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Press Release

SYNCONA MAKES £85 MILLION COMMITMENT TO FREELINE

Freeline
Posted on: 19 Jun 18
  • Significant £85 million backing for clinical stage Syncona-founded AAV gene therapy company

 

  • Commitment takes Syncona’s life science portfolio over 50 per cent of net assets[1]

Syncona Ltd, a leading healthcare company focused on investing in and building global leaders in life science, today announces that it has committed £85m to Freeline in an £88.4 million Series B financing.

 

Freeline is a leading, clinical stage AAV gene therapy company focused on liver expression for chronic systemic diseases. Syncona founded Freeline with Professor Amit Nathwani from University College London in 2015. The Series B financing will enable the company to drive its lead programme in Haemophilia B through the clinic, further broaden its pipeline, build on its core manufacturing capabilities and ultimately to deliver its products to patients.

 

Syncona remains the sole institutional investor in Freeline alongside UCL Technology Fund, who committed £3.4 million to the Series B round. Syncona has an 80 per cent fully diluted stake in Freeline which is valued at cost and held at £63.5 million[2] following the first tranche of the Series B investment. 

 

Chris Hollowood, Chief Investment Officer of Syncona and Chairman of Freeline, said: “In line with our strategy of building global leaders, we believe in backing our companies strongly over the long term. We are demonstrating this approach with our substantial ongoing commitment to Freeline, a company we founded in 2015 and which has made significant positive progress.

 

“The business has a world leading founder and executive team with extensive track records in gene therapy, clinical translation, early and late stage development and global drug approvals. With its first programme now in the clinic we look forward to continuing to work with Freeline as it seeks to progress its treatments to patients.

 

Anne Prener, CEO of Freeline, said “We are delighted to have secured Series B financing with Syncona and UCLB today, the proceeds of which will enable us to drive the business forward ambitiously in our next stage of growth and development. Freeline is a promising company at the forefront of an exciting area, with an industry leading, fully integrated AAV gene therapy platform. We have a deep pipeline of programmes and proprietary manufacturing capability enabling commercial quality and scale which we look forward to building out further in coming years.”

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 19/06/2018

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