Silence Therapeutics to launch new trial before year end
Silence Therapeutics said on Thursday that the first half of the year saw good progress in the development of its lead candidate, SLN124, with the first patient set to be dosed before the year is out.
The treatment, which is developed to combat iron overload disorders such as β-thalassemia and Myelodysplastic Syndrome (MDS), was also granted orphan drug designation by the European Medicines Agency ahead of its upcoming clinical trial.
The AIM traded company said it is well capitalised to continue pursuing its strategic objectives as it reported that its cash and cash equivalents, and term deposits balance stood at £36.0m at 31 August following an upfront payment from new partner Mallinckrodt Pharmaceuticals.
Losses after tax of for the six month period ended 30 June meanwhile came in at £8.2m, compared to £8.7m of red ink in the same period last year, as operating costs were driven by an increased R&D spend on SLN124 in preparation for the treatment to enter the clinic.
Silence has two other projects in development, cardiovascular treatment SLN360 and complemented-mediated disease treatment SLN500, with the company having signed an exclusive worldwide license agreement and collaboration with Mallinckrodt for the latter.
As it remains in the development phase, the company has yet to register any revenue.
Iain Ross, chairman of Silence, said: "We have made significant progress in our three key R&D programmes, secured a major validating partnership with Mallinckrodt, and significantly strengthened our balance sheet. The senior management team under the dedicated leadership of David Horn Solomon has been strengthened considerably through key hires and the board has been revitalised with the appointment of three experienced directors."
Silence Therapeutics shares were down 3.75% at 185.77p at 0941 BST.