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news.Quark Pharmaceuticals, a developer of RNA interference-based therapeutics, has closed a private financing totaling an aggregate of $27 million.
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The major investors are investment vehicles of SBI Asset Management and SBI Investment subsidiaries of SBI Holding. Quark Pharmaceuticals will use the funds to progress the clinical studies of its RNAi drug pipeline.
Daniel Zurr, CEO of Quark, said: “The additional funding 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.”