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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
        TO SECTION 13 OR 15(D) OF THE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        EXCHANGE ACT OF 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of Report (Date of earliest event reported): December 30,
        2004</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>Sirna
        Therapeutics, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(Exact
        name of registrant as specified in its charter)</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                  </strong></font></div>
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              <td align="left" valign="top" width="1%">&#160;</td>
              <td valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>0-27914
                  </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>34-1697351
                  </strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>
            <tr>
              <td valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(State
                  or other jurisdiction </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>of
                  incorporation) </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(Commission
                  File No.) </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
              <td valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(I.R.S.
                  Employer </strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>Identification
                  Number </strong></font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>185
        Berry Street, Suite 6504</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>San
        Francisco, California 94107</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(Address
        of principal executive offices) </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registrant&#8217;s
        telephone number, including area code: (415) 512-7624</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>N/A
        </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman, serif"><strong>(Former
        name or former address, if changed since last report.) </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
        (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))</font></div><br>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM&#160;3.02
                  </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNREGISTERED
                  SALES OF EQUITY SECURITIES.</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">&#160;</td>
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        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        5, 2005, Sirna Therapeutics, Inc. (the &#8220;Company&#8221;) entered into definitive
        agreements relating to a private placement of shares of its common stock
        for
        $1.60 per share and warrants to purchase shares of its common stock with
        an
        exercise price of $1.92 per share. The warrants are exercisable in cash or,
        in
        the absence of an effective registration statement, by net exercise, from
        January 6, 2006 through July 6, 2010. The private placement is anticipated
        to
        take place in two closings, in which a total of 17,506,250 shares of the
        Company&#8217;s common stock and warrants to purchase 6,302,246 shares of its common
        stock will be issued, with anticipated aggregate gross proceeds to the Company
        of $28,010,000. Under applicable rules of the Nasdaq National Market, the
        second
        closing of the private placement requires stockholder approval.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Participants
        in the private placement consist of unaffiliated accredited institutional
        investors and affiliated investors comprising a majority of its board of
        directors, either directly or thorough affiliates, who collectively hold
        a
        majority of the Company&#8217;s issued and outstanding common stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        6, 2005, at the first closing of the private placement, Sirna issued 8,319,564
        shares of its common stock and warrants to purchase 2,995,043 shares of its
        common stock to the unaffiliated investors. Following the receipt of stockholder
        approval, the Company intends to issue an additional 9,186,686 shares of
        its
        common stock and warrants to purchase 3,307,203 shares of its common stock
        in a
        second closing of the private placement to the affiliated investors and the
        unaffiliated investors who participated in the first closing. The affiliated
        investors have entered into voting agreements with the Company to vote in
        favor
        of the second closing of the private placement. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thomas
        Weisel Partners LLC served as private placement agent on the transaction
        and
        Leerink Swann &amp; Company and Brean Murray &amp; Co., Inc. served as
        co-advisers.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        securities described above have not been registered under the Securities
        Act of
        1933, as amended, and were made pursuant to the exemptions from registration
        provided by Section 4(2) of the Securities Act of 1933 and/or Regulation
        D
        promulgated thereunder. The shares issued or issuable thereunder are restricted
        in accordance with Rule 144 under the Securities Act of 1933. The issuances
        and
        the potential issuances did not involve any public offering; the Company
        made no
        solicitation in connection with the private placement other than communications
        with the purchasers; the Company obtained representations from the purchasers
        regarding their investment intent, knowledge and experience; the purchasers
        either received or had access to adequate information about the Company in
        order
        to make informed investment decisions; the Company reasonably believed that
        the
        purchasers are capable of evaluating the merits and risks of their investment;
