Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5... (ll only be valid to the extent that it h...)

Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5.7 Million

Date:7/11/2012

ll only be valid to the extent that it has the requisite shareholder authority to issue the maximum number of Ordinary Shares that Darwin may be required to subscribe under the relevant subscription notice.

The Equity Finance Facility is conditional on the Company granting to Darwin a warrant to subscribe for up to 3,330,000 New Ordinary Shares at 1.5 pence per share at anytime within 36 months.of grant.

Irrevocable commitments from certain Directors and major Shareholders

The Directors who in aggregate hold 3,911,256 Existing Ordinary Shares, representing approximately 0.68 per cent. of the existing issued ordinary share capital of the Company, have irrevocably undertaken to vote in favour of the Resolutions at the General Meeting.

Certain major Shareholders, namely Robert Keith, and ACP IV LP who in aggregate hold 92,682,266 Existing Ordinary Shares representing approximately 16.06 per cent. of the existing issued ordinary share capital of the Company, have irrevocably undertaken not to take up their entitlements under the Open Offer and to vote in favour of the Resolutions at the General Meeting.

Current Trading and Prospects

Silence is a global leader in RNAi Therapeutics. The Company is nearing the completion of an open-label, dose escalation Phase I trial of its lead drug candidate Atu027 in patients with solid tumours. As at 30 June 2012, 34 patients have been treated with drug, which has been found to be safe and well tolerated. The trial is now expected to be completed in July 2012 with results available shortly thereafter.

In addition to Silence' own programmes, the Company has licensed its RNAi technology to several pharmaceutical companies including AstraZeneca, Dainippon Sumitomo, Pfizer and Quark. Silence has licensed its AtuRNAi technology to both Quark and Pfizer, which are collaborating on the development of PF-04523655 (PF-'655). In February 2012, Quark initiated a 264 patient Phase IIb trial of PF-'
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SOURCE Silence Therapeutics Plc
Copyright©2012 PR Newswire.
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