Sirnaomics, Inc. said it received grants and investments from a variety of Government Programmes for its multi-targeted small interfering RNA (siRNA) Therapeutics programme. Sirnaomics received funding from the State of Maryland, Department of Business and Economics Development (DBED), Maryland Industrial Partnerships (MIPS) and the Montgomery County Technology Growth Programmes (TGP), in addition to the State of Maryland Tax Credit Programme for Biotechnology Investment.
Sirnaomics, Inc is a biopharmaceutical company founded in early 2007, dedicates to advancing RNA interference (RNAi) Technology for novel drug discovery and targeted therapeutics development.
RNAi has emerged as a fundamentally important biological phenomenon and as a versatile, powerful tool for biomedical research. RNAi plays a multifaceted role in molecular biology by silencing genes through chromatin remodelling, interfering with protein synthesis, and in its best-studied mode of action quashing gene expression by cleaving messenger RNA. Experimental applications of RNAi have spurred the exploration of gene function in many basic research, drug discovery and clinical settings. The 2006 Nobel Prize for medicine and physiology and a number of corporate acquisitions and investments by Novartis, Merck, AstraZeneca and Roche injecting billions of dollars into this novel technology further fueled the enthusiasm for the great promise of siRNA therapeutics development.
Sirnaomics' mission is to advance RNAi technology with the proprietary positions on multi-targeted siRNA cocktail design and nanoparticle-mediated siRNA delivery for novel therapeutics, said the company officials in a recent press release. The company is dedicated to becoming the leader in the field of RNAi technology by spearheading into the targeted therapeutics market. The company's partnership with big pharmas and major biotech companies, along with government funding and venture capital financing, would strengthen its financial resources to accelerate the development of the technology platforms and siRNA therapeutic products.
Since the summer of 2007, Sirnaomics has received a number of angel investments related to the State of Maryland Tax Credit Programmes for Biotechnology Investment. The company has also received the TGP grant from Montgomery County and has recently been awarded a two-year MIPS grant jointly with Professor James Mixson of University of Maryland. In addition, the company has also received an investment from the State of Maryland DBED Challenge Investment Fund.
"The Governmental funding play the critical role in Sirnaomics early stage financing," said Dr. Patrick Y. Lu, founder, president and CEO of the company. "It not only supplies initial fuel for us to take off, but more importantly provides solid foundation for our staged financing strategy, to ensure the long term health of the company's financial structure. Sirnaomics case clearly reflects the governmental effort in providing favourable environment for biotech ventures and entrepreneurships in the State of Maryland. Partnering with pharma and major biotech companies and obtaining venture capital investment will further strengthen Sirnaomics financial resource to allow us to validate the multi- targeted siRNA therapeutic approach in human."
Sirnaomics, Inc. is a privately held Delaware corporation headquartered in Gaithersburg, Maryland, USA. Established by a group of leading scientists in the field of RNAi technology, the company has the mission of advancing RNAi technology for novel drug discovery and targeted therapeutics development.