Sirna Therapeutics Raises $6.8 Million in Warrant Exercise in Support of New RNAi Product Development Opportunities

Sirna Therapeutics, Inc. (Nasdaq: RNAI - News) announced today that it raised $6.8 million from some of its largest stockholders, Sprout Group, Venrock Associates, Oxford Bioscience Partners and Granite Global Ventures through the exercise of 2.7 million warrants.

Warrant holders were issued 1.1 new warrants with a five-year term. These additional new warrants are exercisable in cash or by net exercise and have an exercise price of $3.85 per share, subject to downward adjustment to the price, if lower, of any qualifying capital-raising private placement on or before June 30, 2005 or, in the absence of a qualifying private placement, to the Nasdaq closing selling price, if lower, of company common stock for the 15 trading days as of June 30, 2005.

Might take a position in this company given the attractive price and the tier 1 VC investors, who are not been traditional PIPE investors.