Silence Therapeutics: Partner Quark Signs Option Pact With Novartis

Silence Therapeutics PLC (SLN.LN), an international RNAi therapeutics company, said Thursday that its partner, Quark Pharmaceuticals, Inc, has granted an option to Novartis to obtain an exclusive worldwide license to develop and commercialize QPI-1002, a p53 temporary inhibitor siRNA drug which incorporates Silence's AtuRNAi technology.

MAIN FACTS:

-Quark is currently conducting a Phase II clinical trial of QPI-1002 for the prevention of acute kidney injury in patients undergoing cardiac surgery and for delayed graft function in kidney transplant patients.

-Under the terms of Silence's agreement with Quark, Silence anticipates that its future milestone payments from this program could potentially exceed $65 million.

-Shares at 1540 GMT up 0.50 pence, or 9.01%, at GBP6.05 pence, valuing the company at GBP16.93 million.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com

Quark Pharma (MM) (NASDAQ:QURK)
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