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Syncona Ltd - London-based investor in healthcare companies - Reports first-quarter results of investee Freeline Therapeutics Holdings PLC. Freeline is a clinical-stage biotechnology company. Freeline swings to a pretax profit of $1.2 million in the first quarter of 2023, from a pretax loss of $27.0 million last year. Profit is boosted by a reduction in expenses. Research & development expenses narrow to $11.0 million from $20.0 million, and total operating expenses similarly decrease to $20.1 million from $28.1 million. Looking forward, Freeline expects that its existing level of cash and cash equivalents will allow it to fund its planned operations into the second quarter of 2024. Chief Executive Officer Michael Parini says: ‘We continue to make significant strides as a company in driving greater focus, financial discipline, and operational efficiency.’ Current market price: 153.80 pence, down 0.1% on Tuesday 12-month change: down 24% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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