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      <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">&#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="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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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="left">&#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="left">&#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="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="left">&#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): July 5, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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="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>
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                  </strong></font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <td valign="top" width="26%">
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                  </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                  </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
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            <tr>
              <td valign="top" width="25%">
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                  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>
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              </td>
              <td valign="top" width="26%">
                <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%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="25%">
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                  Employer </strong></font></div>
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                  Number </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
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        </table>
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      <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>
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      <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="left">&#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="left">&#160;</div>
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        Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
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        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
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        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
        (17 CFR 240.14d-2(b))</font></div>
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        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))</font></div>
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            <tr>
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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;1.01
                  </strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="68%">
                <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>ENTRY
                  INTO A MATERIAL DEFINITIVE AGREEMENT.</strong></font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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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">As
        previously reported on a Form 8-K filed on July 7, 2005 with the Securities
        and
        Exchange Commission (the &#8220;July 7, 2005 8-K&#8221;), on July 5, 2005 Sirna
        Therapeutics, Inc. (the &#8220;Company&#8221;) entered into Securities Purchase 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 is subject to stockholder approval.</font></div>
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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">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 through affiliates, who collectively hold a
        majority </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
        the
        Company&#8217;s issued and outstanding common stock. The participants
        are:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff solid">
                  <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>INVESTOR</strong></font></div>
                </td>
                <td width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" colspan="4" valign="bottom" width="25%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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>FIRST
                    CLOSING</strong></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" colspan="4" valign="bottom" width="25%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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>SECOND
                    CLOSING</strong></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
              </tr>
              <tr>
                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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"><em>SHARES
                    OF COMMON STOCK</em></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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"><em>SHARES
                    UNDERLYING WARRANT</em></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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"><em>SHARES
                    OF COMMON STOCK</em></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                  <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"><em>SHARES
                    UNDERLYING WARRANT</em></font>&#160;</div>
                </td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Capital
                    Ventures International</font></div>
                </td>
                <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">439,027</font></div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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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">Greer,
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">37,500</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#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">Perry
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Perry
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Portside
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">109,756</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">39,512</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">46,494</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16,738</font></div>
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              <tr bgcolor="#ffffff">
                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Smithfield
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                <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">219,513</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">79,024</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">92,987</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33,476</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Sprout
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,895,406</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,042,346</font></div>
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Sprout
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                <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Sprout
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
                </td>
                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">133,712</font></div>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,136</font></div>
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                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8,999</font></div>
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                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
                  <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">Wiegers
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                <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="bottom" width="43%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">&#160;</td>
                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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                <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
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        </div>
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      <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">(1)
        Affiliated with a member of the Board of Directors of the Company and affiliated
        by stock ownership as of June 30, 2005, the record date for the special meeting
        of the stockholders to approve 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">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </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">(2)
        Member of the Board of Directors of the Company.</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, the Company 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 unaffiliated
        investors who participated in the first closing and to the affiliated investors.
        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">The
        following summary of the material terms of the Securities Purchase Agreements,
        the Warrants and the Voting Agreements is qualified in its entirety by reference
        to the full text of such documents, which are attached as exhibits hereto
        and
        incorporated by reference herein. References to &#8220;unaffiliated investors&#8221; include
        only investors who were affiliates as of June 30, 2005.</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"><strong>Terms
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      <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">In
        addition to providing for the issuance and sale of the shares of our common
        stock and warrants to purchase shares of our common stock described above,
        the
        Securities Purchase Agreements provide for the following important
        terms:</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"><em>Registration
        Obligations and Liquidated Damages. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
        later
        than 15 business days after the First Closing (the &#8220;Filing Date&#8221;), we are
        required, at our expense, to file with the SEC a registration statement with
        respect to the resale of the shares of common stock (A) issued at both the
        First
        Closing and the Second Closing of the private placement, and (B) issuable
        upon
        exercise of the warrants issued at both the First Closing and the Second
        Closing. We are required to use our reasonable commercial efforts to have
        such
        registration statement declared effective by the SEC prior to the date which
        is
        70 days after the Filing Date (or 110 days if the registration statement
        receives SEC review) (the &#8220;Required Effective Date&#8221;), and, subject to our right
        to suspend the resale of stock under the registration statement in certain
        circumstances, we are required to maintain the effectiveness of this
        registration statement until the earlier of (a) five years after the
        effectiveness of the registration statement, (b) the date on which the investors
        may sell all shares (including shares issuable upon exercise of the warrants)
        then held by the investors without restriction by the volume limitations
        of Rule
        144 of the Securities Act of 1933, as amended or (c) such time as all of
        those
        shares (including shares issued upon exercise of those warrants) have been
        sold.
