RNA-based medicines have had a checkered development history, including a mixed bag of results last year at some of the leading players such as Alnylam Pharmaceuticals Inc. and Moderna Therapeutics LLC. Following its false start with siRNA, Seattle-based PhaseRx Inc., which raised $18.5m in a May 2016 IPO (and has raised about $70m since its formation in 2006), is focusing on mRNA and has developed a technology that combines a lipid nanoparticle (LNP) carrier with a proprietary polymer.
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