Alnylam Pharmaceuticals, Inc. (Alnylam) is an early stage, biopharmaceutical company seeking to develop and commercialize therapeutics based on a biological pathway, RNA interference (RNAi). The Company has initiated programs to develop RNAi therapeutics that will be administered directly to sites of disease (direct RNAi therapeutics). Alnylam's direct RNAi programs are focused on age-related macular degeneration (AMD) and Parkinson's disease (PD). The Company expects to initiate a clinical trial for its lead AMD product candidate in 2005. Alnylam is also working to extend its capabilities to enable the development of RNAi therapeutics that travel through the blood stream to reach sites of disease (systemic RNAi therapeutics). Alnylam Pharmaceuticals, Inc. acquired Ribopharma AG in July 2003.