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Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5.7 Million
Date:7/11/2012

http://www.silence-therapeutics.com).  Copies of the Circular will be also available from the offices of Silence plc, The Royal Institution of Great Britain, 21 Albermarle Street, London, W1S 4BS and at the offices of Covington & Burling LLP, 265 Strand, London, WC2R 1BH.

Jerry Randall, Chairman, said: "In very challenging markets, Silence Therapeutics has secured commitments from existing and new shareholders to raise at least £5.2 million. Over the next two years we expect to conclude multiple value-driving events including completion of a second clinical trial of Atu027. The proceeds from this fundraising will strengthen the balance sheet with a view to ensuring that Silence extracts the highest value from its products and RNAi technology platform."

Background to and Reasons for the Fundraising and Use of Proceeds

On 21 March 2012, the Company announced its unaudited preliminary results for the 12 months ended 31 December 2011. In this announcement, the Company disclosed that the Group had cash resources which, based on the current levels of cash expenditure, are expected to last into the second half of 2012. As a consequence, the Group stated that it would require additional finance at some point in the future to enable its strategy for creating Shareholder value to be implemented in an optimal manner.

It is the intention of the Directors that the amount of £5.2 million (before costs) being raised from the Subscription and the Convertible Loan Note will be used to support the development of the RNAi platform as outlined below.

The proceeds of the Fundraising will enhance the Group's financial position and provide it with sufficient cash resources to fund the business until 2014. This injection of funding would extend the existing window of opportunity for exploitation of the RNAi platform and the Company's lead development candidate Atu027. In particular, it would enable the Company t
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SOURCE Silence Therapeutics Plc
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