30th May 2023 14:30
Syncona Ltd - London-based investor in healthcare companies - Reports first-quarter results of investee Freeline Therapeutics Holdings PLC. Freeline is a clinical-stage biotechnology company. Freeline swings to a pretax profit of USD1.2 million in the first quarter of 2023, from a pretax loss of USD27.0 million last year. Profit is boosted by a reduction in expenses. Research & development expenses narrow to USD11.0 million from USD20.0 million, and total operating expenses similarly decrease to USD20.1 million from USD28.1 million.
Looking forward, Freeline expects that its existing level of cash and cash equivalents will allow it to fund its planned operations into the second quarter of 2024. Chief Executive Officer Michael Parini says: "We continue to make significant strides as a company in driving greater focus, financial discipline, and operational efficiency."
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By Will Neill, Alliance News reporter
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