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Syncona reports 'robust' quarter
StockMarketWire.com
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Healthcare company, Syncona, has reported a 'robust' performance in spite of the challenging environment due to the Covid-19 pandemic.
In its quarterly update covering the period from October 1 to December 31, 2020, the company reported £81 million in capital deployment and expect to deploy a further £150-£250 million in this financial year.
In the nine months from March 31, 2020, the company deployed £149.9 million in capital.
In this same nine-month period to the end of March, the company reported an 8.3% net asset value return.
Martin Murphy, CEO at Syncona Investment Management Limited, said: 'Syncona has performed robustly throughout the COVID-19 pandemic which has continued to present a significant challenge to healthcare systems, economies and society.
'Despite this environment, our portfolio companies have been resilient and innovative, delivering key milestones and adapting to new ways of working. I am proud of the Syncona team, who remain committed to our purpose of investing to extend and enhance human life, despite these challenging conditions.'
He added that the pandemic highlighted the importance of continuous and rapid innovation in the life science sector.
'Our expert team, differentiated strategy and strong capital base means we are well positioned to build innovative companies that aim to leverage speed and flexibility in drug development. We believe we will have an important role in continuing to translate and commercialise innovation into products for patients over the long-term,' Mr Murphy said.
Syncona has also announced a £25.3 million new commitment in a £61.0 million expanded Series A financing for Quell Therapeutics. This is the largest amount of funding to date for any stand-alone engineered T regulatory cell (Treg) company.
This new commitment takes Syncona's total commitment to this business to £59.3 million.
Syncona has invested £35.1 million of its total commitment and values its investment at that amount (equivalent to cost). Syncona will have a 74 per cent fully diluted ownership stake in Quell at the point current commitments are invested.
At 8:02am: (LON:SYNC) Syncona Limited share price was 0p at 278p
Story provided by StockMarketWire.com
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