3rd Sep 2019 08:18
(Alliance News) - Syncona Ltd said Tuesday it has made investments totalling GBP83.1 million in two companies in separate Series B financing rounds.
The FTSE 250 healthcare-focused investment firm made a GBP48 million commitment to retinal gene therapy company Gyroscope Therapeutics in GBP50.4 million Series B financing, in which the remaining funds were provided by Cambridge Innovation Capital.
Gyroscope is focused on the treatment of dry age-related macular degeneration, which is the deterioration of the small central area of the retina of the human eye, and can impair vision.
The funding allows Gyroscope to completes its phase 1/2 study, start on its phase 2 study and expand the use of its surgical delivery platform in the clinic. Syncona has to date invested GBP82.0 million in Gyroscope, and currently holds an 80% stake.
"Gyroscope is an important part of Syncona's gene therapy strategy as we seek to utilise our expertise in the area to move beyond rare diseases into more prevalent diseases and build the next generation of products," said Chief Investment Officer Chris Hollowood.
Syncona's other investment was a GBP35.1 million investment into Achilles Therapeutics in a GBP100 million Series B funding round, with the remainder raised from global institutional investors.
Achilles is a biopharmaceutical company which develops personalised cancer immunotherapies.
The funding will allow Achilles to deliver two human proof-of-concept studies for its programmes in non-small cell lung cancer and melanoma. Proceeds from the financing will also give Achilles the ability to continue building out its manufacturing capabilities.
Syncona now holds a 44% stake in Achilles, with a holding value of GBP72.4 million.
"We are delighted with the strong progress Achilles has made over the last three years and are excited about its potential. There is a significant opportunity for the business to develop its next generation approach to bring innovative therapies to patients in areas of high unmet need. We believe in maximising our companies ambitions to take products to market and we are committed to supporting Achilles over the long-term as it continues to scale," said Martin Murphy, CEO of Syncona Investment Management Ltd.
Shares in Syncona were up 0.7% at 231.00 pence on Tuesday morning.
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