Syncona Limited Syncona makes further $80m commitment to Freeline (4030X)
December 19 2019 - 2:00AM
UK Regulatory
TIDMSYNC
RNS Number : 4030X
Syncona Limited
19 December 2019
Syncona Limited
SYNCONA MAKES FURTHER $80 MILLION COMMITMENT TO FREELINE
19 December 2019
-- $80.0 million (GBP61.1 million)[1] commitment to Freeline in
a Series C financing, a leading gene therapy company focused on
liver expression for a range of chronic systemic diseases
-- Freeline has a pipeline of four disclosed programmes, two of
which are clinical stage, and is developing a next-generation gene
therapy using a proprietary, novel capsid and best-in-class
manufacturing platform
-- Freeline is valued at cost[2] and held at GBP149.1 million
following the first tranche of $40.0 million (GBP30.6 million) of
the Series C investment
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, today
announces that it has made a $80.0 million commitment in a Series C
financing by Freeline. Syncona has funded the first tranche of this
commitment, amounting to $40.0 million (GBP30.6 million)[3].
Syncona has a 79 per cent fully diluted ownership stake at the
point full current commitments are invested.
Freeline is progressing FLT180a, its lead programme in
Haemophilia B, through clinical development. The company has
reported that the first two patients in its ongoing Phase 1/2 trial
who were treated with the lowest dose[4] have shown that Factor IX
(FIX) activity remains stable and consistent at 40.5+/-4.5% through
weeks 66 and 74 post administration. The normal range of FIX
activity in the general population's blood is between 50 per cent
and 150 per cent. Freeline uses a novel capsid which is capable of
driving high protein expression. The company continues to enrol
Haemophilia B patients as part of its dose-ranging trial. Freeline
is currently seeking to identify the optimal dosing regimen to
deliver FIX activity consistently in the normal range for all
patients and will report further data in this financial year (by
March 2020).
Freeline has also recently dosed the first patient in its second
programme in Fabry Disease, which it is estimated affects one in
every 40,000[5] people. This programme is the first clinical stage
AAV gene therapy study targeting Fabry Disease globally. The
company also has disclosed pre-clinical programmes targeting
Gaucher Disease and Haemophilia A, which are part of a broad
pipeline of systemic disorders, where high protein expression is
crucial to providing functional cures for patients.
Syncona's first tranche of $40.0 million will enable the company
to expand its team, continue to develop its robust manufacturing
platform including commercial supply capability, generate further
data in its clinical programmes for Haemophilia B and Fabry Disease
and continue to progress its pipeline.
Chris Hollowood, Chief Investment Officer of Syncona and
Executive Chairman of Freeline, said: "Freeline has developed a
high-quality gene therapy platform with a novel capsid capable of
driving high expression levels to treat systemic diseases. We are
encouraged by the potential product profile in our lead programme
in Haemophilia B and believe Freeline has the opportunity to
achieve functional cures for patients across a broad pipeline of
systemic diseases. We are continuing with dose optimisation and
remain on track to provide a clinical data update by financial year
end.
"This financing demonstrates Syncona's differentiated approach
of funding our companies over the long term. Our deep capital base
enables us to continue to strongly back our companies as they
progress through the development cycle and navigate clinical and
operational risks. We look forward to continuing to work in close
partnership with Freeline."
In line with Syncona's valuation policy, we continue to hold our
investment in Freeline at cost[6] until material clinical data is
generated, or a third-party financing or other factor occurs, that
indicates that cost[7] is no longer the appropriate measure of fair
value.
[ENDS]
Enquiries
Syncona Ltd
Siobhan Weaver / Annabel Clay
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / 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
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.
About Syncona
Syncona is a leading FTSE250 healthcare company focused on
founding, building and funding a portfolio of global leaders in
life science. Our vision is to build a sustainable, diverse
portfolio of 15 - 20 companies focused on delivering
transformational treatments to patients in truly innovative areas
of healthcare, through which we are seeking to deliver strong
risk-adjusted 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 strategic capital base which
provides us with control and flexibility over the management of our
portfolio. We focus on delivering dramatic efficacy for patients in
areas of high unmet need.
[1] As at exchange rate on 18 December 2019
[2] For the purposes of fair value, cost is equivalent to
calibrated cost
[3] See footnote 1
[4] The first cohort were treated at 4.5x10(11) vg/kg
[5] http://www.fabry.org/fsig.nsf/pages/fabry
[6] See footnote 3
[7] See footnote 3
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END
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