        If the registration statement (a) is not filed by the Filing Date, (b) is
        not
        declared effective by the Required Filing Date or (c) once effective, ceases
        to
        be effective and available to investors in the private placement for any
        continuous period that exceeds 30 days or for one or more period that exceed
        in
        an aggregate of 60 days in any 12-month period, Sirna is required to pay
        the
        investors in the private placement a cash payment as liquidated damages and
        not
        as a penalty. This cash payment is calculated as 1% of the aggregate purchase
        price paid by the investors in the private placement, up to a maximum total
        cash
        payment equal to 10% of the aggregate purchase price, for each 30-day period
        of
        a registration default event described in (a), (b) or (c) above. If the default
        event lasts less than 30 days, the liquidated damages apply on a pro rata
        basis
        for any portion of such a 30-day period.</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"><em>Right
        of First Offer.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Until
        July 7, 2006, the investors in each closing have a pro rata right, calculated
        on
        a fully diluted basis, to participate in any future private sales of securities
        by the Company, other than shares that are issued in sales customarily excluded
        from such right. These customary exceptions include outstanding options,
        shares
        granted or sold to employees, directors and consultants, shares issued to
        financial institutions or lenders in connection with credit, lease or other
        debt
        financing arrangements, shares issued to vendors, partners or other parties
        in
        connection with mergers or other acquisitions, licenses, strategic partnerships,
        joint ventures or other similar business arrangements, and shares approved
        by a
        majority of the investors in this private placement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><em>Indemnification.
        </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company has granted the investors in the private placement customary
        indemnification rights in connection with the registration statement. The
        investors have also granted the Company customary indemnification rights
        in
        connection with the registration statement.</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>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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        </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>Terms
        of the Warrants </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><em>Exercise
        Period. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Warrants are exercisable from January 6, 2006 through July 6, 2010 and can
        be
        exercised in cash or net exercised as described below.</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"><em>Methods
        of Exercise. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Warrants may be exercised in cash at all times during the exercise period,
        whereby the holders of the Warrants deliver the certificates representing
        the
        Warrants to Sirna and the then-applicable exercise price for the Warrants
        in
        exchange for the shares issuable thereunder (which exercise price may be
        paid
        directly out of the sale proceeds of the shares issued upon exercise of the
        Warrants if exercised in connection with a registered public offering by
        Sirna).
        In addition, the Warrants may be &#8220;net exercised&#8221; at any time after the Required
        Effective Date through the exercise period of the Warrants only during such
        times as the registration statement described above is not effective. The
        net
        exercise provision allows the holder to receive shares of common stock equal
        to
        the value of the Warrant without paying the exercise price in cash, but rather
        with the shares underlying the Warrant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><em>Exercise
        Price, Adjustment to Exercise Price and Number of Shares.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        exercise price of the Warrants is initially $1.92 per share. If the Company&#8217;s
        shares of common stock are either (a) delisted from Nasdaq National Market
        or
        (b) terminated from registration under the Securities Act of 1933, as amended
        during the period, when the Company is required to keep the registration
        effective for shares issuable upon exercise of the Warrants issued in this
        private placement, the exercise price of the Warrant will be reduced to $1.67.
