sln_logo.jpgSilence Therapeutics (AIM: SLN), the AIM-quoted, drug developer can cheer up, as tyesterday the company received a $1.9 million cash injection from its partners Quark Pharmaceuticals Inc., and Pfizer.

The announcment drove the company's stock up by more than 20% and it finished at the 38.25 pence barrier yesterday.

Quark now along with Pfizer (NYSE: PFE) will start a clinical research based on Silence's technology. The study will try to examine the effectiveness on a candidate, in improving visual acuity, compared to laser treatment in patients with diabetic macular oedema.

According to the company, almost 14% of people with diabetes have diabetic macular oedema with prevalence increasing to 29% for people with diabetes who use insulin for more than 20 years.

Iain Ross, Chairman and CEO of Silence Therapeutics was happy with the Quark and Pfizer commitment. "The commencement of the first Phase II clinical trial utilising our chemistry is a very significant milestone for Silence and the advancement of this compound represents a further strong validation of our proprietary AtuRNAi technology," he said.

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Good news for the company might move up the share price up

Additionally, the company mentioned that its operating company Silence Therapeutics AG has been awarded a research grant from the German Federal Ministry of Education and Research. The grant, which totals €1.5 million over three years, was awarded to Silence Therapeutics AG in recognition of the company’s pioneering research and development projects in the field of RNAi.

As of today, the company's shares are not in the best shape. The one-year stock chart says everything. Nonetheless, current developments could bring some optimism and could give a slight boost to the current stock price.

Reference

ST to receive $1.9m Milestone Payment