9th Oct 2024 08:56
(Alliance News) - Syncona Ltd on Wednesday announced it has committed GBP19.9 million in a series B financing of Purespring Therapeutics, which will be used to advance kidney treatments.
Syncona is a London-based life science investor that owns a diversified portfolio of companies spanning across clinical stages. Purespring Therapeutics is an investee company of Syncona. It is focused on gene therapy for treating kidney diseases.
The investment includes the final tranche of a series A commitment of GBP9.9 million, and an additional GBP10.0 million commitment.
Syncona said that Purespring Therapeutics has raised GBP80 million in the series B financing round.
The company added that the financing was led by life science investor Sofinnova, in collaboration with Gilde Healthcare, Forbion, and British Patient Capital.
The funding brings the total amount raised by Purespring to GBP115 million and, following the drawdown of the full Series B financing, Syncona's ownership stake in Purespring will be 38%. Syncona's holding value of the company is now GBP51.2 million.
The company said the financing will be used to advance Purespring's "strong pipeline" of disease modifying gene therapies towards clinical development.
As part of this, it will fund the initiation of a clinical trial for its PS-002 programme, expected to launch in 2026. The programme targets IgA Nephropathy, a chronic kidney disease principally affecting young adults
Chief Executive Officer of Purespring, Julian Hanak, commented: "Our novel treatment platform and deep understanding of kidney disease puts us in a position to stop, reverse and even cure kidney disease.The funds raised will allow us to bring our novel treatments to patients in the clinic."
He continued: "Having sophisticated, experienced and committed investors on board, who understand drug development and the urgency of bringing these much-needed therapies to patients will maximise the opportunities for the company and the patients we treat."
Syncona shares were 0.5% higher at 110.50 pence each on Wednesday morning in London.
By Lydia Doye, Alliance News reporter
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