        In addition, the exercise price and the number of shares issuable under the
        Warrants is subject to customary adjustment in certain events, including
        reclassification of the Company&#8217;s securities, certain mergers, consolidations,
        sales of substantially all of the assets of the Company, subdivision or
        combination of shares of the Company, stock dividends and other distributions
        of
        Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><em>Registration
        Rights.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Warrants and the shares of our common stock issuable upon exercise of the
        Warrants are not registered under the Securities Act or any state securities
        laws. The Company has granted registration rights, described above, to the
        Investors for the shares of common stock issuable upon the exercise of the
        Warrants.</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"><strong>Terms
        of the Voting Agreements</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">Each
        affiliated investor who has participated in the private placement has entered
        into a Voting Agreement with the Company, pursuant to which such affiliated
        investor has agreed, solely in its or his capacity as a stockholder, to vote
        all
        of its or his issued and outstanding shares of our common stock in favor
        of the
        Second Closing and has granted to us an irrevocable proxy to vote all of
        its or
        his issued and outstanding shares of our common stock in favor of the second
        closing. As of June 30, 2005, the record date for our special meeting, these
        affiliated investors collectively hold in the aggregate approximately 55.6%
        of
        our outstanding common stock. Therefore, the affiliated investors own enough
        of
        our common stock, in the aggregate, to determine the outcome of the stockholder
        vote in connection with the second closing.</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"><em>Restrictions
        on Transfer of Shares.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Pursuant
        to the Voting Agreements, each affiliated investor has agreed not to (a)
        sell,
        assign, transfer (including by merger or otherwise) their shares of our common
        stock, (b) deposit any of such shares into a voting trust or enter into a
        voting
        trust or arrangement with respect to such shares or (c) grant any proxy or
        power
        of attorney with respect to such shares which is inconsistent with the Voting
        Agreements or enter into any contract or other arrangement regarding the
        sale
        assignment or transfer of such shares unless, in each case, the transferee
        agrees to be bound by the terms of such Voting Agreement.</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"><em>Termination
        of Voting Agreements.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Voting Agreements will terminate upon the earlier to occur of (a) the second
        closing of the private placement, (b) July 1, 2006 or (c) the date that the
        Securities Purchase Agreement between such affiliated investor and the Company
        terminates under its own terms.</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>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </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">The
        full
        text of item 3.02 of the Company&#8217;s current report on Form 8-K filed as of July
        7, 2005 is incorporated herein by reference. Forms of the Securities Purchase
        Agreements, the Warrants and the Voting Agreements are attached hereto as
        Exhibit 4.1, 4.2 and 9.1, respectively, and are incorporated herein by
        reference.</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"><strong>Employment
        Agreement with J. Michael French</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">Separately,
        on July 5, 2005, the Company entered into a letter employment agreement with
        J.
        Michael French defining the terms of his employment with the Company as Senior
        Vice President for Corporate Development (the &#8220;Letter Agreement&#8221;). </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
        Letter Agreement sets forth the terms of Mr. French&#8217;s employment with the
        Company, including: (i) receiving an annual salary of $255,000; (ii)
        participating in the company-wide bonus plan with an initial target of 25%
        of
        his annual salary; (iii) receiving an option to purchase 300,000 shares of
        the
        Company&#8217;s common stock, subject to a four-year vesting schedule; (iv)
        participating in the Company&#8217;s health, insurance and employee benefit plans; (v)
        receiving (a) a cash severance payment equal to nine months' salary and the
        acceleration of up to nine months of vesting of his option shares if he is
        terminated without cause, or (b) a cash severance payment equal to up to
        twelve
        months' salary and the acceleration of the greater of fifty percent of his
        unvested option shares or the continued vesting of his option shares for
        twelve
        months if he is terminated following a change of control of the Company and
        (vi)
        the reimbursement of certain moving expenses. The Letter Agreement will continue
        to govern the terms of Mr. French&#8217;s employment with the Company, while he serves
        as Senior Vice President for Corporate Development.</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"><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>
      <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"><strong>ITEM
        9.01</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FINANCIAL
        STATEMENTS AND EXHIBITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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"><strong>(c)
        Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="7%">
                <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">4.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Purchase Agreement dated as of July 5, 2005 by and between the
                  Company
                  and certain investors. (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">4.2</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Warrant to purchase Common Stock of the Company (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">9.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Voting Agreement and Irrevocable Proxy dated as of July 1, 2005
                  by and
                  between the Company and certain stockholders of the Company.
