Regulus Therapeutics raises $20m in equity financing

Regulus Therapeutics, a biopharmaceutical company, Alnylam Pharmaceuticals, and Isis Pharmaceuticals have announced that Regulus has raised $20m in a series A preferred equity financing.

Alnylam and Isis were the sole and equal investors in the financing. Regulus was established in September of 2007 by Alnylam and Isis to focus on the discovery, development, and commercialization of microRNA-based therapeutics.

Regulus has also announced that the company has completed a legal reorganization from a limited liability company to a C-corporation providing an optimal capital structure for additional future investors.

The board of directors of Regulus will remain unchanged and will continue to include David Baltimore, nobel laureate and professor at Caltech, Stanley Crooke, chairman, president and CEO of Isis, Barry Greene, president and COO of Alnylam, John Maraganore, CEO of Alnylam and chairman of the board of Regulus, Stelios Papadopoulos, former vice chairman of Cowen and Co, Lynne Parshall, CFO and COO of Isis, and Kleanthis Xanthopoulos, president and CEO of Regulus.

Mr Xanthopoulos said: We are very pleased to further strengthen our balance sheet in the current difficult financial environment. This equity financing, when combined with last year’s significant upfront payment made by GlaxoSmithKline as part of our partnership, gives Regulus cash that we expect will last at least through 2011.