, the elimination of certain positions is an unfortunate result. Each member of the Silence and Intradigm teams has contributed significantly to Silence's groundbreaking science. I wish to personally express my sincere gratitude and appreciation to every employee who has helped to create our position of leadership in RNAi therapeutics."
As part of the recent merger, Silence acquired the comprehensive RNAi therapeutic platform developed by Intradigm including proprietary delivery technologies, potent short interfering RNA (siRNA) sequences and innovative siRNA structural features. The company expects this reorganization to be completed by June 2010.
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 siRNA delivery technology platforms including AtuPLEX(TM), a system that enables the functional delivery of siRNA molecules to targeted diseased tissues and cells, while increasing their bioavailability and intracellular uptake. A second, complementary delivery technology known as PolyTran(TM) uses a library of novel peptide-based biodegradable polycationic polymers for systemic siRNA administration. Additionally, the company has a platform of novel short interfering RNA (siRNA) molecules, AtuRNAi, which provide a number of advantages over conventional siRNA molecules, including increased stability against nuclease degradation. 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 strong and diverse intellectual property portfolio includes exclusive licenses from the University of Massachusetts on three patent families associated with the Zamore "Design Rules," which cover broad structural features of siRNA design for more potent next generation siRNA sequences.
Silence Therapeutics is headquartered in London, UK, with operations in Berlin and Palo Alto, CA.
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.
SOURCE Silence Therapeutics plc
CONTACT: Phil Haworth of Silence Therapeutics, +1-650-855-1514, p.haworth@silence-therapeutics.com; or Richard Potts or Jonathan Senior, both of Nomura Code Securities, 020 7776 1200; or media, Tim Brons, +1- 415-675-7400, tbrons@vidacommunication.com, or investors, Stephanie Diaz, +1-415-675-7400, sdiaz@vidacommunication.com, both of Vida Communication, for Silence Therapeutics plc
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