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					Full Year Results and Financing
         27 April 2011
Forward-Looking Statements
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                                                                                                                                                                                         2
 Fundraising – Advancing the Pipeline


   £5.5m* raised in advance of presenting interim Phase I data at ASCO in June 2011



Funds will be used to:

1.      Complete Atu027 Phase I trial

2.      Initiate a Phase Ib/IIa trial of Atu027

3.      File IND for Atu134 (CD31 Atuplex product)

4.      General corporate purposes



*Potential to raise up to an additional £1m in the open offer

                                                                                      3
Creating A New Leadership in RNAi


  Silence’s leadership in the RNAi sector is established and
  based on the available evidence we believe:

   1. Silence’s technology has enabled more siRNA clinical
      candidates, in more therapeutics areas, than any
      competitor.

   2. Silence offers multiple delivery systems that are capable of
      delivering to more than just the liver.

   3. Silence’s delivery technology is now ready for rapid
      clinical exploitation.




                                                                     4
Silence’s Technology is in the Clinic

Products     Indications        Partners       Target   Delivery   Pre-       Phase I   Phase II   Target Tissue /
                                                                   Clinical                        Organ


PF-4523655   Diabetic Macular   Pfizer/Quark   Redd-1   Naked                                      Local Delivery to
(AtuRNAi)    Edema                                      siRNA                                      the Eye
PF-4523655   Age-related        Pfizer/Quark   Redd-1   Naked                                      Local Delivery to
(AtuRNAi)    Macular Degen                              siRNA                                      the Eye
QPI-1002     Prevention of      Novartis/      P53      Naked                                      Systemic Delivery
(AtuRNAi)    Delayed Graft      Quark                   siRNA                                      to the Kidney
             Function
QPI-1002     Acute Kidney       Novartis/      P53      Naked                                      Systemic Delivery
(AtuRNAi)    Injury             Quark                   siRNA                                      to the Kidney


Atu027       GI & Lung &        Internal       PKN3     AtuPLEX                                    Systemic Delivery
(AtuRNAi)    other cancers                                                                         to Tumor
                                                                                                   Endothelium
Atu111       Acute Lung         Internal       N/D      DACC                                       Systemic Delivery
(AtuRNAi)    Injury                                                                                to Lung
                                                                                                   Endothelium
Atu134       Solid Tumors       Internal       CD31     AtuPLEX                                    Systemic Delivery
(AtuRNAi)                                                                                          to Tumor
                                                                                                   Endothelium
Atu195       Solid Tumors       Internal       N/D      AtuPLEX                                    Systemic Delivery
(AtuRNAi)                                                                                          to Tumor
                                                                                                   Endothelium



                                                                                                                       5
Silence Can Effectively Deliver siRNA


                     Silence’s Suite of Proprietary Delivery Systems


                                                                DBTC

                                                                Liver parenchyma
                                                                • Hepatocellular carcinoma
                                                                • Ischemia Reperfusion Injury
            AtuPLEX                                             • Fulminant Fibrosis

 Vascular endothelium
   • Cancer & Metastasis                                        DACC
         • Inflammation

                                                                Pulmonary endothelium
                                                                • Acute lung injury/ARDS
                                                                • Pulmonary Hypertension
                                                                • Infection & Inflammation




                                                                                                6
AtuPlex: Delivering Silence’s Oncology Therapies




           AtuPLEX                Programme
Vascular endothelium
                                  1. Atu027 – PKN3 (Phase I trial ongoing)
  • Cancer & Metastasis
                                     Key regulator during angiogenesis/lymphangiogenesis
        • Inflammation
                                     Major regulator of metastasis/motility during
                                      pathological processes



                                  2. Atu134 – CD31 (PECAM-1)
                                     An endothelial target for the inhibition of cancer and
                                      metastasis




                                                                                               7
    Atu027: Thoracic CT Scan revealed
    Effect on Pulmonary Metastasis

      BEFORE                                                                AFTER




      Baseline (pre-treatment)                                               1 week after 8th repeated treatment
     Note: vanished metastatic lesion in the left lower lobe of the lung (circle)


   Data from Cohort 6: First dose level where efficacy was predicted based on preclinical
    studies
    Of three patients treated:
                    one patient showed tumour shrinkage (above)

                    one patient showed stable disease

                    one patient discontinued treatment for non-drug related reasons                               8
DACC: Targeting the Lung

