Quark Pharmaceuticals, Inc., a development-stage pharmaceutical company focused on discovering and developing novel RNA interference-based therapeutics, today announced the closing of a private financing totaling an aggregate of $27 million.
The major investors are Investment vehicles of SBI Asset Management Co., Ltd. and SBI Investment Co., Ltd., subsidiaries of the prestigious SBI Holding Inc. Quark Pharmaceuticals will use the funds to progress the clinical studies of its RNAi drug pipeline.
Mr. Kazuyuki Matsui, President and CEO of SBI Asset Management, commented, "SBI is very excited to continue our support and deepen our relationship with Quark Pharmaceuticals. We are encouraged by the progress that Quark has made and we strongly support the Company's clinical trials going forward."
Daniel Zurr, Chief Executive Officer of Quark, commented, "The additional funding we are announcing today will allow us to significantly expand our clinical program. Between our licensee, Pfizer, and Quark, we anticipate having Quark drug candidates in five clinical programs by the second half of 2008."
Mr. Zurr continued, "We are thrilled to have the continuous endorsement and support of seasoned investors like SBI Asset Management, who bring years of proven experience in building technology companies. It is a vote of confidence in our RNAi technology platform, intellectual property and ability to move candidate products into clinical development." -- Quark Pharmaceuticals, Inc.
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