                  (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">10.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Employment
                  Agreement dated as of July 5, 2005 by and between the Company and
                  J.
                  Michael French. (2)</font></div>
              </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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        be
        filed herewith.</font></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">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        be
        filed as an exhibit to the Company&#8217;s Quarterly Report on Form 10-Q for the
        quarter ended June 30, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <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>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">Date:
        July 11, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" colspan="3" valign="top" width="76%">
                <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
                  THERAPEUTICS, INC. </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">(Registrant)
                  </font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="13%">
                <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">By:
                  </font></div>
              </td>
              <td align="left" valign="top" width="49%" style="BORDER-BOTTOM: black thin solid">
                <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">/s/
                  Howard W. Robin</font></div>
              </td>
              <td align="left" valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="13%">
                <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">Name:
                  </font></div>
              </td>
              <td align="left" valign="top" width="49%">
                <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">Howard
                  W. Robin</font></div>
              </td>
              <td align="left" valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="middle" width="2%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="13%">
                <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">Title:
                  </font></div>
              </td>
              <td align="left" valign="top" width="49%">
                <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">President
                  and Chief Executive Officer</font></div>
              </td>
              <td align="left" valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="middle" width="2%">&#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">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </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>EXHIBIT
        INDEX</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="7%">
                <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">4.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Purchase Agreement dated as of July 5, 2005 by and between the
                  Company
                  and certain investors. (1) </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">4.2</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Warrant to purchase Common Stock of the Company (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">9.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Form
                  of Voting Agreement and Irrevocable Proxy dated as of July 1, 2005
                  by and
                  between the Company and certain stockholders of the Company.
                  (1)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="7%">
                <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">10.1</font></div>
              </td>
              <td align="left" valign="top" width="71%">
                <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">Employment
                  Agreement dated July 5, 2005 by and between the Company and J.
                  Michael
                  French. (2)</font></div>
              </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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        be
        filed herewith.</font></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">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        be
        filed as an exhibit to the Company&#8217;s Quarterly Report on Form 10-Q for the
        quarter ended June 30, 2005.</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="center"><br></div>
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{"company-data": {"conformed-name": "SIRNA THERAPEUTICS INC", "cik": "0000892112", "assigned-sic": "2834", "irs-number": "341697351", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27914", "film-number": "05948924"}, "business-address": {"street1": "2950 WILDERNESS PLACE", "city": "BOULDER", "state": "CO", "zip": "80301", "phone": "3034496500"}, "mail-address": {"street1": "2950 WILDERNESS PLACE", "city": "BOULDER", "state": "CO", "zip": "80301"}, "former-company": {"former-conformed-name": "RIBOZYME PHARMACEUTICALS INC", "date-changed": "19960306"}}
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): July 5, 2005
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 1.01
ENTRY
                  INTO A MATERIAL DEFINITIVE AGREEMENT.
As
        previously reported on a Form 8-K filed on July 7, 2005 with the Securities
        and
        Exchange Commission (the "July 7, 2005 8-K"), on July 5, 2005 Sirna
        Therapeutics, Inc. (the "Company") entered into Securities Purchase 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 is subject to 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 through affiliates, who collectively hold a
        majority
of
        the
        Company's issued and outstanding common stock. The participants
        are:
INVESTOR
FIRST
                    CLOSING
SECOND
                    CLOSING
SHARES
                    OF COMMON STOCK
SHARES
                    UNDERLYING WARRANT
SHARES
                    OF COMMON STOCK
SHARES
                    UNDERLYING WARRANT
Capital
                    Ventures International
439,027
158,049
185,973
66,951
DLJ
                    Capital Corporation (1)
N/A
N/A
6,346
2,284
Domain
                    Public Equity Partners, L.P.
658,541
237,074
278,959
100,426
Granite
                    Global Ventures (Q.P.) L.P.
194,242
69,927
82,283
29,622
Granite
                    Global Ventures L.P.
3,318
1,194
1,407
507
Greer,
                    Robert Scott (2)
N/A
N/A
37,500
13,500
Heartland
                    Value Fund
2,809,777
1,011,519
1,190,223
428,481
Iroquois
                    Master Fund Ltd.
