HONG KONG, GERMANTOWN, Md., and SUZHOU, China,, Oct. 4, 2024 /PRNewswire/ -- Sirnaomics Ltd. (the "Company", together with its subsidiaries, the "Group" or "Sirnaomics"; stock code: 2257.HK), a leading biopharmaceutical company engaged in the discovery and development of advanced RNAi therapeutics, announced that the Company has entered into a subscription agreement with Dr. Poon Hung Fai ("Dr. Poon"), the subscriber. Dr. Poon intends to subscribe for 17,527,696 subscription shares at a subscription price of approximately HK$3.36 per share, representing approximately 16.7% of the issued share capital of the Company as enlarged by the allotment and issue of the subscription shares. The gross proceeds of the subscription will be approximately HK$58.9 million.
Dr. Poon's extensive experience and successful background in the biotechnology sector will help drive the Group's business development and drug R&D process, further enhancing the Group's core competitiveness. In addition, Dr. Poon's keen market insight will facilitate the Group's strategic planning and resource allocation, and help the Group achieve long-term growth and sustainable development.
Dr. Patrick Lu, Founder, Chairman of the Board and CEO of Sirnaomics, said: "We are very pleased to sign the subscription agreement with Dr. Poon, which will not only provide significant financial support to Sirnaomics, but also further optimize our shareholding structure. With Dr. Poon's extensive experience and successful track record in the biopharma industry, coupled with Sirnaomics' pioneering and solid business foundation in nucleic acid drug innovation, we believe that this strong partnership will provide the Group with great opportunities to advance its lead products and broaden its business development horizon, as well as strengthen the Group's financial health."
About Sirnaomics
Sirnaomics is an RNA therapeutics biopharmaceutical company that focuses on the discovery and development of innovative drugs for indications with unmet medical needs and large market opportunities. Sirnaomics is the first clinical-stage RNA therapeutics company to have a strong presence in both Asia and the United States. Based on its proprietary delivery technologies, a polypeptide nanoparticle RNAi platform and GalNAc RNAi platform, GalAhead™, Sirnaomics has established an enriched drug candidate pipeline. STP122G, which represents the first drug candidate utilizing the Company's GalAhead™ technology, is currently in Phase I development. The Company has also had multiple successes with oncology applications through its clinical programs for STP705 and STP707. With the establishment of the Group's manufacturing facility in China, Sirnaomics is undergoing a transition from a biotech company to a biopharma corporation. Learn more at: www.sirnaomics.com.