BRIEF—Sirnaomics secures $7.5 million in share subscription

Sirnaomics, a firm specializing in RNAi therapeutics, has entered into a subscription agreement with biotech specialist Poon Hung Fai.

Dr Poon will subscribe to over 17.5 million shares at a cost of around HK$59 million ($7.5 million), representing a 16.7% increase in the company's issued share capital.

The firm said that Dr Poon’s extensive industry experience will help drive further development and innovation across the company's research and business strategies.

Commenting on the agreement, chief executive Patrick Lu said: "This strong partnership will provide the group with great opportunities to advance its lead products and broaden its business development horizon, as well as strengthen the group's financial health."

Sirnaomics is currently advancing several RNAi-based drug candidates, including STP122G, which is in Phase I trials. The company is transitioning from a biotech firm to a broader biopharma operation following the establishment of a new manufacturing facility in China.