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Too much hair?
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http://biz.yahoo.com/prnews/041208/law008_1.html

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Sirna Therapeutics Launches Dermatology Division Targeting Permanent Hair Removal With siRNAs

BOULDER, Colo., Dec. 8 /PRNewswire-FirstCall/ -- Sirna Therapeutics, Inc. (Nasdaq: RNAI - News) announced today the first program to apply RNA interference (RNAi) technology to dermatology, with an initial focus on hair removal, an estimated $4 billion market in the United States. Sirna Dermatology has targeted a critical gene essential for hair growth and has demonstrated that reduction of this gene's expression by a topically administered chemically modified siRNA permanently disrupts hair follicle integrity in an animal model. The company anticipates initiating human trials in 2006. Sirna, in the formation of its dermatology division, has acquired Skinetics Biosciences, Inc., a company formed around the research of Dr. Angela M. Christiano, Associate Professor, Departments of Dermatology and Genetics and Development, Columbia University.

Howard W. Robin, President and CEO of Sirna Therapeutics, commented, "Dermatology represents an evolution in the application of RNAi technology, addressing a broad consumer market that rewards innovation. Such innovation can clearly be seen in our first dermatology program which will focus on the permanent removal of unwanted hair. Laser treatment has become the dominant modality in hair removal. We believe siRNAs will offer significant advantages over laser treatment by providing permanent hair removal through a physician-administered topical cream."

Mr. Robin continued, "Our entry into dermatology complements Sirna's portfolio of therapeutic programs including age-related macular degeneration (AMD), chronic Hepatitis C, oncology, and Huntington's Disease, providing an exciting growth opportunity balanced between medical and consumer markets."

The hair removal market (excluding shaving) represented an estimated $8.3 billion global market in 2001, with $3.8 billion in the United States. The world market is expected to grow to an estimated $11.1 billion by 2005, with commensurate increases in the U.S.

Sirna's proprietary siRNA formulations are designed to be applied topically to patients in a series of physician-administered treatments. Sirna and Skinetics Biosciences have worked together to conduct preclinical in vitro and in vivo studies showing that these siRNAs reach the cells at the base of the hair follicle, where they inhibit the production of proteins necessary for hair growth, resulting in permanent hair removal.

Acquisition of Skinetics Biosciences, Inc.

Under the terms of its agreements with Skinetics Biosciences, and its founders and consultants, which include David E. Shaw, Dr. Christiano, Dr. Joseph M. Carroll, and Dr. Colin Jahoda, Sirna is acquiring intellectual property and research data related to the development of siRNAs for permanent hair removal. Upon signing the deal, Sirna granted initial common stock shares to Skinetics Biosciences' shareholders and consultants; additional shares will be granted upon the achievement of certain milestones with royalties to be paid upon commercialization.

Dr. Angela M. Christiano, Co-founder of Skinetics, Inc., and Associate Professor, Departments of Dermatology and Genetics and Development, Columbia University will become an exclusive consultant for Sirna Dermatology in the area of RNAi. Dr. Christiano commented, "I am extremely excited to be collaborating with Sirna Therapeutics, the leading company in RNAi drug development. Skinetics' research in the areas of hair removal and hair growth will hopefully result in important advances for the dermatologist and their patients."

In addition, Dr. Joseph M. Carroll, formerly Senior Scientist, Genomic Pharmacology at Millennium Pharmaceuticals and a co-founder of Skinetics, will join Sirna Dermatology. Dr. Colin Jahoda from the University of Durham, UK, of Skinetics will serve as a consultant to Sirna Dermatology.

…Sirna also announced the formation of a Scientific Advisory Board for its dermatology division. The members of the new SAB are leading figures in dermatology research and clinical applications…

Conference Call Information

Sirna will host a conference call today, December 8, at 11:00 a.m. Eastern Standard Time. To access the live call, U.S. participants may dial 1-877-502-9274 and international participants may dial 1-913-981-5584. An audio replay will be available beginning approximately three hours after the call through December 9, 2004. To access this replay, U.S. participants may dial 1-888-203-1112 and international participants may dial 1-719-457-0820. Please reference access code 557369 for the live and recorded conference call.

This conference call will also be webcast live and archived on Sirna's website at http://www.sirna.com for 30 days. Please log onto Sirna's website several minutes prior to the start of the live webcast to ensure adequate time for any software downloads that may be necessary.
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