Syncona Launches $ 148 Million Series C Funding in Gyroscope
- $ 42.3 million (£ 30.8million) investing in Gyroscope alongside global institutional investors specializing in $ 148.0 million (£ 107.8 million) Series C financing
- Syncona’s stake in Gyroscope increased from £ 37.9 million (5.6 pence per share) to £ 150.6 million; 38.3% increase to £ 98.9million with Syncona’s stake in the company now 54 percent
Syncona Ltd, a leading healthcare company focused on founding, building and financing a portfolio of global leaders in life sciences, today announced that it has invested $ 42.3 million (30 , 8 million) in Gyroscope Therapeutics Ltd (Gyroscope), a clinical-stage gene therapy company focused on eye disease, in a $ 148.0 million ($ 107.8 million) Series C funding pound sterling). The funding was led by Forbion’s Growth Opportunities Fund and also attracted investment from global institutional investors including Sofinnova Investments, Tetragon Financial Group Limited, an undisclosed healthcare-focused fund, Fosun Pharma and Cambridge Innovation Capital. .
Following the financing, Syncona’s holding value in Gyroscope was subscribed to £ 150.6 million, which represents an increase of £ 37.9 million (5.6 pence per share). Syncona’s stake in the company is now 54%.
This funding will allow Gyroscope to advance the clinical development of GT005, the Company’s primary investigational gene therapy under evaluation for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD). ). GT005 has received Fast Track designation from the United States Food and Drug Administration and is being evaluated in Phase II clinical trials in two different populations of genetically defined patients with GA. These funds will also allow Gyroscope to advance its startup pipeline and innovative delivery technology, including its proprietary Orbit system.MT subretinal delivery system, designed for precise delivery to the back of the eye.
Gyroscope recently announced positive interim data from the FOCUS Phase I / II trial, showing that GT005 was well tolerated in patients and resulted in sustained increases in Complement Factor I as well as downregulation of a complement system. hyperactive – part of the inflamed system that has been strongly linked as the cause of dry AMD. The company also strengthened its management team, appointing Jessica Stitt as Chief Financial Officer, who brings two decades of finance and healthcare leadership experience. The company continues to develop its manufacturing capabilities and delivery technology.
Chris Hollowood, Chief Investment Officer of Syncona Investment Management Limited and Chairman of Gyroscope, said: “Syncona founded Gyroscope in 2016 in partnership with leading academics to develop genetically defined treatments for dry AMD, a leading cause of blindness. Our continued investment is a reflection of the great strides made by this world-class team to deliver on this promise. We look forward to partnering with Gyroscope’s new investors who share our enthusiasm for the potential of people and science to have a meaningful impact on the lives of patients.
Khurem Farooq, CEO of Gyroscope, said:
“We are delighted to welcome a new group of leading life science investors on our journey to deliver gene therapy beyond rare diseases. Their investment in Gyroscope will allow us to continue to develop our portfolio of experimental gene therapies, including our main experimental gene therapy, GT005. We recently announced encouraging data from Phase I / II clinical trials with GT005 that give us confidence in its potential as a treatment for geographic atrophy and are now focused on advancing our Phase II clinical program. .
Syncona’s goal is to invest to extend and improve human life. We do this by founding and building businesses to provide transformational treatment to patients in areas of high unmet need.
Our strategy is to found, build and fund companies around exceptional science to create a dynamic portfolio of 15-20 leading global healthcare companies for the benefit of all our stakeholders. We are focused on developing treatments for patients by working closely with university founders and world-class management teams. Our strategic review underpins our strategy, which allows us to take a long-term view as we seek to improve the lives of patients with few or no treatment options, to build science companies. sustainable life and provide shareholders with strong risk-adjusted returns.
About the gyroscope
Gyroscope Therapeutics is a clinical stage gene therapy company that develops gene therapy beyond rare diseases to treat eye diseases that cause vision loss and blindness. Gyroscope’s main experimental gene therapy, GT005, is currently being evaluated in phase II clinical trials for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD), a leading cause of blindness. GT005 has received Fast Track designation from the United States Food and Drug Administration for the treatment of people with GA.
Backed by leading investors in the life sciences, Gyroscope has built a global organization combining discovery, research, drug development, a manufacturing platform and surgical administration capabilities. Based in London and with offices in Philadelphia and San Francisco, Gyroscope’s mission is to preserve sight and combat the devastating impact of blindness. For more information visit: www.gyroscopetx.com and follow us on Twitter (@GyroscopeTx) and on LinkedIn.
 Exchange rate as of March 25, 2021. Includes amounts previously invested by Syncona in the form of convertible loans; additional GBP investment of £ 13.8 million compared to December 31, 2020 holding value of £ 98.9 million
 As of December 31, 2020
 See footnote 1.