TIDMSYNC
RNS Number : 8235B
Syncona Limited
04 February 2020
Quarterly Update
Building momentum across Syncona's nine life science
companies
Syncona today hosts Capital Markets Day for analysts and
investors
4 February 2020
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
today issues its quarterly update covering the period from 1
October to 31 December 2019.
Syncona has built a portfolio of nine highly innovative
companies, each addressing areas of significant unmet need for
patients. During the period, the Company has expanded, invested in
and advanced its portfolio.
Funding growth in our portfolio:
-- Committed $80 million (GBP61.1 million) to Freeline in a
Series C financing, with the first tranche of $40 million enabling
Freeline to expand its team, continue to develop its proprietary
platform, generate further data in its clinical programmes and
progress its pipeline; Syncona has a 79 per cent holding in
Freeline
Building a new Syncona company:
-- Led a GBP32.0 million Series B financing in Azeria
Therapeutics with a GBP29.5 million Syncona commitment, of which
the first tranche was GBP6.5 million; Syncona has a 61 per cent
ownership stake in Azeria[1]
-- Opportunity to address a significant unmet need with lead
programme in oestrogen receptor positive breast cancer patients and
to build a world class pioneer factor oncology company
Clinical progress with further data reported:
-- Encouraging data published by Autolus at the 61st American
Society of Haematology (ASH) Annual Meeting in December 2019:
- AUTO1 adult ALL showing a favourable safety profile, high
level of clinical activity and potential for durable responses;
plans to initiate a pivotal programme in first half of CY2020
- AUTO3 demonstrating the potential for clinical efficacy and
differentiation on safety, however at an early stage and further
data required to establish overall differentiation in the product
profile; decision for triggering Phase 2 initiation planned for
mid-2020
-- Freeline continues to progress its two clinical programmes in
Haemophilia B and Fabry Disease; plans for four clinical stage
programmes within 24 months (Haemophilia A and Gaucher)
-- Gyroscope continues to progress lead investigational gene
therapy (GT005) in its ongoing Phase 1/2 trial and advance the
development of its second-generation Orbit Subretinal Delivery
System
-- Achilles commenced patient enrolment in its non-small cell
lung cancer (NSCLC) and melanoma programmes
Financial Performance:
-- Net assets of GBP1,340.0 million, 199.4p per share, a NAV
total return of 0.2 per cent in the period, and a (7.0) per cent
total return over the nine months from 31 March 2019
-- Life science portfolio valued at GBP516.6 million (GBP481.3m
Sept 2019), a total return of (0.8) per cent in the quarter and
(12.5) per cent over the nine months from 31 March 2019
-- GBP39.9 million of capital deployed in the quarter, GBP167.1
million of capital deployed over the nine months from 31 March
2019
-- Capital base of GBP823.4 million at 31 December 2019 (GBP855.5m Sept 2019)
Post period end:
Freeline announced appointment of new Chief Executive and
further data to be presented in FLT180a
Freeline has today announced the appointment of Theresa Heggie
as Chief Executive. Theresa is an accomplished executive with
significant experience in the commercialisation of treatments for
rare diseases. Prior to joining Freeline, she held senior executive
roles at leading global rare disease companies including Shire, and
Alnylam Pharmaceuticals, where she served as SVP, Head of Central
and Eastern Europe, Middle East and Africa.
Freeline will be disclosing further data from its Phase 1/2
B-AMAZE trial investigating a novel gene therapy, FLT180a, for
Haemophilia B on Friday 7 February 2020 at 14:00-15:00 CET at the
13th Annual Congress of the European Association for Haemophilia
and Allied Disorders (EAHAD). Syncona will provide the details of
this data via an RNS announcement. Previously, Freeline has
disclosed 66- and 74-week data for the first cohort of two patients
who were treated with the lowest study dose (4.5x1011vg/kg).
The Hot Topics session details are available on the EAHAD
website at
https://eahadcongress.com/programme/programme/#friday.
Title: Phase 1/2 interim data from B-AMAZE study of adeno
associated virus (AAV) gene therapy (FLT180a) confirms progress
towards achieving Factor IX levels in the normal range for patients
with severe or moderately severe haemophilia B
Autolus closed $80 million public offering and reported
additional encouraging data in AUTO3
In January, Autolus completed a follow-on financing raising net
proceeds of approximately $72.4 million, and with Syncona investing
$15.0 million (GBP11.4 million[2]). Following the offering Syncona
remains the largest shareholder in Autolus with a 28.3 per cent
ownership stake. The financing will enable Autolus to develop its
AUTO1 adult ALL programme through its Phase 2 trial and develop its
next generation of T cell therapies.
