Silence Therapeutics PLC Silence & Mallinckrodt Initiate Work on 3rd Target (4239Q)
February 26 2021 - 01:00AM
UK Regulatory
TIDMSLN
RNS Number : 4239Q
Silence Therapeutics PLC
26 February 2021
Silence Therapeutics and Mallinckrodt Initiate Work on Third
Target as Part of Ongoing RNAi Research Collaboration for
Complement-Mediated Diseases
- Silence to receive $2 million research milestone payment
- Silence is also eligible to receive up to $2 billion in total
milestone payments across all three targets and tiered double-digit
royalties on net sales for each product candidate
26 February 2021
LONDON, Silence Therapeutics plc , AIM: SLN and Nasdaq: SLN ("
Silence " or " the Company "), a leader in the discovery,
development and delivery of novel short interfering ribonucleic
acid (siRNA) therapeutics for the treatment of diseases with
significant unmet medical need, today announced the Company will
receive a $2.0 million milestone payment following the initiation
of work on a third target being explored under its ongoing RNAi
research collaboration with Mallinckrodt plc ("Mallinckrodt") for
the treatment of complement pathway-mediated diseases.
The collaboration is focused on the development and
commercialization of RNAi therapeutics designed to inhibit or
'silence' the complement cascade, a group of proteins that are
involved in the immune system and play a role in the development of
inflammation. Using Silence's proprietary mRNAi GOLD(TM) (GalNAc
Oligonucleotide Discovery) Platform, each target in the
collaboration will be investigated before progressing into clinical
development.
Mark Rothera, President and CEO of Silence Therapeutics,
commented : "Our expanding collaboration with Mallinckrodt
highlights our commitment to maximize our mRNAi GOLD(TM) Platform
through partnerships while also advancing our pipeline of wholly
owned programs. We believe the potential for our platform to target
disease-associated genes in the liver is substantial and continue
to see real promise in our siRNA therapies to treat
complement-mediated disorders."
Mark C. Trudeau, President and CEO of Mallinckrodt, said : "We
are pleased by the significant potential of Silence's RNAi
technology to address the unmet needs of patients suffering from a
range of rare diseases as well as conditions of immune
dysregulation. We look forward to working with Silence to progress
IND enabling studies related to our complement pathway C3 targeting
program this year."
In July 2019, Silence received an upfront payment of $20 million
from Mallinckrodt for an exclusive worldwide license to one
complement target and options for up to two additional targets,
which Mallinckrodt has exercised at $2 million per target. Under
the terms of the agreement, Silence is responsible for preclinical
activities and for executing development of each target through
Phase 1, after which Mallinckrodt will assume responsibility for
clinical development and global commercialization. Silence is also
eligible to receive tiered double-digit royalties on net sales for
each optioned product candidate and up to $2 billion in total
milestone payments across all three targets.
Enquiries:
Silence Therapeutics plc Tel: +1 (646) 637-3208
Gem Hopkins, Head of IR and Corporate Communications
ir@silence-therapeutics.com
Investec Bank plc (Nominated Adviser and Tel: +44 (0) 20
Broker) 7597 5970
Daniel Adams/Gary Clarence
European PR Tel: +44 (0) 20
Consilium Strategic Communications 3709 5700
Mary-Jane Elliott/ Angela Gray / Chris Welsh
silencetherapeutics@consilium-comms.com
About Silence Therapeutics
Silence Therapeutics is developing a new generation of medicines
by harnessing the body's natural mechanism of RNA interference, or
RNAi, to inhibit the expression of specific target genes thought to
play a role in the pathology of diseases with significant unmet
medical need. Silence's proprietary messenger RNAi GOLD(TM) (GalNAc
Oligonucleotide Discovery) Platform can be used to create siRNAs
that precisely target and silence disease-associated genes in the
liver, which represents a substantial opportunity. Silence's wholly
owned product candidates include SLN360 designed to address the
high and prevalent unmet medical need in reducing cardiovascular
risk in people born with high levels of lipoprotein(a) and SLN124
designed to address iron loading anemias. Silence also maintains
ongoing research and development collaborations with AstraZeneca,
Mallinckrodt Pharmaceuticals, and Takeda, among others. For more
information, please visit
https://www.silence-therapeutics.com/.
About Mallinckrodt
Mallinckrodt is a global business consisting of multiple wholly
owned subsidiaries that develop, manufacture, market and distribute
specialty pharmaceutical products and therapies. The company's
Specialty Brands reportable segment's areas of focus include
autoimmune and rare diseases in specialty areas like neurology,
rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients. To learn more about Mallinckrodt, visit
www.mallinckrodt.com .
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements, including with respect to the Company's clinical and
commercial prospects. These forward-looking statements are not
historical facts but rather are based on the Company's current
expectations, estimates, and projections about its industry; its
beliefs; and assumptions. Words such as 'anticipates,' 'expects,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements.
These statements are not guarantees of future performance and are
subject to known and unknown risks, uncertainties, and other
factors, some of which are beyond the Company's control, are
difficult to predict, and could cause actual results to differ
materially from those expressed or forecasted in the
forward-looking statements. The Company cautions security holders
and prospective security holders not to place undue reliance on
these forward-looking statements, which reflect the view of the
Company only as of the date of this announcement. The
forward-looking statements made in this announcement relate only to
events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions
or updates to these forward-looking statements to reflect events,
circumstances, or unanticipated events occurring after the date of
this announcement except as required by law or by any appropriate
regulatory authority.
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