RNA interference (RNAi) is a cellular gene-silencing phenomenon, in which sequence-specific degradation of target messenger RNA (mRNA) is achieved by means of complementary siRNA molecules. STP702 is a combination of two siRNAs targeting the most conserved regions of influenza viral genes that have broad anti-influenza activity. Nanoparticle-enhanced siRNA delivery results in more potent antiviral activity compared to available drugs.

Under the partnership, Sirnaomics will license to Walvax the exclusive development and commercialization rights for the product in China, Taiwan, Hong Kong, and Macao. Based on the agreement, Sirnaomics will receive an initial upfront payment of $6.4 million for the asset and is eligible for additional milestone payments and royalties based on product sales.