        and the shares issued or potentially issuable thereunder were issued or are
        issuable with restricted securities legends. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        current report on Form 8-K does not constitute an offer to sell or the
        solicitation of an offer to buy any security. The shares have not been
        registered under the Securities Act of 1933 or applicable state securities
        laws
        and may not be offered or sold in the United States or any state thereof
        absent
        registration under the Securities Act and applicable state securities laws
        or an
        applicable exemption from registration requirements. As part of this
        transaction, Sirna has agreed to file a registration statement covering the
        resale of the shares of common stock and the shares of common stock issuable
        upon exercise of the warrants acquired in the private placement. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>IMPORTANT
        ADDITIONAL INFORMATION </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sirna
        intends to file with the SEC a proxy statement in connection with the private
        placement. Investors and security holders of Sirna are urged to read the
        proxy
        statement when it becomes available because it will contain important
        information about Sirna and the private placement. Investors and security
        holders of Sirna may obtain free copies of the proxy statement when it becomes
        available at the SEC's website at http://www.sec.gov, at Sirna's website
        at
        http://www.sirna.com or by writing to Sirna Therapeutics, Inc., 185 Berry
        Street, Suite 6504, San Francisco, California 94107, Attention: Investor
        Relations. Sirna, its directors and the affiliates of a majority of its
        directors may be deemed to be participants in the solicitation of proxies
        with
        respect to the private placement. A description of the interests in Sirna
        of its
        directors and such affiliates is set forth in Sirna's proxy statement for
        its
        2005 annual meeting of stockholders, filed with the SEC on May 23, 2005,
        and
        will be set forth in the proxy statement in connection with the private
        placement when it becomes available. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
        in this Form 8-K that are not strictly historical are forward-looking statements
        regarding the anticipated second closing of the private placement. Actual
        results could differ materially from those projected in or contemplated by
        the
        forward-looking statements. Factors that could cause actual results to differ
        include any event that would cause Sirna or the investors to breach any of
        their
        representations and warranties under the purchase agreement. Additional risk
        factors are identified in Sirna's Securities and Exchange Commission filings,
        including the Forms 10-Q and 10-K and in other SEC filings. Sirna assumes
        no
        obligation and does not intend to update any forward-looking statements,
        whether
        as a result of new information, future events or otherwise. </font></div><br>
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        Registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized. </font></div>
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        July 6, 2005</font></div>
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                  THERAPEUTICS, INC. </font></div>
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                  Howard W. Robin</font></div>
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Unassociated Document
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
PURSUANT
        TO SECTION 13 OR 15(D) OF THE
SECURITIES
        EXCHANGE ACT OF 1934
Date
        of Report (Date of earliest event reported): December 30,
        2004
Sirna
        Therapeutics, Inc.
(Exact
        name of registrant as specified in its charter)
Delaware
0-27914
34-1697351
(State
                  or other jurisdiction
of
                  incorporation)
(Commission
                  File No.)
(I.R.S.
                  Employer
Identification
                  Number
185
        Berry Street, Suite 6504
San
        Francisco, California 94107
(Address
        of principal executive offices)
Registrant's
        telephone number, including area code: (415) 512-7624
N/A
(Former
        name or former address, if changed since last report.)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
o
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
x
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
        (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))
ITEM 3.02
UNREGISTERED
                  SALES OF EQUITY SECURITIES.
On
        July
        5, 2005, Sirna Therapeutics, Inc. (the "Company") entered into definitive
        agreements relating to a private placement of shares of its common stock
        for
        $1.60 per share and warrants to purchase shares of its common stock with
        an
        exercise price of $1.92 per share. The warrants are exercisable in cash or,
        in
        the absence of an effective registration statement, by net exercise, from
        January 6, 2006 through July 6, 2010. The private placement is anticipated
        to
        take place in two closings, in which a total of 17,506,250 shares of the
        Company's common stock and warrants to purchase 6,302,246 shares of its common
        stock will be issued, with anticipated aggregate gross proceeds to the Company
        of $28,010,000. Under applicable rules of the Nasdaq National Market, the
        second
        closing of the private placement requires stockholder approval.
Participants
        in the private placement consist of unaffiliated accredited institutional
        investors and affiliated investors comprising a majority of its board of
        directors, either directly or thorough affiliates, who collectively hold
        a
        majority of the Company's issued and outstanding common stock.