153,659
55,317
65,091
23,433
mRNA
                    Fund II L.P. (1)
N/A
N/A
12,418
4,470
Niedel,
                    James (2)
N/A
N/A
78,126
28,125
Oxford
                    Bioscience Partners IV L.P. (1)
N/A
N/A
1,237,582
445,529
Perry
                    Partners International, Inc.
1,527,056
549,740
646,862
232,870
Perry
                    Partners, L.P.
668,081
240,509
283,001
101,881
Portside
                    Growth and Opportunity Fund
109,756
39,512
46,494
16,738
Smithfield
                    Fiduciary LLC
219,513
79,024
92,987
33,476
Sprout
                    Capital IX, L.P. (1)
N/A
N/A
2,895,406
1,042,346
Sprout
                    Entrepreneurs Fund, L.P. (1)
N/A
N/A
11,411
4,107
Sprout
                    IX Plan Investors, L.P. (1)
N/A
N/A
133,712
48,136
Steelhead
                    Investments Ltd.
439,027
158,049
185,973
66,951
Tang
                    Capital Partners, L.P.
878,055
316,099
371,945
133,901
Venrock
                    Associates (1)
N/A
N/A
225,000
81,000
Venrock
                    Associates III, L.P. (1)
N/A
N/A
1,000,000
360,000
Venrock
                    Entrepreneurs Fund III, L.P. (1)
N/A
N/A
24,999
8,999
Wiegers
                    & Co. LLC
131,707
47,414
55,793
20,086
Wiegers
                    Family Foundation
87,805
31,609
37,195
13,391
(1)
        Affiliated with a member of the Board of Directors of the Company and affiliated
        by stock ownership as of June 30, 2005, the record date for the special meeting
        of the stockholders to approve the second closing of the private
        placement.
(2)
        Member of the Board of Directors of the Company.
On
        July
        6, 2005, at the first closing of the private placement, the Company 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 unaffiliated
        investors who participated in the first closing and to the affiliated investors.
        The affiliated investors have entered into voting agreements with the Company
        to
        vote in favor of the second closing of the private placement.
The
        following summary of the material terms of the Securities Purchase Agreements,
        the Warrants and the Voting Agreements is qualified in its entirety by reference
        to the full text of such documents, which are attached as exhibits hereto
        and
        incorporated by reference herein. References to "unaffiliated investors" include
        only investors who were affiliates as of June 30, 2005.
Terms
        of the Securities Purchase Agreements
In
        addition to providing for the issuance and sale of the shares of our common
        stock and warrants to purchase shares of our common stock described above,
        the
        Securities Purchase Agreements provide for the following important
        terms:
Registration
        Obligations and Liquidated Damages.
No
        later
        than 15 business days after the First Closing (the "Filing Date"), we are
        required, at our expense, to file with the SEC a registration statement with
        respect to the resale of the shares of common stock (A) issued at both the
        First
        Closing and the Second Closing of the private placement, and (B) issuable
        upon
        exercise of the warrants issued at both the First Closing and the Second
        Closing. We are required to use our reasonable commercial efforts to have
        such
        registration statement declared effective by the SEC prior to the date which
        is
        70 days after the Filing Date (or 110 days if the registration statement
        receives SEC review) (the "Required Effective Date"), and, subject to our right
        to suspend the resale of stock under the registration statement in certain
        circumstances, we are required to maintain the effectiveness of this
        registration statement until the earlier of (a) five years after the
        effectiveness of the registration statement, (b) the date on which the investors
        may sell all shares (including shares issuable upon exercise of the warrants)
        then held by the investors without restriction by the volume limitations
        of Rule
        144 of the Securities Act of 1933, as amended or (c) such time as all of
        those
        shares (including shares issued upon exercise of those warrants) have been
        sold.
