Sirnaomics Announces a Partnership with Gore Range Capital for Establishment of a JV, Sagesse Bio, to Advance Its RNAi Therapeutics into Aesthetic Medicine
HONG KONG, GERMANTOWN, Md. and SUZHOU, China, Aug. 1, 2024 /PRNewswire/ -- Sirnaomics Ltd. (the "Company", Stock Code: 2257, together with its subsidiaries, the "Group" or "Sirnaomics"), a leading biopharmaceutical company engaging in discovery and development of advanced RNAi therapeutics, today announced a partnership with Gore Range Capital LLC ("Gore Range Capital") (Dallas, TX, USA) for establishment of a joint venture, Sagesse Bio, Inc., to advance its novel RNAi therapeutic products into aesthetic medicine.
Sagesse Bio, Inc., a Delaware corporation ("Sagesse Bio"), combines the strength of Sirnaomics' leadership in RNAi-based technology and product development for focal fat reduction and Gore Range Capital's world leading expertise in skin health industry and financial resources, to accelerate clinical development of the company's innovative products for addressing a fast-growing aesthetic medicine market. Sagesse Bio will rapidly advance Sirnaomics lead compound that is IND-enabled and currently in Phase II clinical trials for other indications. Initial indications of interest include body contouring and fat reduction. The founders, board of directors, and newly established executive management team of Sagesse Bio are comprised of a group of well-accomplished senior executives from skin health industry, world-renowned clinicians in dermatology and aesthetic medicine, and leading experts in RNAi medicine. The strategic goal of Sagesse Bio is to become a world-leading aesthetic medicine company with innovative technologies and aesthetic products.
Frederick Beddingfield, MD, PhD, serving as Chairperson of the board of directors of Sagesse Bio, is an internationally renowned dermatologist and expert in biopharma and the aesthetics industry, who has led the development of global leading brands such as BOTOX?, JUVEDERM?, LATISSE? and KYBELLA?. He served as Chief Medical Officer of Allergan Medical and Kythera, and as CEO of Sienna Bio and Kira Pharmaceuticals, and currently serves on the board of directors of Cytrellis Biosystems. Dr. Beddingfield stated: "I could not be more excited to help lead and build Sagesse Bio. We have an amazing team with the right experience and a unique opportunity based on the finding of adipocytolysis with good tolerability in human clinical studies, to rapidly advance our IND-approved lead product."
Mr. Humberto Antunes, co-founder of Sagesse Bio, partner of Gore Range Capital, former Chairman and CEO of Galderma/Nestlé Skin Health, an internationally renowned executive in skin health industry, comments: "The strategic goal of Sagesse Bio is to deliver innovative and life changing therapies to patients with an initial emphasis on focal fat destruction."
"We are thrilled to build this historic partnership: RNAi therapeutic candidate is moving into medical aesthetic product development for body contouring," commented Dr. Patrick Lu, founder, Chairman of the board, executive director, President and CEO of Sirnaomics. "The joint expertise and resources from both Sirnaomics and Gore Range Capital are setting up a strong foundation for a tremendous growth potential of Sagesse Bio with its accelerated product development speed."
The board of directors of the Company has approved, and the board of directors and the stockholders of Sagesse Bio have approved, a series of agreements in relation to the partnership (the "Agreements"). The Company and Sagesse Bio have signed the Agreements, which shall become effective only upon being approved by the shareholders of the Company at an upcoming general meeting. Under the partnership arrangement, Sagesse Bio will initiate a clinical evaluation immediately for its leading product candidate, SGY-101, with scientific and technical support from Sirnaomics, receiving assignment and licensing of certain relevant intellectual property rights for the licensed product. In return, Sirnaomics will receive milestone payments of up to US$33 million and a majority equity position of Sagesse Bio with value of approximately US$36 million upon successful equity or debt financing in the future at a minimum pre-financing valuation of Sagesse Bio at US$60 million. Gore Range Capital is responsible for initial funding and building the executive management team and advisory board. In addition, with its well-built domain expertise and extensive networks in the skin health industry, Gore Range Capital is able to provide a hands-on approach for Sagesse Bio's fundraising and business development challenges.
About Gore Range Capital Gore Range Capital is focused on investments in the skin health businesses. Gore Range's approach is simple: "We invest in what we know." Over the course of their respective careers the Gore Range team has built domain expertise and extensive networks across multiple areas of healthcare. Through Gore Range Capital, capabilities are channeled to focus on the largest organ and the most visible manifestation of personal identity: the skin. At Gore Range, the hands-on approach of operationally focused private equity is blended with the early-stage guidance needed in venture capital. Formed in 2015, Gore Range works closely with portfolio companies and industry leaders to bring skin health innovations to market. To accomplish this mission, Gore Range leverages its team of experienced healthcare investors, leaders, and practitioners to bring strategic, financial and scientific expertise to its investments. Learn more at: www.gorerangecapital.com.
About Sirnaomics Sirnaomics is an RNA therapeutics biopharmaceutical company that focuses on the discovery and development of innovative drugs for indications with unmet medical needs and large market opportunities. Sirnaomics is the first clinical-stage RNA therapeutics company to have a strong presence in both Asia and the United States. Based on its proprietary delivery technologies, a polypeptide nanoparticle RNAi platform and GalNAc RNAi platform, GalAhead?, Sirnaomics has established an enriched drug candidate pipeline. STP122G, which represents the first drug candidate utilizing the Company's GalAhead? mxRNA technology, is currently in Phase I development. STP237G is the first dual-targeted drug based on a GalAhead? muRNA technology and is in the late stage of preclinical development. The Company has also had multiple successes with oncology applications through its clinical programs for STP705 and STP707. With the establishment of the it manufacturing facility in China, Sirnaomics is undergoing a transition from a biotech company to a biopharma corporation. Learn more at: www.sirnaomics.com.