Syncona Limited Freeline expands Series C financing to $120million (4428R)
30 Giugno 2020 - 08:00AM
UK Regulatory
TIDMSYNC
RNS Number : 4428R
Syncona Limited
30 June 2020
Syncona Limited
Freeline expands Series C financing to $120 million
30 June 2020
-- Freeline raises $80 million from specialist global
institutional investors in an expanded $120m Series C financing
-- $120 million raised in total with Syncona remaining largest
investor in the financing; $40 million Series C investment from
Syncona in December 2019
-- Syncona's holding in Freeline written up to GBP181.5 million,
an uplift of GBP30.8 million (4.6p per share); 20.4 per cent uplift
to 31 March 2020 valuation
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
today announces that Freeline Therapeutics ("Freeline"), a
biotechnology company focused on developing curative gene therapies
for chronic systemic diseases, has raised a further $80 million
from specialist global institutional investors including Novo
Holding A/S, Eventide Asset Management, Wellington Management
Company, Cowen Healthcare Investments, Acorn Bioventures and Ample
Plus Fund in an expanded Series C financing. Including the $40
million invested in the Series C by Syncona in December 2019, this
takes the total financing round to $120 million. [1]
Following the financing, Syncona has revalued its holding to
take account of the price of the Series C. This results in a
GBP30.8 million uplift (4.6p per Syncona share) to Syncona's
holding value of Freeline. Syncona's holding value of Freeline is
now GBP181.5 million and its ownership stake in the business is 60
per cent.
The financing will enable Freeline to progress its lead
programme in Haemophilia B to a pivotal study, commence dose
escalation in its second programme in Fabry disease, progress its
pipeline of programmes and continue to develop its robust
manufacturing platform including commercial supply capability.
To date, Freeline has reported highly encouraging data [2] in
its lead programme for the treatment of Haemophilia B and is
currently seeking to identify the optimal dose and regimen to move
to a pivotal study. The business has also initiated the first AAV
gene therapy clinical trial globally to target Fabry disease, where
it has presented promising initial data (one patient) that AAV gene
therapy can deliver sustained levels of the
<ALPHA>-galactosidase A enzyme (<ALPHA>GLA) from a
single infusion. The high protein levels delivered in the
Haemophilia B programme provide encouragement that higher
<ALPHA>GLA levels could be achievable in Fabry disease
through dose escalation.
Freeline continues to develop its pipeline and has also
strengthened its executive team appointing Theresa Heggie as Chief
Executive Officer, formerly Head of CEMEA at Alnylam and bringing
significant commercial expertise in rare diseases, and Julie Krop
as Chief Medical Officer, bringing extensive experience in guiding
clinical stage therapies for rare and complex disorders to
registration.
Chris Hollowood, CIO of Syncona Investment Management Limited,
said: "Freeline's product candidates have significant potential to
achieve functional cures for patients across a broad array of
systemic diseases and we are very pleased with the progress the
company has made to date. We are focused on maximising its ambition
to develop gene therapy product candidates and are pleased with the
outcome of this funding round which brings in like-minded partners
to support the company as it continues to scale and drive multiple
programmes through the clinic. We are hugely excited about its
potential to transform the lives of patients and their
families."
Theresa Heggie, CEO of Freeline Therapeutics, said: "The
potential of gene therapy to change patients' lives has never been
greater and we are delighted to have leading US and European
biotechnology investors join us in this extended Series C
financing. It comes at an exciting time for Freeline with our lead
program in Haemophilia B progressing through clinical development,
and with promising programs behind that, including a gene therapy
treatment for Fabry Disease in the clinic and for Gaucher Disease
and Haemophilia A in late preclinical development."
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
This announcement includes information that is inside
information as defined in Article 7 of the Market Abuse Regulation
(EU) No.596/2014. The person responsible for arranging for the
release of this announcement on behalf of Syncona Ltd is Andrew
Cossar, General Counsel, SIML.
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of
investments of Syncona Limited. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied
by these forward-looking statements. In particular, many companies
in the Syncona Limited portfolio are conducting scientific research
and clinical trials where the outcome is inherently uncertain and
there is significant risk of negative results or adverse events
arising. In addition, many companies in the Syncona Limited
portfolio have yet to commercialise a product and their ability to
do so may be affected by operational, commercial and other
risks.
[1] Syncona's commitment to invest a further $40 million in the
Series C has now expired and will not be invested given the
additional capital raised from specialist global institutional
investors
[2] Freeline presented data at the EAHAD conference in February
showing that eight patients had been treated and six patients had
completed follow-up for at least six months. Amongst those six,
three had FIX activity levels over 50 per cent
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END
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