9 October 2024
Syncona
Limited
Purespring Therapeutics
raises £80 million in a Series B financing
· Purespring raises £80 million in a Series B financing, with
Syncona committing £19.9 million[1]
as part of a leading syndicate of life science
investors
· Proceeds will be used to advance Purespring's strong pipeline
of disease modifying gene therapies focused on kidney diseases
towards clinical development, with clinical entry expected in
CY2026
· Syncona's total interest in Purespring is valued at £51.2
million[2]
· On
drawdown of the full Series B financing, Syncona's ownership stake
in the business will be 38.1 per cent[3]
Syncona Ltd, ("Syncona" or the
"Company") a leading life science investor focused on creating, building and scaling global leaders in life
science, today announces that its portfolio
company Purespring Therapeutics ("Purespring"), a pioneering gene
therapy company focused on transforming the treatment of kidney
diseases has raised £80 million in an oversubscribed Series B
financing. Syncona has committed £19.9 million as part of a leading
Series B syndicate, led by Sofinnova, in collaboration with Gilde
Healthcare, Forbion, and British Patient Capital.
Syncona founded Purespring in 2020
as one of the first adeno-associated virus ("AAV") gene therapy
companies focused on the kidney. Since foundation Purespring has
made considerable progress in making gene therapies for patients
with kidney diseases a reality and has maintained a world leading
position in the field. The company has generated encouraging
pre-clinical data validating the therapeutic potential of its
technology and has developed a strong chemistry, manufacturing, and
controls (CMC) platform that will support future clinical
development and commercialisation. The company's technology has
potential in a broad range of kidney diseases.
This latest financing brings the
total amount that Purespring has raised in funding to date
to approximately £115 million.
Proceeds will be used to advance Purespring's
strong pipeline of disease modifying gene therapies into the clinic
and support the expected initiation of a Phase I/II clinical trial
in CY2026 for its lead programme PS-002 targeting IgA Nephropathy
(IgAN), a chronic kidney disease principally affecting young
adults. IgAN is a serious disease where nearly one third of
patients lose their kidney function within five years and require
kidney transplantation or dialysis.
Syncona's £19.9 million Series B
commitment includes the final £9.9 million tranche of its Series A
commitment[4] and an additional £10.0 million
commitment, of which £5.0 million has now been invested. Syncona's
interest in Purespring is now valued at £51.2 million[5], incorporating capital invested by Syncona in
Purespring plus £4.5 million of value attributed to rights held for
a royalty relating to the company's lead programme. Value was
attributed to this royalty as part of the Series B financing. Upon
full drawdown of the Series B financing, Syncona's ownership stake
in the business will be 38.1 per cent.
Michael Kyriakides, Investment Partner at Syncona Investment
Management Limited and Board Director of Purespring Therapeutics,
said: "Syncona founded Purespring
with the vision of creating the world's leading kidney gene therapy
company and we have been impressed with its progress. Today's
financing and the strong syndicate of investors that the company
has attracted broadens Purespring's financial scale and clearly
validates its technology, strategy and execution to date. We look
forward to working alongside Purespring and its new syndicate as it
prepares for its Phase I/II clinical trial."
Julian Hanak, Chief Executive Officer of Purespring
Therapeutics, said: "Nearly one
tenth of the world's population, around 840 million people, suffer
from chronic kidney disease. For many of them, there are few
options beyond dialysis and transplantation. 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. I'm really pleased to be able to welcome such a
high-quality investor syndicate to support Purespring on this
journey. 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."
[ENDS]
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus
Witt
Tel: +44 (0) 20 3981 7912
FTI Consulting
Ben Atwell / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to
extend and enhance human life. We do this by creating, building and
scaling companies to deliver transformational treatments to
patients in areas of high unmet need.
We aim to build and maintain a
diversified portfolio of 20-25 globally leading life science
businesses, across development stage, modality and therapeutic
area, for the benefit of all our stakeholders. We focus on
developing treatments that deliver patient impact by working in
close partnership with world-class academic founders and
experienced management teams. Our balance sheet underpins our
strategy, enabling us to take a long-term view as we look to
improve the lives of patients with no or poor treatment options,
build sustainable life science companies and deliver strong
risk-adjusted returns to shareholders.
Syncona Limited seeks to achieve returns over the long term.
Investors should seek to ensure they understand the risks and
opportunities of an investment in Syncona Limited, including the
information in our published documentation, before
investing.
About Purespring
Purespring is developing gene
therapies to halt or prevent kidney disease, one of humankind's
most poorly treated disease areas.
Founded on the work of Professor
Moin Saleem, Professor of Paediatric Renal Medicine at the
University of Bristol, Purespring is the first company to
successfully treat kidney disease by targeting the podocyte, a
specialised cell that is implicated in the majority of renal
disease. Purespring's platform approach enables streamlined gene
therapy development for both monogenic and non-monogenic renal
diseases, offering the potential to halt, reverse and even cure
both rare and common kidney diseases.
The Company currently has a pipeline
of programmes in development including the lead asset for treatment
of IgA Nephropathy (IgAN) and other complement mediated kidney
disease. The Company also has programmes for diseases caused by
mutations in the gene NPHS2, as well as other monogenic glomerular
kidney disease.
Based in London, the Purespring team
combines world-leading expertise in podocyte biology and kidney
disease with a wealth of experience in gene therapies, anchored in
a culture of diversity, creativity and delivery.
Purespring is backed by leading
biotech investors, including Syncona Limited, Sofinnova Partners,
Gilde Healthcare, Forbion, and British Patient Capital and has
raised £115M to date.
For more information please
visit: purespringtx.com
and follow us on LinkedIn.
