Silence Therapeutics (SLN) fell deeper into the red during 2019, after injecting more money into two late-stage preclinical programmes for iron overload and cardiovascular illnesses. The group – a specialist in RNA (ribonucleic acid) therapies which aim to ‘silence’ disease-causing proteins in cells – reported minimal revenues of £0.2m for the 12 months to December. Pre-tax losses came in at £22.9m, wider than the £20.5m cited a year earlier.
Still, the heavy research and development (R&D) focus of Silence’s operations means that the income statement is only so useful for onlookers. In other ways, the group has experienced considerable progress. For starters, it struck an agreement with Mallinckrodt Pharmaceuticals last July, receiving a $20m (£16m) upfront payment, with a $5m equity investment and a further $2m on completion of its first milestone.
And, post-period end, in March the group unveiled a collaboration with UK pharma giant AstraZeneca (AZN) to develop therapeutics for renal, respiratory and other diseases. Astra made an equity investment of $20m in Silence, with a further upfront cash amount of $60m. There is also scope for Silence to earn hundreds of millions in milestone payments and royalties.
Silence had already revealed a separate deal in January with Takeda. That same month, the group also set up a US subsidiary to underpin its expansion across the pond.
Meanwhile, the board has undergone an almost complete overhaul. Recent appointees include a new chief financial officer, a new head of R&D and chief medical officer, and a new head of manufacturing. Silence is on the hunt for a chief executive to join the gang.
