Silence Therapeutics have today provided a year-end update on trading and the offer-period.
Phil Haworth, CEO of Silence Therapeutics, comments: “2010 has been an exciting year for Silence Therapeutics. The Company is delighted with the clinical progress it has made with Atu027 and our Phase I trial continues on track. In addition, our partner, Quark Pharmaceuticals, has made significant progress with QPI-1002, both in advancing the product into Phase II trials and in partnering it with Novartis. We are pleased to be announcing a milestone payment from Quark today.”
Further to the announcement dated 6th September 2010, Silence confirms that it remains in an offer period. The Company continues to explore a variety of strategic opportunities.
Atu027 Phase I trial
During the course of 2010, excellent progress has been made with the Company’s flagship Phase I trial of Atu027 in patients with solid tumours. This trial remains on track and, to date, 18 patients have been treated. Trial completion is expected in the second half of 2011.
Milestone from Quark
Silence is pleased to announce today that it has reached agreement with Quark Pharmaceuticals Inc. (“Quark”) whereby Silence is due to receive milestone payments of up to $1.5 million in relation to the option agreement signed between Quark and Novartis for QPI-1002. Silence anticipates that its share of future milestone payments relating to Quark’s license agreement with Novartis could reach $80 million. Based on Silence’s AtuRNAi technology, Quark is developing its QPI-1002 for the prevention of acute kidney injury (AKI) in patients undergoing major cardiovascular surgery, and for the prophylaxis of delayed graft function (DGF) in patients receiving deceased donor kidney transplants. Phase I studies in these patient populations have been completed. In September 2010, Quark initiated a Phase II trial of QPI-1002 for the prophylaxis of delayed graft function (DGF) in patients receiving deceased donor kidney transplants. Quark plans to initiate dosing in a Phase II trial in acute kidney injury (AKI) in 2011.