Alnylam said it had decided to exercise its right to terminate the ssRNAi collaboration, thereby returning all licenses to ssiRNAi technology back to Isis and eliminating its requirement to pay research funding.
Work on single-stranded RNAi technology that Genesis had been conducting for its subsidiary Solirna Biosciences has also ceased, although it may restart if an existing investor provides additional financing.
Genesis said it once again needs additional financing to allow its subsidiary to demonstrate in vivo proof of principle for its ssRNAi, a milestone that will trigger additional funding by a key investor.
As reported by RNAi News earlier this month, the long-struggling Genesis recently received a commitment from Japanese biotech firm MediBic Group to invest up to NZ$1 million ($750,000) in the planned subsidiary, Solirna BioSciences.
Genesis said that it has received a commitment from an undisclosed group for an investment in the subsidiary, which would develop its single-stranded RNAi technology. But with about two months worth of cash in the bank, the company is asking shareholders to make new equity investments.