TIDMSYNC
Syncona Limited
11 April 2019
Syncona Limited
Combination of Gyroscope Therapeutics with Orbit Biomedical
creates leading retinal gene therapy platform
11 April 2019
-- Merger brings together sub-retinal surgical platform with
Gyroscope's clinical stage pipeline and gene therapy manufacturing
platform
-- Gyroscope will be the world's first end-to-end retinal gene
therapy company with clinical, delivery and manufacturing
capabilities
-- Two key leadership appointments strengthen and broaden the
leadership team: Khurem Farooq, formerly Senior Vice President in
Immunology & Ophthalmology, Genentech, appointed CEO and Ian
Clark, former Genentech CEO, appointed Non-Executive Director
-- Syncona will own 82% of the enlarged company, which
represents a holding value of GBP28.9 million (cost)[1]
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, today
announces the merger of its companies, Gyroscope Therapeutics
(Gyroscope), an ophthalmology company developing genetically
defined therapies for retinal diseases and Orbit Biomedical
(Orbit), a specialist medical device company focused on precision
sub-retinal therapeutic delivery. Syncona will own 82% of the
enlarged company (a holding value of GBP28.9 million), which will
retain the Gyroscope name.
The merger creates the first fully integrated retinal gene
therapy company with high quality manufacturing and a surgical
platform that can support accurate, safe and consistent sub-retinal
delivery of treatments to patients with blinding conditions.
Chris Hollowood, Chief Investment Officer of Syncona and Chair
of Gyroscope, said: "Gyroscope is one of the first companies
globally to move gene therapy out of rare diseases through the
delivery of natural regulatory proteins. As retinal gene therapy
progresses to more prevalent conditions, delivering a therapeutic
in a way that ensures higher consistency of dosing, whilst allowing
patients to receive a less invasive treatment, is key to widespread
use and clinical effectiveness. The merger ensures Gyroscope now
has the key platform capabilities it requires to develop and
deliver its therapeutics commercially. This marks an important step
in fulfilling founding academics, David Kavanagh and Andrew
Lotery's vision of widespread use of genetically defined treatments
for dry AMD."
As it enters its next phase of growth towards commercial
development, the merged group will be led by newly appointed CEO,
Khurem Farooq. Khurem most recently held the position of Senior
Vice President of the Business Unit Immunology & Ophthalmology
at Genentech, where, notably, he was responsible for managing the
commercial success of Lucentis and the pre-launch activities for
Lampalizumab. Soraya Bekkali, who has led Gyroscope into the
clinic, will continue to lead the research and development
organisation as President, Head of R&D, whilst Mike Keane and
Susan Hill, who led the founding and launch of Orbit, will become
Gyroscope's Chief Technology Officer and Chief Business Officer
respectively.
Additionally, Ian Clark, who most recently served as Chief
Executive of Genentech, has been appointed as a Non-Executive
Director.
Gyroscope has provided further information in its press release
which can be found here:
http://gyroscopetx.com/press-releases/.
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel : +44 (0) 20 3981 7940
FTI Consulting
Brett Pollard / Natalie Garland-Collins
Tel: +44 (0) 20 3727 1000
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
About Syncona
Syncona is a leading FTSE250 healthcare company focused on
founding, building and funding global leaders in life science. Our
vision is to deliver transformational treatments to patients in
truly innovative areas of healthcare while generating superior
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 deep pool of capital,
and are established leaders in gene and cell therapy. We focus on
delivering dramatic efficacy for patients in areas of high unmet
need.
About Gyroscope Therapeutics
Gyroscope Therapeutics is a clinical-stage gene therapy company,
developing cutting edge, genetically defined therapies for the
treatment of eye diseases linked to an unbalanced complement
system, a part of the immune system. The Company was founded to
capitalise on a convergence of advancements made in the
understanding of the complement system's impact on eye disease, the
genetic basis of Age-related Macular Degeneration (AMD) and gene
therapy as a mode of sustained drug delivery.
The Company's lead investigational medicine, GT005, currently
being studied in the Phase I/II FOCUS trial in advanced dry AMD, is
a novel retinal gene therapy aiming at delivering a targeted,
single dose treatment for the progressive visual impairment caused
by dry AMD in patients by locally modulating complement activity.
Gyroscope is building a pipeline of medicines for blinding eye
diseases linked to the complement system.
Gyroscope is a private company headquartered in London, UK and
is supported by experts in complement biology, AMD and gene
therapy. Investors include Syncona Ltd., Cambridge Enterprise and
Cambridge Innovation Capital. Further information can be found at
www.gyroscopetx.com
About Orbit Biomedical.
Orbit Biomedical is a specialist medical device company
operating at the intersection of biomedical engineering, surgeon
training and curative therapeutics. Based in Ambler, PA, our
mission is to revolutionize gene and cell therapy treatment by
setting a new standard for precise, targeted surgical delivery to
the sub-retinal space.
Under a short surgical procedure, Orbit Biomedical's 510k
approved microcannula accesses the subretinal space from the front
of the eye by approaching it through the suprachoroidal tissue
layer, without the need to remove the vitreous (the gel-like
substance in the centre of the eye) or to pierce the retina itself.
Our goal is to help make the administration of one-time therapies
as safe and efficient as possible for patients.
Orbit Biomedical, founded in 2018 with Series A funding from
Syncona, partners with gene and cell therapy companies developing
one-time therapeutics for retinal diseases. For more information
visit www.orbitbiomedical.com
About AMD
Age related macular degeneration (AMD) is an eye condition which
damages photoreceptors in the macula (central retina), leading to
progressive loss of central vision. AMD affects over 35 million
patients globally.
There are two types of AMD: wet AMD and dry AMD. Dry AMD is the
most common form and gradually reduces central vision as retina
atrophy expands, causing a growing blank patch in the centre of
vision over time. People with advanced atrophic AMD, also called
geographic atrophy, report increasing difficulties in reading,
driving, recognizing faces, and activities in dim or low light,
often with significant impact on daily living.
The atrophic form of AMD represents a significant unmet medical
need, as there are currently no approved therapies for this
devastating blinding condition.
[1] Syncona invested a further GBP5.0 million of the Series A
financing into the merged company
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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