TIDMSYNC
RNS Number : 6222T
Syncona Limited
26 March 2021
26 March 2021
Syncona cornerstones $148 million Series C Financing in
Gyroscope
-- $42.3 million (GBP30.8 million[1]) investment in Gyroscope
alongside specialist global institutional investors in $148.0
million (GBP107.8 million) Series C financing
-- Syncona's holding in Gyroscope written up by GBP37.9 million
(5.6p per share) to GBP150.6 million; 38.3 per cent uplift to
holding value of GBP98.9 million[2] with Syncona's ownership stake
in the business now 54 per cent
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
today announced that it has invested $42.3 million (GBP30.8 [3]
million) in Gyroscope Therapeutics Ltd (Gyroscope), a
clinical-stage gene therapy company focused on diseases of the eye,
in an $148.0 million (GBP107.8 million) Series C financing. The
financing was led by Forbion's Growth Opportunities Fund and also
brought in 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
has been written up to GBP150.6 million, representing an uplift of
GBP37.9 million (5.6p per share). Syncona's ownership stake in the
business is now 54 per cent.
This financing will enable Gyroscope to advance clinical
development of GT005, the company's lead investigational gene
therapy being evaluated for the treatment of geographic atrophy
(GA) secondary to age-related macular degeneration (AMD). GT005 has
received Fast Track designation from the U.S. Food and Drug
Administration and is being evaluated in Phase II clinical trials
in two different genetically defined patient populations with GA.
These funds will also enable Gyroscope to further advance its early
stage pipeline and innovative delivery technology, including its
proprietary Orbit(TM) subretinal delivery system, which is designed
for precise delivery to the back of the eye.
Gyroscope has recently announced positive interim data from the
Phase I/II FOCUS trial, showing that GT005 was well tolerated in
patients and resulted in sustained increases in Complement Factor I
as well as down-regulation of an overactive complement system - a
part of the inflammatory system which has been strongly linked as a
cause of dry AMD. The business has also built out its management
team, appointing Jessica Stitt as Chief Financial Officer, who
brings two decades of healthcare finance and leadership experience.
The business 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
progress this world-class team has made towards delivering on that
promise. We look forward to partnering with Gyroscope's new
investors who share our excitement about the potential of the
people and science to make a meaningful impact in patients'
lives."
Khurem Farooq, Chief Executive Officer, Gyroscope, said:
"We are excited to welcome a new group of leading life sciences
investors on our journey to deliver gene therapy beyond rare
disease. Their investment in Gyroscope will allow us to continue
building our portfolio of investigational gene therapies, including
our lead investigational gene therapy, GT005. We recently announced
encouraging Phase I/II clinical trial data 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
programme."
[ENDS]
This announcement includes information that is inside
information as defined in Article 7 of the Market Abuse Regulation
(EU) No.596/2014. The person responsible for arranging for the
release of this announcement on behalf of Syncona Ltd is Andrew
Cossar, General Counsel, SIML.
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.
Enquiries
Syncona Ltd
Annabel Clay
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life.
We do this by founding and building companies to deliver
transformational treatments 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 globally
leading healthcare businesses for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our strategic balance sheet underpins our
strategy enabling us to take a long-term view as we look to improve
the lives of patients with no or few treatment options, build
sustainable life science companies and deliver strong risk-adjusted
returns to shareholders.
About Gyroscope
Gyroscope Therapeutics is a clinical-stage gene therapy company
developing gene therapy beyond rare disease to treat diseases of
the eye that cause vision loss and blindness. Gyroscope's lead
investigational 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 U.S. Food and Drug Administration for the treatment of people
with GA.
Supported by leading life sciences investors, Gyroscope has
built a global organisation combining discovery, research, drug
development, a manufacturing platform and surgical delivery
capabilities. Headquartered in London with locations in
Philadelphia and San Francisco, Gyroscope's mission is to preserve
sight and fight the devastating impact of blindness. For more
information visit: www.gyroscopetx.com and follow us on Twitter
(@GyroscopeTx) and on LinkedIn.
[1] FX rates at 25 March 2021. Includes amounts previously
invested by Syncona as convertible loans; incremental investment in
GBP of GBP13.8m over 31 December 2020 holding value of GBP98.9m
[2] As at 31 December 2020
[3] See footnote 1.
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