Silexion Therapeutics Raises $5.0 Million in Public Offering to Advance KRAS-Targeting Therapies
Wednesday, Jan 15, 2025 8:08 pm ET
Silexion Therapeutics Corp. (NASDAQ: SLXN), a pioneering clinical-stage biotech developing RNA interference (RNAi) therapies for KRAS-driven cancers, has announced the pricing of its $5.0 million public offering. The offering consists of 1,000,000 shares of common stock and warrants to purchase up to 500,000 shares of common stock at an exercise price of $5.00 per share. The shares and warrants are expected to begin trading on Nasdaq under the tickers "SLXN" and "SLXNW", respectively, on August 16, 2024.
The Cayman Islands-based company's latest announcement comes on the heels of significant preclinical results demonstrating the synergistic efficacy of its proprietary second-generation siRNA candidate, SIL-204, in combination with components of first-line chemotherapy for pancreatic cancer. The additional preclinical data show that SIL-204 exhibits significant synergistic activity with 5-fluorouracil and irinotecan, two main components commonly used in pancreatic cancer treatments, when tested in human pancreatic tumor cell lines harboring KRAS G12D mutations, the most common mutation in pancreatic cancer. Moreover, synergistic activity was also observed with the chemotherapeutic agent gemcitabine.
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These promising findings, combined with the substantial milestones recently reported in developing SIL-204, suggest that Silexion's approach could potentially revolutionize the treatment landscape not only for pancreatic cancer but also for a wide range of KRAS-mutated cancers, which remain some of the most difficult to treat. The synergy demonstrated between SIL-204 and first-line chemotherapies underscores its potential to enhance existing treatment regimens and address significant unmet needs across multiple oncology indications.
As previously reported, Silexion is gearing up for the clinical development of SIL-204, planning to initiate toxicology studies with SIL-204 within the upcoming months and to advance SIL-204 into Phase 2/3 clinical trials in the first half of 2026, focusing initially on locally advanced pancreatic cancer (LAPC) which has a notoriously high mortality rate. In parallel, the company plans to initiate preclinical studies for SIL-204 in colorectal cancer models.
The net proceeds from this offering will be used primarily for the clinical development of SIL-204, as well as for general corporate purposes, such as working capital, research and development expenses, and other operational costs. Additionally, the funds could be used to explore strategic partnerships or collaborations that could further enhance Silexion's position in the market and expand its reach.
In conclusion, Silexion Therapeutics' $5.0 million public offering is a significant milestone for the company, providing it with greater financial and strategic flexibility to advance its mission of developing novel siRNA therapies that can revolutionize cancer treatment and provide patients with not only hope but also improved outcomes. With its promising preclinical results and clear path to clinical development, Silexion is well-positioned to make a significant impact on the treatment landscape for KRAS-mutated cancers.