30th Jun 2020 10:33
(Alliance News) - Syncona Ltd said Tuesday that portfolio company Freeline Therapeutics has expanded its Series C financing round with institutional investors, leading to the gene therapy-focused biotechnology firm raising USD120 million in total.
The FTSE 250 healthcare investment firm first injected USD40 million into Freeline in December, and the company has manage to raise USD80 million from other investors including Novo Holding AS, Eventide Asset Management, Wellington Management Co, Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund.
London-based Syncona has revalued its holding in Freeline following the financing, leading to a GBP30.8 million uplift in the value of its 60% stake to GBP181.5 million.
Proceeds from the fundraising will allow Freeline to progress its lead programme in haemophilia B to a pivotal study, begin dose escalation in its second programme in Fabry disease, and continue to develop its manufacturing platform including commercial supply capability.
Also on Tuesday, Syncona noted that Freeline is considering other options for raising capital, including an initial public offering in the US.
The timing and terms of such a capital raise has not been determined, and whether it will even take place is subject to market conditions and other factors.
"Freeline's product candidates have significant potential to achieve functional cures for patients across a broad array of systemic diseases and we are very pleased with the progress the company has made to date. We are focused on maximising its ambition to develop gene therapy product candidates and are pleased with the outcome of this funding round which brings in like-minded partners to support the company as it continues to scale and drive multiple programmes through the clinic," said Chris Hollowood, chief investment officer of Syncona Investment Management.
Shares in Syncona were up 3.2% at 247.24 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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