TIDMSYNC
RNS Number : 9661K
Syncona Limited
03 September 2019
03 September 2019
SYNCONA MAKES GBP48 MILLION COMMITMENT TO GYROSCOPE
-- GBP48 million commitment to Gyroscope in a GBP50.4 million
Series B financing in line with Syncona's strategy to found, build
and fund its companies ambitiously over the long-term
-- Series B financing increases Syncona's total commitment to
Gyroscope since foundation to GBP82.0 million; Syncona retains an
80 per cent stake in the business[1]
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life sciences, today
announces that it has committed GBP48.0 million of a GBP50.4
million Series B financing to Gyroscope Therapeutics ("Gyroscope")
with the further GBP2.4 million being committed by Cambridge
Innovation Capital ("CIC"). Syncona retains an 80 per cent stake in
the business. Its holding is valued at cost and held at GBP56.0
million, following the investment of the first tranche of the
Series B financing of GBP22.0 million.
Gyroscope is a leading clinical-stage, retinal gene therapy
company targeting the treatment of dry age-related macular
degeneration (dry-AMD), one of the leading cause of blindness and
for which there is currently no therapy. Gyroscope's approach
represents one of the first potential applications of gene therapy
beyond rare diseases. Its manufacturing and surgical platform
allows product development at commercial scale and quality, which
will support the company's ambition to deliver treatments to
patients in a disease impacting more than 35 million people
worldwide.
The Series B financing brings Gyroscope's total funding to date
to GBP82.0 million and is expected to allow the Company to complete
its phase 1/2 study, commence its phase 2 study and expand the use
of its surgical delivery platform in the clinic to further
establish safe, consistent delivery of gene therapy to the
retina.
Chris Hollowood, Chief Investment Officer of Syncona and
Chairman of Gyroscope, said: "This financing further demonstrates
our strategy to scale companies we have founded ambitiously so they
can become global leaders in their domain.
"Gyroscope is an important part of Syncona's gene therapy
strategy as we seek to utilise our expertise in the area to move
beyond rare diseases into more prevalent diseases and build the
next generation of products."
Khurem Farooq, Chief Executive Officer of Gyroscope, said: "We
are grateful for the confidence Syncona and CIC have shown in
Gyroscope as we continue to deliver on our promise to bring gene
therapy beyond rare disease to help the millions of people
worldwide with dry-AMD. Both our investigational therapy GT005 and
the Orbit Surgical Delivery System are being used to treat patients
in early-stage clinical trials and this funding will allow us to
collect and analyse safety data needed to then move into larger
trials and eventually bring them to market."
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel : +44 (0) 20 3981 7940
FTI Consulting
Brett Pollard / Ben Atwell / Natalie Garland-Collins
Tel: +44 (0) 20 3727 1000
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of
investments of Syncona Limited. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied
by these forward-looking statements. In particular, many companies
in the Syncona Limited portfolio are conducting scientific research
and clinical trials where the outcome is inherently uncertain and
there is significant risk of negative results or adverse events
arising. In addition, many companies in the Syncona Limited
portfolio have yet to commercialise a product and their ability to
do so may be affected by operational, commercial and other
risks.
About Syncona
Syncona is a leading FTSE250 healthcare company focused on
founding, building and funding global leaders in life science. Our
vision is to deliver transformational treatments to patients in
truly innovative areas of healthcare while generating superior
returns for shareholders.
We seek to partner with the best, brightest and most ambitious
minds in science to build globally competitive businesses.
We take a long-term view, underpinned by a deep pool of capital,
and are established leaders in gene and cell therapy. We focus on
delivering dramatic efficacy for patients in areas of high unmet
need.
Gyroscope: Vision for Life
Gyroscope Therapeutics is developing gene therapy beyond rare
disease and using it to treat a leading cause of blindness, dry
age-related macular degeneration (dry-AMD). Currently, 35 million
people are affected by dry-AMD around the world and there are no
approved treatments.
Research suggests that when a part of our immune system, the
complement system, is overactive it causes inflammation that
damages healthy eye tissues.
Our investigational therapy, GT005, is designed to restore
balance to the complement system. The goal is to slow, or possibly
stop the progression of dry-AMD. Patients in our Phase I/II
clinical trial receive a single dose of the therapy through a
one-time procedure into the back of their retina.
Our Orbit Biomedical Surgical Delivery System (SDS) is designed
to help surgeons deliver therapies to the retina with precision and
accuracy. Our goal is to simplify surgical procedures to make the
administration safe and consistent to give the therapy the best
chance of working. In addition to developing the Orbit SDS
technology for our own medicines, Gyroscope licenses the Orbit SDS
technology to other companies who are developing gene and cell
therapies to treat eye disease.
Syncona and CIC helped us create the only retinal gene therapy
company to combine discovery research, drug development, a
manufacturing platform and surgical delivery capabilities.
Headquartered in London, UK, with a U.S. headquarters near
Philadelphia, PA, we are building a pipeline of medicines, surgical
procedures and delivery devices to preserve sight and fight the
devastating impact of blindness. For more information go to:
www.gyroscopetx.com
[1] Syncona's ownership stake at the point full current
commitments are invested.
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END
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