SR Pharma plc
('SR Pharma', 'the Group' or 'the Company')
Extraordinary General Meeting
& Research Update
London, 26 April 2007 - SR Pharma plc announces that at the Company's
Extraordinary General Meeting held today the following resolutions were passed:
* The company's name will be changed to Silence Therapeutics plc and, with
effect from 30 April 2007, the Company's trading ticker on AIM will be SLN.
This name change recognises the Company's increasing focus on its core RNAi
technology, an approach which seeks to `silence' disease relevant genes.
* The Board has been granted authority to issue for cash new shares up to a
nominal value of #113,065, representing approximately 10% of the current
issued share capital, to a third party (or parties) including but not
limited to potential pharmaceutical Research & Development collaboration
partners.
In addition at the meeting the Directors made the following statement:
* Following a review of the ongoing pre-clinical development of Atu027, and
in recognition of the intent of the latest draft of the EMEA guidelines (22
March 2007) on criteria for first-in-man clinical trials for potential high
risk medicinal products, the Company confirmed it intends to perform
further pre-clinical testing before taking this product into man in 2008.
Atu027 will be the Group's first systemically formulated RNAi therapeutic
for oncology indications.
* On 24 April 2007 the Company received the $1.5m milestone payment as a
result of its first AtuRNAi product, sub-licensed to Quark Biotech &
Pfizer, entering the clinic earlier in the year. In addition the Company
announces that Quark Biotech Inc has now exercised its' option over a
licence to a second AtuRNAi product and as a result a further milestone
payment of Euros 500,000 now becomes payable to the Company.
Iain Ross, Chairman said 'We are delighted by the support we have received from
the shareholders, enabling us to change the name to Silence Therapeutics and to
have the facility to be able to issue equity if appropriate. In addition we
welcome the new EMEA guidelines and recognise that whilst we have made
considerable progress with the pre-clinical development of Atu027, in order to
optimise the risk/benefit ratio in acutely ill patients we prefer to perform
more pre-clinical testing before moving Atu027 into patient trials next year.'
- Ends -
Notes to Editors
SR Pharma (www.srpharma.com)
SR Pharma plc is a European biopharmaceutical company, listed on AIM. The
Company has two operating subsidiaries Atugen AG (www.atugen.com) based in
Berlin, Germany and Stanford Rook Ltd based in London, UK.
SR Pharma is a leader in RNAi therapeutics, which is a Nobel Prize winning
technology that 'silences' genes linked to the onset of disease. The Company
has developed novel, chemically modified proprietary siRNA molecules
('AtuRNAi'), which have a number of advantages over conventional siRNA
molecules including enhanced stability against nuclease degradation. In
addition, the Company has developed a proprietary delivery system ('AtuPLEX'),
which increases bioavailability, circulation times and functional intracellular
uptake of siRNA molecules.
SR Pharma has sublicensed the AtuRNAi compound RTP-801i to Pfizer through its
collaboration partner Quark Biotech Inc. for the treatment of Age-related
Macular Degeneration (AMD) and a number of other indications. This compound
entered the clinic in early 2007. In addition, SR Pharma has licensed a further
AtuRNAi compound, AKIi-5, to Quark Biotech Inc. This compound has been granted
an IND for acute kidney injury and is expected to enter the clinic in 2007. SR
Pharma expects to begin the clinical development of its proprietary AtuRNAi
therapeutic molecules for systemic cancer indications in 2008
SR Pharma also owns a proprietary Mycobacterium vaccae-based technology and
related products. Currently the Company is in discussions with third parties
regarding the co-development and out-licensing of these products.
Forward-Looking Statements
This press release includes forward-looking statements that are subject to
risks, uncertainties and other factors. These risks and uncertainties could
cause actual results to differ materially from those referred to in the
forward-looking statements. All forward--looking statements are based on
information currently available to SR Pharma and SR Pharma assumes no
obligation to update any such forward-looking statements.
Enquiries:
For further information, please contact the following:
SR Pharma plc Citigate Dewe Rogerson
+44(0)20 7307 1620 +44(0)20 7638 9571
Iain Ross, Chairman David Dible
Melvyn Davies, Finance Director Yvonne Alexander
+49(0)30 9489 2800 Grant Thornton Corporate Finance
Thomas Christély, Chief Executive Officer +44 (0) 20 7383 5100
Dr. Klaus Giese, Chief Scientific Officer Gerry Beaney
Colin Aaronson
New Contact details:
With effect from Monday 30 April 2007, e-mail enquiries should be made to
mail@silence-therapeutics.com
Our new website www.silence-therapeutics.com will be live from Wednesday 2 May
2007.
END