Autolus reported additional encouraging data in its AUTO3 DLBCL
programme at the EHA conference and expects to report further data
from this programme in H2 2020, which will enable the business to
make its decision on further clinical development, including Phase
2 initiation.
Appointment of Syncona Entrepreneur in Residence:
Lorenz Mayr has been appointed Entrepreneur in Residence from 1
January 2020. In this role, he will have a particular focus on
sourcing new Syncona companies and developing and driving portfolio
company business plans and strategy.
Lorenz has 25 years of experience in the biotech and
pharmaceutical industry, spanning drug discovery and clinical
development in areas including molecular biology, antibodies, cell
and gene therapy, gene editing and molecular imaging. Prior joining
Syncona Lorenz was Chief Technology Officer for GE Healthcare and
has previously held senior leadership roles at Astra Zeneca,
Novartis and Bayer. He is a lecturer for Biochemistry at the
Martin-Luther University, Germany, and is member of several
Scientific Advisory Boards.
Martin Murphy, CEO, Syncona Investment Management Limited, said:
"We have had a productive third quarter, funding Freeline as it
continues to scale and leading a financing in a new Syncona
company, Azeria, where there is an exciting opportunity to build a
world-class oncology company. We have also seen strong clinical
progress across the portfolio with Autolus, Freeline and Gyroscope
progressing seven clinical trials.
"We continue to take a hands-on approach to capitalise on the
significant opportunities ahead. We have a strong pipeline of
opportunities to found new companies and will ambitiously fund our
growing portfolio.
"We are delighted that Lorenz has joined Syncona. He will be a
valuable addition to the team, and we look forward to working with
him as we found, build and fund the next generation of healthcare
companies seeking to deliver transformational treatments to
patients."
Syncona Capital Markets Day
Syncona is hosting an analyst and investor Capital Markets Day
today, 4 February 2020, in Central London, where we will be
discussing Syncona's strategy and portfolio companies as well as
hosting a number of panel discussions. No new material information
will be disclosed. For further information please contact
events@synconaltd.com.
The event will be webcast via the Investor Relations section of
the Syncona website www.synconaltd.com during the event, with a
playback facility and a copy of the presentation available
following the event. Webcast details are contained at the bottom of
this release.
Valuation movements in the quarter:
Company 30 Sept Net Valuat- FX movement 31 Dec % Fair Fully Focus
2019 invest- (GBPm) 2019 NAV value[3] diluted area
value basis owner-
(GBPm)
Value ment ion change ship
(GBPm) in period
(GBPm) (ex. stake
FX move-ment)
(GBPm) (%)
Life science portfolio companies
Clinical
Cell
Autolus 147.4 - 9.3 (11.5) 145.2 10.8 Quoted 29 therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Gene
Freeline 118.5 30.5 - (0.4) 148.6 11.1 Cost 79 therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Gene
Gyroscope 56.0 - - - 56.0 4.2 Cost 80 therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Pre-clinical
Recent
financing
(within Cell
Achilles 72.4 - - - 72.4 5.4 0-6 months) 44 therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Gene
SwanBio 18.7 - - (1.4) 17.3 1.3 Cost 70 therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Small
OMASS 9.8 - - - 9.8 0.7 Cost 46 molecule
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Anaveon 3.9 2.2 - (0.1) 6.0 0.5 Cost 51 Biologics
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Cell
Quell 8.3 - - - 8.3 0.6 Cost 69 Therapy
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Small
Azeria - 6.5 - - 6.5 0.5 Cost 61 molecule
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Life Science Investments
CRT Pioneer Adj.
Fund 39.1 0.7 - - 39.8 3.0 Third-party N/A
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Adj.
CEGX 3.9 - - - 3.9 0.3 PRI 9
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Adaptimmune 1.9 - (0.4) (0.1) 1.4 0.1 Quoted 0
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
Syncona
Collaborations 1.4 - - - 1.4 0.1 Cost 100
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
TOTAL 481.3 39.9 8.9 (13.5) 516.6 38.6
-------- ----------- --------------- --------------- ---------- ----- ------------ -------- ----------
[ENDS]
Enquiries
Syncona Ltd
Annabel Clay / Siobhan Weaver
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
Syncona Capital Markets Day webcast details:
The webcast will be accessible via the Syncona website and
https://webcast.openbriefing.com/syncona-cmd2020/ commencing at
1:10pm on 4 February 2020.
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.
Copies of this press release, a company results presentation,
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.
[1] At the point full current commitments are invested.
Ownership stake on a look through basis including Syncona's
investment in the CRT Pioneer Fund is 75 per cent at the point full
current commitments are invested.
[2] As at exchange rates on 22 January 2020
[3] For the purposes of fair value, cost is equivalent to
calibrated cost.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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