Silence Therapeutics, PLC (LON: SLN) a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, announces its unaudited preliminary results for the year ended 31 December 2018.
Operational Highlights
- Lead candidate SLN124 granted Orphan Drug Designation by the European Medicines Agency for the treatment of Beta-Thalassemia
– CTA filing expected shortly
– First patients expected to enter a Phase Ib study in H2 2019 - Advanced SLN360, an Lp(a) targeting siRNA for cardiovascular disease, which started IND-Enabling studies in February 2019
- Out-licensed programme, QPI-1002, for Prevention of Acute Kidney Injury progressed to Phase III clinical trial by partner Quark Pharmaceuticals, Inc.
- New leadership in place with the recruitment of Dr David Horn Solomon, an experienced public company biotech CEO and board member, as Chief Executive Officer
- Settlement and License Agreement with Alnylam Pharmaceuticals for tiered royalty on net sales of ONPATTRO™ in the EU
Financial Highlights
- Loss after tax of £18.4 million (2017: £1.6 million). 2017 losses were lower primarily due to £9.1 million of gains on the disposal of Arrowhead shares (2018: nil), and a one-off exchange credit of £1.3m on liquidation of an overseas subsidiary (2018: nil). 2018 also included exceptional expenditure relating to legal proceedings, with total legal fees of £4.0 million (2017: £0.8 million).
- Cash and cash equivalents and term-deposits of £26.5 million (2017: £42.7 million)
- Net cash outflow from operating activities £16.8 million (2017: £9.6 million)
Dr David Horn Solomon, Chief Executive Officer of Silence Therapeutics, commented:
“2018 was a defining year for Silence Therapeutics, with transformational change throughout the business. With the first RNAi therapeutics now approved by the FDA, effectively creating a new class of medicines, we are working hard to consolidate our position as a leading developer in this exciting new field. During the year we have made great progress in advancing our lead product SLN124 towards the clinic and we are due to commence in-human clinical trials later in 2019 to demonstrate safety and tolerability. We look forward to unlocking more of Silence Therapeutics’ potential in 2019 and beyond for the benefit our shareholders and, importantly, for the patients of these devastating conditions.”
Dr Andy Richards, CBE, Interim Chair of Silence Therapeutics, commented:
“I continue to be impressed by the quality of the science, the level of innovation and the ambition evident at the company. As a leader in RNA interference (RNAi) technology, Silence is at the cutting edge of an extremely promising new class of therapeutics. I would like to thank the entire Silence Therapeutics organisation for another year of strong progress. The ongoing focus of our board, leadership and scientists enables us to build upon solid foundations, offering exciting opportunities for the road ahead. Undoubtably, the coming year will bring more change and more opportunity as we move into clinical development, however, with an executive led by Dr David Horn Solomon, complemented by a supportive and highly experienced Board, Silence is well-placed for the future.”
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