Company says it has enough cash to carry it to the end of 2011.
Regulus Therapeutics secured $20 million in a series A round of financing. Alnylam Pharmaceuticals and Isis Pharmaceuticals, which together formed Regulus in September 2007, were the sole and equal investors in the financing.
“This equity financing when combined with last year’s significant up-front payment made by GlaxoSmithKline (GSK) as part of our partnership gives Regulus cash that we expect will last at least through 2011,” says Kleanthis G. Xanthopoulos, Ph.D., president and CEO of Regulus. The firm received $20 million up front in the GSK deal, which is worth $598 million.
“In addition, the reorganization of our capital structure to a C-Corporation sets the basis for a strong, independent company allowing us to more flexibly attract capital and continue forging relationships with the pharmaceutical industry.
Regulus’ asset estate includes 900 patents (approximately 600 issued and 300 pending) pertaining to miRNAs as well as chemistry and technological know-how to discover and develop oligonucleotide therapeutics targeting miRNAs.