via Forbes:
http://www.forbes.com/smallbusiness/feeds/ap/2004/12/08/ap1700149.html
Sirna Stock Up on Hair Removal Business
12.08.2004, 02:56 PM
Shares of Sirna Therapeutics Inc. were bumped up 75 cents, or 26 percent, to $3.66 on the Nasdaq Wednesday afternoon following an announcement that the drug company is forming a dermatology division that will focus on hair removal.
Related to this new division, Sirna purchased Skinetics Biosciences Inc., a company formed around the research of Dr. Angela M. Christiano, associate professor of dermatology and genetics at Columbia University. Sirna granted an undisclosed number of initial common stock shares to Skinetics’ shareholders and consultants. Additional milestone payments of shares will be granted, and royalties will be paid upon commercialization.
Sirna Dermatology has found that suppressing a certain hair-growth gene through a topically administered cream permanently stops hair growth in animal studies. The company plans to start human trials in 2006.
The formulations, called siRNA or short interfering RNA, are designed to be applied topically by physicians. Sirna and Skinetics Biosciences have worked together on preclinical studies that show 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.