Isilon Systems (SLN) Announces $45 Million Private Placement

February 5, 2021 7:06 AM EST

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Silence Therapeutics plc, AIM:SLN and NASDAQ:SLN ("Silence" or the “Company"), a leader in the discovery, development and delivery of novel short interfering ribonucleic acid (siRNA) therapeutics for the treatment of diseases with significant unmet medical need, today announced an oversubscribed private placement of 2,022,218 of the Company’s American Depositary Shares (“ADSs”), each representing three ordinary shares of 5 pence each in the capital of the Company (“Ordinary Shares”), at a price of US $22.50 per ADS, with new and existing institutional and accredited investors (the “Private Placement”). Silence anticipates that the aggregate gross proceeds of the Private Placement will be approximately US $45 million (approximately £33 million1) before deducting placement agent fees and other expenses. The offering is expected to close on 9 February 2021, subject to standard conditions.

The financing syndicate includes Adage Capital Management LP, BVF Partners L.P., Consonance Capital, Great Point Partners, LLC, and other investors.

William Blair & Company, L.L.C. is acting as the exclusive placement agent to the Company in connection with the Private Placement.

Silence intends to use the net proceeds from the Private Placement primarily to support development of the Company’s pipeline based on its messenger RNAi GOLD™ (GalNAc Oligonucleotide Discovery) Platform, and for general corporate purposes.

“This financing marks an important step in our journey to increase awareness of Silence and position our company as a global RNAi leader,” said Mark Rothera, President and Chief Executive Office at Silence. “We expect to build on this momentum throughout 2021, starting with the first clinical data from our mRNAi GOLD™ Platform due out the first half of this year, followed by patient data from our two wholly owned programs – SLN360 for cardiovascular disease due to high lipoprotein(a) and SLN124 for patients with iron loading anemias. Silence is a company that is poised for growth and I look forward to a very exciting 2021 and beyond.”

“Our goal at the outset of this process was to increase appreciation for Silence and build our global shareholder base,” said Craig Tooman, Chief Financial Officer at Silence. “We believe we achieved those objectives while strengthening our balance sheet to support the continued acceleration and growth of our mRNAi GOLD™ Platform.”

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William Blair, Adage Capital Management