        If the registration statement (a) is not filed by the Filing Date, (b) is
        not
        declared effective by the Required Filing Date or (c) once effective, ceases
        to
        be effective and available to investors in the private placement for any
        continuous period that exceeds 30 days or for one or more period that exceed
        in
        an aggregate of 60 days in any 12-month period, Sirna is required to pay
        the
        investors in the private placement a cash payment as liquidated damages and
        not
        as a penalty. This cash payment is calculated as 1% of the aggregate purchase
        price paid by the investors in the private placement, up to a maximum total
        cash
        payment equal to 10% of the aggregate purchase price, for each 30-day period
        of
        a registration default event described in (a), (b) or (c) above. If the default
        event lasts less than 30 days, the liquidated damages apply on a pro rata
        basis
        for any portion of such a 30-day period.
Right
        of First Offer.
Until
        July 7, 2006, the investors in each closing have a pro rata right, calculated
        on
        a fully diluted basis, to participate in any future private sales of securities
        by the Company, other than shares that are issued in sales customarily excluded
        from such right. These customary exceptions include outstanding options,
        shares
        granted or sold to employees, directors and consultants, shares issued to
        financial institutions or lenders in connection with credit, lease or other
        debt
        financing arrangements, shares issued to vendors, partners or other parties
        in
        connection with mergers or other acquisitions, licenses, strategic partnerships,
        joint ventures or other similar business arrangements, and shares approved
        by a
        majority of the investors in this private placement.
Indemnification.
The
        Company has granted the investors in the private placement customary
        indemnification rights in connection with the registration statement. The
        investors have also granted the Company customary indemnification rights
        in
        connection with the registration statement.
Terms
        of the Warrants
Exercise
        Period.
The
        Warrants are exercisable from January 6, 2006 through July 6, 2010 and can
        be
        exercised in cash or net exercised as described below.
Methods
        of Exercise.
The
        Warrants may be exercised in cash at all times during the exercise period,
        whereby the holders of the Warrants deliver the certificates representing
        the
        Warrants to Sirna and the then-applicable exercise price for the Warrants
        in
        exchange for the shares issuable thereunder (which exercise price may be
        paid
        directly out of the sale proceeds of the shares issued upon exercise of the
        Warrants if exercised in connection with a registered public offering by
        Sirna).
        In addition, the Warrants may be "net exercised" at any time after the Required
        Effective Date through the exercise period of the Warrants only during such
        times as the registration statement described above is not effective. The
        net
        exercise provision allows the holder to receive shares of common stock equal
        to
        the value of the Warrant without paying the exercise price in cash, but rather
        with the shares underlying the Warrant.
Exercise
        Price, Adjustment to Exercise Price and Number of Shares.
The
        exercise price of the Warrants is initially $1.92 per share. If the Company's
        shares of common stock are either (a) delisted from Nasdaq National Market
        or
        (b) terminated from registration under the Securities Act of 1933, as amended
        during the period, when the Company is required to keep the registration
        effective for shares issuable upon exercise of the Warrants issued in this
        private placement, the exercise price of the Warrant will be reduced to $1.67.
        In addition, the exercise price and the number of shares issuable under the
        Warrants is subject to customary adjustment in certain events, including
        reclassification of the Company's securities, certain mergers, consolidations,
        sales of substantially all of the assets of the Company, subdivision or
        combination of shares of the Company, stock dividends and other distributions
        of
        Company.
Registration
        Rights.
The
        Warrants and the shares of our common stock issuable upon exercise of the
        Warrants are not registered under the Securities Act or any state securities
        laws. The Company has granted registration rights, described above, to the
        Investors for the shares of common stock issuable upon the exercise of the
        Warrants.
Terms
        of the Voting Agreements
Each
        affiliated investor who has participated in the private placement has entered
        into a Voting Agreement with the Company, pursuant to which such affiliated
        investor has agreed, solely in its or his capacity as a stockholder, to vote
        all
        of its or his issued and outstanding shares of our common stock in favor
        of the
        Second Closing and has granted to us an irrevocable proxy to vote all of
        its or
        his issued and outstanding shares of our common stock in favor of the second
        closing. As of June 30, 2005, the record date for our special meeting, these
        affiliated investors collectively hold in the aggregate approximately 55.6%
        of
        our outstanding common stock. Therefore, the affiliated investors own enough
        of
        our common stock, in the aggregate, to determine the outcome of the stockholder
        vote in connection with the second closing.
