The award from the IRS, which is administered through the US Department of Health and Human Services, is in the form of a grant designed for biotechnology research and development that is critical for the advancement of new therapies.
Kylin Therapeutics said that its pRNAi is a nanotechnology platform that leverages the power of RNA and a natural process called RNA interference (RNAi) to directly target and turn off disease-causing genes.
Kylin Therapeutics president and CEO Eric Davis said that the grant is important because it would enable them to invest more in the research they are doing in the field of RNA interference.
"The pRNA research we are doing could provide a self-delivering cancer treatment that could give physicians a new drug delivery method in the treatment of cancer and other diseases," Davis said.