On
        July
        6, 2005, at the first closing of the private placement, Sirna issued 8,319,564
        shares of its common stock and warrants to purchase 2,995,043 shares of its
        common stock to the unaffiliated investors. Following the receipt of stockholder
        approval, the Company intends to issue an additional 9,186,686 shares of
        its
        common stock and warrants to purchase 3,307,203 shares of its common stock
        in a
        second closing of the private placement to the affiliated investors and the
        unaffiliated investors who participated in the first closing. The affiliated
        investors have entered into voting agreements with the Company to vote in
        favor
        of the second closing of the private placement.
Thomas
        Weisel Partners LLC served as private placement agent on the transaction
        and
        Leerink Swann & Company and Brean Murray & Co., Inc. served as
        co-advisers.
The
        securities described above have not been registered under the Securities
        Act of
        1933, as amended, and were made pursuant to the exemptions from registration
        provided by Section 4(2) of the Securities Act of 1933 and/or Regulation
        D
        promulgated thereunder. The shares issued or issuable thereunder are restricted
        in accordance with Rule 144 under the Securities Act of 1933. The issuances
        and
        the potential issuances did not involve any public offering; the Company
        made no
        solicitation in connection with the private placement other than communications
        with the purchasers; the Company obtained representations from the purchasers
        regarding their investment intent, knowledge and experience; the purchasers
        either received or had access to adequate information about the Company in
        order
        to make informed investment decisions; the Company reasonably believed that
        the
        purchasers are capable of evaluating the merits and risks of their investment;
        and the shares issued or potentially issuable thereunder were issued or are
        issuable with restricted securities legends.
This
        current report on Form 8-K does not constitute an offer to sell or the
        solicitation of an offer to buy any security. The shares have not been
        registered under the Securities Act of 1933 or applicable state securities
        laws
        and may not be offered or sold in the United States or any state thereof
        absent
        registration under the Securities Act and applicable state securities laws
        or an
        applicable exemption from registration requirements. As part of this
        transaction, Sirna has agreed to file a registration statement covering the
        resale of the shares of common stock and the shares of common stock issuable
        upon exercise of the warrants acquired in the private placement.
IMPORTANT
        ADDITIONAL INFORMATION
Sirna
        intends to file with the SEC a proxy statement in connection with the private
        placement. Investors and security holders of Sirna are urged to read the
        proxy
        statement when it becomes available because it will contain important
        information about Sirna and the private placement. Investors and security
        holders of Sirna may obtain free copies of the proxy statement when it becomes
        available at the SEC's website at http://www.sec.gov, at Sirna's website
        at
        http://www.sirna.com or by writing to Sirna Therapeutics, Inc., 185 Berry
        Street, Suite 6504, San Francisco, California 94107, Attention: Investor
        Relations. Sirna, its directors and the affiliates of a majority of its
        directors may be deemed to be participants in the solicitation of proxies
        with
        respect to the private placement. A description of the interests in Sirna
        of its
        directors and such affiliates is set forth in Sirna's proxy statement for
        its
        2005 annual meeting of stockholders, filed with the SEC on May 23, 2005,
        and
        will be set forth in the proxy statement in connection with the private
        placement when it becomes available.
Statements
        in this Form 8-K that are not strictly historical are forward-looking statements
        regarding the anticipated second closing of the private placement. Actual
        results could differ materially from those projected in or contemplated by
        the
        forward-looking statements. Factors that could cause actual results to differ
        include any event that would cause Sirna or the investors to breach any of
        their
        representations and warranties under the purchase agreement. Additional risk
        factors are identified in Sirna's Securities and Exchange Commission filings,
        including the Forms 10-Q and 10-K and in other SEC filings. Sirna assumes
        no
        obligation and does not intend to update any forward-looking statements,
        whether
        as a result of new information, future events or otherwise.
SIGNATURES
Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        Registrant has duly caused this report to be signed on its behalf by the
        undersigned hereunto duly authorized.
Date:
        July 6, 2005
SIRNA
                  THERAPEUTICS, INC.
(Registrant)
By:
/s/
                  Howard W. Robin
Name:
Howard
                  W. Robin
Title:
President
                  and Chief Executive Officer