Sirnaomics Inc. announced on 4/26/19 that it has sealed the C2 round of financing for $22 million. This round of funding was led by CR-CP Life Sciences Fund, a Hong Kong based joint venture established by China Resources Group and Charoen Pokphand Group, two Asian conglomerates. Additional investors for the C2 round included Rich Yield Capital from Shanghai, Rolling Boulder Investment from Shenzhen and Legend Sky Investment of USA. Therefore, the Company has completed its Series C financing combining the previously announced C1 round of $25 million and C2 round for a total $47 million.
Sirnaomics plans to use the proceeds to support its clinical programs for RNAi therapeutics for treatments of a range of cancers and fibrotic diseases, and to advance its technology platforms. The Company's lead product candidate (STP705), based on its dual targeting property and early safety study results, is currently being investigated for treatment of non-melanoma skin cancer in a phase II clinical study. A second clinical trial for treatment of cholangiocarcinoma and hepatocellular carcinoma is expected to commence in the second half of 2019.
Mr. Da Liu, the managing director of CR-CP Life Science Fund, stated, "We are pleased to invest in Sirnaomics. Sirnaomics is the only biotechnology company conducting clinical drug development in the field of RNAi therapeutics both in USA and China, the two major markets for oncology and fibrosis. The management team is truly international and has well balanced skillset in RNAi drug development. We have confidence in the team and trust that it will advance the focused pre-clinical and clinical programs quickly and efficiently."
CR-CP Life Science Fund is a joint venture set up by China Resources Group ("CR") and Charoen Pokphand Group ("CP"), one of the largest private Thai conglomerates, with initial AUM of US$300 million contributed by CR, CP and global life science investors. The fund is mandated to invest in leading life science companies that develop innovative drugs and cell therapies, medical devices and smart healthcare technology.