TIDMSYNC
RNS Number : 9461L
Syncona Limited
18 May 2022
Syncona Limited
Syncona invests in $56 million Series B financing of SwanBio
Therapeutics
18 May 2022
-- Syncona invests in SwanBio's $56 million (GBP45 million)
Series B financing round, committing $54 million (GBP44 million [1]
), alongside investment from Mass General Brigham Ventures
-- Proceeds will primarily be used to support SwanBio's ongoing
clinical development of its lead candidate, SBT101, for
adrenomyeloneuropathy (AMN), which is expected to enter the clinic
this calendar year
-- Syncona's holding value is now GBP96 million, following first
tranche investment of $19 million (GBP16 million); on drawdown of
the full Series B financing, Syncona's ownership stake in the
business will be 80 per cent [2]
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, today
announces that it has committed $54 million (GBP44 million) in a
$56 million (GBP45 million) Series B financing in SwanBio
Therapeutics ("SwanBio"), a gene therapy company advancing
adeno-associated vector (AAV)-based therapies for the treatment of
devastating, inherited neurological conditions. Syncona led the
financing round alongside Mass General Brigham Ventures.
Following the drawdown of the full Series B financing, Syncona's
ownership stake in SwanBio will be 80 per cent. Including the
drawdown of the first tranche investment of $19 million (GBP16
million), Syncona's holding value of SwanBio is now GBP96
million.
SwanBio is a gene therapy company co-founded by Syncona in 2018
to develop medicines for serious neurological diseases with
significant unmet need. Its lead candidate, SBT101, is designed to
treat a rare, inherited neurodegenerative disease affecting the
spine called adrenomyeloneuropathy (AMN). There are currently no
approved treatments for AMN, which emerges in adulthood and is
characterised by a loss of mobility, incontinence, pain and sexual
dysfunction.
In the US and Europe, between 8,000 and 10,000 men are living
with this disease and their only option is managing its progressive
and debilitating symptoms. SwanBio's gene therapy is looking to
target the underlying cause of AMN - mutations of the ABCD1 gene -
which lead to disrupted function of spinal cord cells and other
tissues.
This latest financing round follows an expanded $77 million
Series A financing in 2020, taking the total amount of money raised
by SwanBio in its financings to date to $133 million. The proceeds
will primarily be used to support the ongoing clinical development
of SBT101, which is expected to enter the clinic later this year
through the initiation of a Phase I/II study. The company has a
pipeline of gene therapy candidates for other neurological
conditions , with a focus on spinal cord-related disorders, and is
applying learnings from the development of SBT101 to develop
therapies for both monogenic and polygenic disorders, conditions
caused by single genes or the combined effect of many genes,
respectively.
Chris Hollowood, Chief Investment Officer of Syncona Investment
Management Limited and Chair of SwanBio said: "Since our initial
investment, SwanBio has made excellent progress, with the company
rapidly advancing its lead programme for AMN towards the clinic. In
parallel, the company has built the platform capabilities that will
allow it to advance its broader pipeline of AAV gene therapies for
spinal cord-related disorders towards clinical development. We are
excited by the potential we see in this business to become a
leading gene therapy company delivering life changing treatments to
patients with debilitating neurological disorders."
Tom Anderson, Chief Executive Officer and Director of SwanBio
said: "We are determined in our pursuit of AAV-based therapies
targeting the root cause of disease, and are building our pipeline
to develop treatments where there is a significant unmet need. The
strategic decisions we make as a company are motivated by our drive
to help those affected by neurological diseases as soon as possible
because they can't wait - and we don't want them to . "
[ENDS]
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.
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus Witt
Tel: +44 (0) 7714 916615
FTI Consulting
Ben Atwell / Julia Bradshaw / 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 diversified 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 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 poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
About SwanBio Therapeutics
SwanBio Therapeutics is a gene therapy company that aims to
bring life-changing treatments to people with devastating,
inherited neurological conditions. SwanBio is advancing a pipeline
of gene therapies, designed to be delivered intrathecally, that can
address targets within both the central and peripheral nervous
systems. This approach has the potential to be applied broadly
across three disease classifications - spastic paraplegias,
monogenic neuropathies, and polygenic neuropathies. SwanBio's lead
program is being advanced toward clinical development for the
treatment of adrenomyeloneuropathy (AMN). For more information,
visit SwanBioTx.com.
[1] FX rates at 17 May 2022. Includes previously invested
convertible loan of $24 million plus accrued interest
[2] Percentage holding reflects Syncona's ownership stake at the
point full current commitments are invested on a fully-diluted
basis
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END
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