3rd Oct 2024 11:48
(Alliance News) - Syncona Ltd on Thursday said it has committed GBP63.5 million in a series B financing of Resolution Therapeutics, which will be put towards clinical development of a liver disease treatment.
Syncona is a London-based life science investor that owns a diversified portfolio of companies spanning across clinical stages. Resolution Therapeutics is an investee company of Syncona, and a cell therapy company investigating liver disease treatment.
Syncona has invested an initial tranche of GBP22 million, with the remaining tranches to be invested upon the completion of key milestones.
Resolution Therapeutics is focused on advancing its lead candidate, RTX001, an enhanced, next-generation macrophage cell therapy with first-in-class potential for end-stage liver disease. Proceeds from Syncona's Series B financing will support clinical entry and development of RTX001.
The funding brings the total amount raised by Resolution Therapeutics to GBP101.4 million and, following the drawdown of the full Series B financing, Syncona's ownership stake in Resolution Therapeutics will be 83%. Syncona's holding value of the company is now GBP63.6 million.
Syncona also noted the appointment of Paul Sekhri as chair of Resolution Therapeutics. Paul Sekhri is currently president & chief executive officer of vTv Therapeutics Inc and was previously president & CEO of eGenesis Inc and Lycera Corp.
Edward Hodgkin, managing partner of Syncona Investment Management Ltd and non-executive director of Resolution Therapeutics, said: "The data that Resolution has generated to date in this emerging area of medicine is encouraging and, in our view, demonstrates the potential that macrophages have in treating end-stage liver disease. This is a potential first-in-class product being developed for a disease where patients have no effective therapeutic options and typically face a liver transplant or further deterioration of their condition, which is often fatal. We are delighted to continue to support Resolution with our commitment to its Series B financing, in-line with Syncona's focus on allocating capital to clinical-stage assets and assets approaching clinical entry."
Shares in Syncona were down 0.5% at 112.60 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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