Syncona and CIC underpin £50.4m vision tech Series B
Gyroscope Therapeutics, which is developing gene therapies and surgical delivery systems for retinal diseases, has completed a £50.4 million Series B financing.
The money will provide scale-up capital on several fronts as the Stevenage business continues to expand globally from the UK. Cambridge investors have pitched into the round.
The Series B haul will enable Gyroscope to continue to advance the clinical development of its investigational gene therapy GT005 for dry age-related macular degeneration (dry-AMD), the leading cause of permanent vision impairment for people aged 65 and older.
It will also enable ongoing development of a manufacturing platform to meet patient need worldwide and a second-generation Orbit Subretinal Delivery System to not only deliver Gyroscope’s investigational therapies but also be licensed to other gene and cell therapy companies developing medicines.
Syncona Ltd is investing £48m in the round, bringing its total commitment to Gyroscope since its inception to £82m. Cambridge Innovation Capital will contribute £2.4m, taking its total commitment to Gyroscope since its inception to £3m.
Khurem Farooq, chief executive officer of Gyroscope, said: “Both our investigational therapy GT005 and the Orbit SDS are being used to treat patients in early-stage clinical trials and this funding will allow us to collect and analywe safety data needed to then move into larger trials and eventually bring them to market.”
Chris Hollowood, chief investment officer of Syncona and chairman of Gyroscope said the company had brought the novel medicine to the clinic in less than two and half years from formation.
In conjunction it had built a surgical platform alongside that has the potential to improve the therapeutic’s safety, efficacy and consistency as well as increase the number of patients that can potentially benefit.
He said: “We are pleased to provide the team the support to build on this momentum and potentially bring the first medicine for dry-AMD to patients around the world.”
Gyroscope has also added Edward Lang Jr. to its executive committee. He will serve as chief corporate affairs officer and brings more than 16 years of communication, public affairs and patient advocacy relations experience in the biotechnology industry from Genentech, Roche, Juno Therapeutics and Sana Biotechnology.
Over his career he helped bring more than 12 new medicines to patients around the world in the fields of oncology, ophthalmology, immunology and rare disease.