Silence Therapeutics plc announces that it is executing a strategic plan designed to optimally organize its resources following its recent merger with Intradigm Corporation. Moving forward, all research activities related to Silence’s novel RNA interference (RNAi) therapeutic platforms, including technologies that have emerged from both Silence and Intradigm, will take place at the company’s Berlin location. Other functions including operations, business development, legal, and certain drug development activities will be conducted in Palo Alto.
As a result of this consolidation, Silence has eliminated approximately 20 positions, predominantly in the area of research and development, from the its Palo Alto and Berlin locations. Silence expects this move to result in a significant reduction in the Company’s burn rate moving forward. The Company expects to maintain the current headcount and finance function in its London office.
“Following months of strategic planning, we have developed a plan that eliminates duplication between the sites and focuses key activities in specific locations. We believe this new structure will allow us to most effectively advance Silence’s novel RNAi therapeutic platforms, support our ongoing partnerships and focus our business development efforts that are critical to establishing new partnerships,” stated Philip Haworth, Ph.D., chief executive officer of Silence Therapeutics. “While there are many benefits to this reorganization, the elimination of certain positions is an unfortunate result. Each member of the Silence and Intradigm teams has contributed significantly to Silence’s groundbreaking science. I wish to personally express my sincere gratitude and appreciation to every employee who has helped to create our position of leadership in RNAi therapeutics.”
As part of the recent merger, Silence acquired the comprehensive RNAi therapeutic platform developed by Intradigm including proprietary delivery technologies, potent short interfering RNA (siRNA) sequences and innovative siRNA structural features. The company expects this reorganization to be completed by June 2010.
Date: April 13, 2010
Source: Silence Therapeutics plc