                                                  Organ distribution after delivery of siRNA with DACC

                                                                              125




                                                       siRNA [%ID/g tissue]
                                                                              100

                                                                               75

                                                                               50

                                                                               25

                                                                                0



DACC
A proprieatary lipid-based formulation to address lung-
specific diseases e.g. acute lung injury/ARDS                                       1h      4h

 DACC delivers siRNA primarily to the lung
 A single dose is sufficient to inhibit target gene

  expression in the lung for up to a month


                                                                                          DACC
                                                                                         siRNA in red

                                                                                                         9
 DBTC: Targeting the Liver

                                                    Organ distribution after delivery of siRNA with DBTC


                                                                             70




                                                        siRNA [%ID/tissue]
                                                                             60
                                                                             50
                                                                             40
                                                                             30
                                                                             20
                                                                             10
                                                                              0




DBTC                                                                               no functional delivery of siRNA to spleen
Proprietary lipid-based formulation to address                                     no knockdown in spleen tissue.
liver-specific diseases e.g. HCC, ischemia
reperfusion injury
 DBTC delivers siRNA primarily to the liver
                                                                                                  1h                     4h
   A single dose inhibits gene expression in the
   liver for up to 1 week
   Gene expression inhibition in other tissues
   was not
    detected
   DBTC is tolerated up to 8.3 mg/kg                                                      DBTC   siRNA in red
                                                                                                                                10
  Potential Upcoming Milestones



                                                                         Novartis decision
                                                                      on license for QPI-1002


               ASCO                  Complete                    Start Atu027      Completion of
                                                   Atu027
Financing    3-7 June                 Atu027
                                                 Ph I results     Phase Ib/IIa      DGF trial of
               2011                    Trial                         trial           QPI-1002



 1Q11       2Q11        3Q11            4Q11     1Q12            2Q12            3Q12      4Q12


                              Completion of      Initiate tox.
  ASCO                                                                       File IND
                              MONET trial of      studies of
 Abstract                                                                  for Atu134
                                PF-’655             Atu134
 Accepted
                                                                                   License Atu111
                          Start of Ph II Trial
                         of QPI – 1002 in AKI
                                                                  License Atu027

                                                                                                    11
                                                                                                     11
Burn Rate Significantly Reduced in 2H10

   £000s                 1H10A     2H10A     2010A
   Revenue                716       1,650    2,366
   R&D spend             (4,401)   (1,420)   (5,821)
   Admin costs           (3,227)   (1,976)   (5,203)
   Operating loss        (6,912)   (1,746)   (8,658)
   Other income/(exp.)    (142)       5       (137)
   Loss before tax       (7,054)   (1,741)   (8,795)
   Loss after tax        (7,054)   (1,741)   (8,795)


   Net cash              6,836     3,567     3,567

                                                       12
Fundraising

   £5.5m plus up to £1m in the open offer

   Price is 2p/share

   ~£2.5m from new investors

   33% discount to trading price




                                             13
Structural Re-organisation
Will Create Efficiencies

    Structural reorganisation planned to reduce inefficiencies and cash burn.

    Plans in place to close the California operation and locate all of the
     Company’s operations in Europe.

    A new group CEO will be recruited in Europe and new hires will be made
     to support Business Development and Intellectual Property.

    Changes will not increase the overall cash burn.

    Current CEO and management team committed to the completion of this
     process in a manner that is most beneficial to the shareholders.




                                                                                 14
Summary

 2010 was a year of great scientific and technical progress for Silence

 Fundraising will strengthen Silence’s cash position to further advance
  clinical programs and maintain momentum achieved to date

 Multiple clinical milestones anticipated in 2011
       Interim data from Atu027 Phase I trial to be presented at ASCO
       Completion of Atu027 Phase I trial – H2
       Initiation of a Phase IIb trial of PF-’655 in diabetic macular oedema by Quark
       Initiation of Phase II trial of QPI-1002 in acute kidney injury by Novartis/Quark – H2


 Restructuring will streamline business and operations

 Silence well positioned to capitalise on its leadership position in RNAi
  therapeutics to build maximum value for shareholders


                                                                                                 15

				
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