Restrictions
        on Transfer of Shares.
Pursuant
        to the Voting Agreements, each affiliated investor has agreed not to (a)
        sell,
        assign, transfer (including by merger or otherwise) their shares of our common
        stock, (b) deposit any of such shares into a voting trust or enter into a
        voting
        trust or arrangement with respect to such shares or (c) grant any proxy or
        power
        of attorney with respect to such shares which is inconsistent with the Voting
        Agreements or enter into any contract or other arrangement regarding the
        sale
        assignment or transfer of such shares unless, in each case, the transferee
        agrees to be bound by the terms of such Voting Agreement.
Termination
        of Voting Agreements.
The
        Voting Agreements will terminate upon the earlier to occur of (a) the second
        closing of the private placement, (b) July 1, 2006 or (c) the date that the
        Securities Purchase Agreement between such affiliated investor and the Company
        terminates under its own terms.
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.
The
        full
        text of item 3.02 of the Company's current report on Form 8-K filed as of July
        7, 2005 is incorporated herein by reference. Forms of the Securities Purchase
        Agreements, the Warrants and the Voting Agreements are attached hereto as
        Exhibit 4.1, 4.2 and 9.1, respectively, and are incorporated herein by
        reference.
Employment
        Agreement with J. Michael French
Separately,
        on July 5, 2005, the Company entered into a letter employment agreement with
        J.
        Michael French defining the terms of his employment with the Company as Senior
        Vice President for Corporate Development (the "Letter Agreement").
The
        Letter Agreement sets forth the terms of Mr. French's employment with the
        Company, including: (i) receiving an annual salary of $255,000; (ii)
        participating in the company-wide bonus plan with an initial target of 25%
        of
        his annual salary; (iii) receiving an option to purchase 300,000 shares of
        the
        Company's common stock, subject to a four-year vesting schedule; (iv)
        participating in the Company's health, insurance and employee benefit plans; (v)
        receiving (a) a cash severance payment equal to nine months' salary and the
        acceleration of up to nine months of vesting of his option shares if he is
        terminated without cause, or (b) a cash severance payment equal to up to
        twelve
        months' salary and the acceleration of the greater of fifty percent of his
        unvested option shares or the continued vesting of his option shares for
        twelve
        months if he is terminated following a change of control of the Company and
        (vi)
        the reimbursement of certain moving expenses. The Letter Agreement will continue
        to govern the terms of Mr. French's employment with the Company, while he serves
        as Senior Vice President for Corporate Development.
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.
ITEM
        9.01
FINANCIAL
        STATEMENTS AND EXHIBITS
(c)
        Exhibits
4.1
Form
                  of Purchase Agreement dated as of July 5, 2005 by and between the
                  Company
                  and certain investors. (1)
4.2
Form
                  of Warrant to purchase Common Stock of the Company (1)
9.1
Form
                  of Voting Agreement and Irrevocable Proxy dated as of July 1, 2005
                  by and
                  between the Company and certain stockholders of the Company.
                  (1)
10.1
Employment
                  Agreement dated as of July 5, 2005 by and between the Company and
                  J.
                  Michael French. (2)
(1)
To
        be
        filed herewith.
(2)
To
        be
        filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the
        quarter ended June 30, 2005.
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 11, 2005
SIRNA
                  THERAPEUTICS, INC.
(Registrant)
By:
/s/
                  Howard W. Robin
Name:
Howard
                  W. Robin
Title:
President
                  and Chief Executive Officer
EXHIBIT
        INDEX
4.1
Form
                  of Purchase Agreement dated as of July 5, 2005 by and between the
                  Company
                  and certain investors. (1)
4.2
Form
                  of Warrant to purchase Common Stock of the Company (1)
9.1
Form
                  of Voting Agreement and Irrevocable Proxy dated as of July 1, 2005
                  by and
                  between the Company and certain stockholders of the Company.
                  (1)
10.1
Employment
                  Agreement dated July 5, 2005 by and between the Company and J.
                  Michael
                  French. (2)
(1)
To
        be
        filed herewith.
(2)
To
        be
        filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the
        quarter ended June 30, 2005.