US-based drug developer Sirnaomics completed a $47m series C round on Friday after securing a $22m extension led by corporate joint investment vehicle CR-CP Life Sciences Fund.
CR-CP Life Sciences, a $300m fund jointly manged by conglomerates China Resources Group and Charoen Pokphand Group, was joined in the second tranche by Rich Yield Capital, Rolling Boulder Investment and Legend Sky Investment.
The extension follows an initial $25m close in June 2018 that was led by Yuexiu New Industrial Investment with participation from Sangel Biomedical Venture Capital, HuaKong Equity Investment and Qianhai Shenghui Investment.
Founded in 2007, Sirnaomics is developing RNA interference (RNAi)-based therapies designed to treat cancer and fibrotic diseases.
The company’s lead product candidate, STP705, is undergoing phase 2 clinical studies to treat non-melanoma skin cancer. Sirnaomics expects to start a second clinical trial later this year, for the treatment of bile duct cancer as well as a form of liver cancer known as hepatocellular carcinoma.
Patrick Lu, Sirnaomics’ president and CEO, said: “Completion of the C round of financing strongly positions Sirnaomics for the next phase of technology and product development, in particular for our clinical studies to treat various types of cancer.
“It also demonstrated that investment communities have strong commitment to RNAi therapeutics and are confident in Sirnaomics’ platform technology and therapeutic programs.
“We are thrilled to add a well-regarded syndicate of investors to the series C financing. They will bring an abundance of resources beyond their financial commitments and will enable us to advance our innovative RNAi therapeutics.”
Value Measured Investment led a $10m series A round for Sirnaomics in 2016 that increased its total funding to $25m, though Sirnaomics has not disclosed any previous funding rounds.