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Syncona invests in Gyroscope as part of $148m Series C financing; Gyroscope considering US IPO
StockMarketWire.com
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Healthcare and life science investor Syncona has invested $42.3 million in clinical-stage gene therapy portfolio company Gyroscope Therapeutics alongside specialist global institutional investors in a $148 million Series C financing, as Gyroscope Therapeutics announced it is considering additional capital raising options, which could include an IPO in the US.
Syncona said: 'The timing and the terms of any such offering have not yet been determined and are subject to market conditions and other factors. There is no assurance that any such additional capital raising will be completed.'
Following the financing, Syncona's holding in Gyroscope has been written up by £37.9 million to £150.6 million, representing a 38.3% uplift to holding value of £98.9 million.
The financing was led by Forbion's Growth Opportunities Fund and also brought in investment from Sofinnova Investments, Tetragon Financial Group, an undisclosed healthcare focused fund, Fosun Pharma and Cambridge Innovation Capital.
Gyroscope chief executive Khurem Farooq said: 'Their investment in Gyroscope will allow us to continue building our portfolio of investigational gene therapies, including our lead investigational gene therapy, GT005.
'We recently announced encouraging Phase I/II clinical trial data with GT005 that give us confidence in its potential as a treatment for geographic atrophy and are now focused on advancing our Phase II clinical programme.'
The funds will also enable Gyroscope to advance its early stage pipeline and innovative delivery technology, including its proprietary Orbit subretinal delivery system.
Story provided by StockMarketWire.com
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