TIDMSYNC
RNS Number : 1284U
Syncona Limited
21 November 2019
Syncona leads GBP32 million financing in Azeria Therapeutics
-- Syncona leads GBP32.0 million Series B financing of Azeria
Therapeutics with a GBP29.5 million commitment
-- Opportunity to address a significant unmet need in oestrogen
receptor positive breast cancer patients in lead programme and to
build a world class pioneer factor[1] oncology company
London, 21 November 2019 - Syncona Ltd ("Syncona") announces a
new portfolio company, Azeria Therapeutics (Azeria) in a GBP32
million Series B financing in which Syncona has committed GBP29.5
million alongside existing investor the CRT Pioneer Fund. Syncona
will have a 61 per cent ownership stake at the point full current
commitments are invested,[2] with Syncona's investment in the
business having a holding value of GBP6.5 million[3] following the
first tranche of the Series B commitment
Azeria was originally founded in 2017 by Sixth Element Capital,
manager of the CRT Pioneer Fund and Cancer Research UK's Commercial
Partnerships team, with the aim of building a world class pioneer
factor oncology company, developing breakthrough treatments for
hormone resistant breast cancer patients. It was based on the work
of leading expert in the field, Professor Jason Carroll at the
Cancer Research UK Cambridge Institute, University of Cambridge,
UK, whose scientific insights have led to a new approach to target
FOXA1 driven cancers.
FOXA1 is an essential pioneer factor which has been shown to be
pivotal in the tumour growth, progression and maintenance of
oestrogen receptor positive luminal breast cancer. This is an area
of significant unmet patient need where approximately 30 per cent
of patients progress to late stage endocrine resistant disease[4]
and where there is potential for new treatments to have significant
impacts for patients not addressed by existing therapeutics.
Extensive target validation and drug discovery work to date
supports the lead programme, with a plan to take the programme into
the clinic over the course of the Series B funding. Azeria is
seeking to develop the programme to commercialisation and to
explore a pipeline of further programmes in oncology.
Azeria received initial investment of GBP5.5 million in Series A
financing from the CRT Pioneer Fund, which focuses on early stage
investments in highly innovative oncology programmes. Syncona is
the largest investor in the CRT Pioneer Fund (64 per cent of the
fund) and will now participate directly in the next stage of growth
and development. Magda Jonikas and Martin Murphy of Syncona will
now join the Board of Azeria.
Magda Jonikas, Partner of Syncona Investment Management Limited,
said: "This is an exciting opportunity to build a world class
oncology company, starting with oestrogen receptor positive breast
cancer which is an area of significant unmet need for patients. We
are looking forward to working in partnership with management as
Azeria seeks to develop its lead programme and explore further
programmes in oncology."
Martin Murphy, Chief Executive of Syncona Investment Management
Limited, said: "Azeria is an exciting company and a perfect fit for
Syncona's long term strategy building globally leading healthcare
companies. Based on unique, proprietary scientific insight, with a
world class academic founder and high-quality team, the company has
an opportunity to develop and commercialise treatments which could
make a significant difference for patients. The Sixth Element team
did an excellent job in identifying and investing in this science
to take it to the point where it became an exciting and appropriate
opportunity for Syncona."
Stephen Myatt, Chief Executive Officer of Azeria Therapeutics
said: "Azeria is the product of more than ten years of research by
Professor Jason Carroll at Cancer Research UK's Cambridge
Institute, University of Cambridge and was created to accelerate
research and development into pioneer factors, a completely new
target class in oncology including FOXA1. We would like to thank
Sixth Element Capital for their continued support and look forward
to working closely with Syncona to accelerate the development of
breakthrough treatments for hormone resistant breast cancer
patients."
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel: +44 (0) 20 3981 7940
FTI Consulting
Brett Pollard / Ben Atwell / Natalie Garland-Collins
Tel: +44 (0) 20 3727 1000
Azeria Therapeutics
Optimum Strategic Communications
Mary Clark / Hollie Vile / Eva Haas
Tel: +44 203 950 9144
azeria@optimumcomms.com
About Syncona:
Syncona is a leading FTSE250 healthcare company focused on
founding, building and funding a portfolio of global leaders in
life science. Our vision is to build a sustainable, diverse
portfolio of 15 - 20 companies focused on delivering
transformational treatments to patients in truly innovative areas
of healthcare, through which we are seeking to deliver strong
risk-adjusted returns for shareholders.
We seek to partner with the best, brightest and most ambitious
minds in science to build globally competitive businesses. We take
a long-term view, underpinned by a strategic capital base which
provides us with control and flexibility over the management of our
portfolio. We focus on delivering dramatic efficacy for patients in
areas of high unmet need.
About Azeria Therapeutics:
Azeria Therapeutics is the world's first pioneer factor drug
discovery company developing breakthrough treatments for hormone
resistant breast cancer patients where there are significant areas
of unmet clinical need. Founded in 2017 by the leading expert in
pioneer factors in cancer, Professor Jason Carroll, Azeria is
developing a pipeline of small molecules designed to selectively
inhibit pioneer factors.
Azeria is initially targeting the pioneer factor FOXA1, which
has shown to be pivotal in the tumour development and maintenance
of oestrogen receptor (ER) positive luminal breast cancer. Based in
Cambridge UK, Azeria previously raised GBP5.5 million in a Series A
financing, provided by specialist oncology investment fund, the CRT
Pioneer Fund, managed by Sixth Element Capital LLP.
About Sixth Element Capital LLP and the CRT Pioneer Fund:
Sixth Element Capital LLP (6EC) is a UK based fund manager,
which manages the CRT Pioneer Fund. 6EC's experienced partners
focus on creative and collaborative novel financing solutions
designed to fund and manage innovative science in order to bring
new therapeutic products and technologies to market, creating long
term value and benefit to stakeholders.
The CRT Pioneer Fund is a specialist oncology investment fund
established by 6EC in 2012. The GBP70 million fund is dedicated to
investments in oncology development programmes in Europe. The fund
was established to bridge the investment gap between cancer drug
discovery and early clinical development. To date the Fund has made
twelve oncology drug investments.
[1] A pioneer factor is a specialised type of transcription
factor, able to 'open' compacted DNA to initiate the expression of
genes to make sure they are expressed in the right cell at the
right time. Changes in specific expression patterns drives certain
cancers.
[2] Ownership stake on a look through basis including Syncona's
investment in the CRT Pioneer Fund is 75 per cent at the point full
current commitments are invested.
[3] Azeria is held by Syncona at cost which is deemed to be fair
value. The first GBP6.5m tranche of the GBP29.5 million commitment
was paid in November 2019.
[4]
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4453676/pdf/bjc2015127a.pdf
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END
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