LONDON, June 30, 2020 (GLOBE NEWSWIRE) — Freeline, a biotechnology firm centered on creating healing gene therapies for power systemic illnesses, right now introduced the closing of a $120 million prolonged Sequence C financing. The financing augments Syncona’s beforehand introduced Sequence C funding in Freeline of $40 million (£30.6 million) with an extra $80 million (£61.2 million) of latest capital. The spherical was led by Novo Holdings A/S, Eventide Asset Administration and Wellington Administration Firm, with extra participation from Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund.
Freeline expects to make use of the proceeds from the financing to carry its lead program in Haemophilia B right into a pivotal trial, in addition to to proceed its Section 1/2 medical program for Fabry Illness and additional progress its pipeline applications for Gaucher Illness and Haemophilia A. Moreover, Freeline expects to make use of the proceeds from the financing to additional develop its proprietary gene remedy platform utilizing next-generation AAV expertise and broaden its manufacturing capabilities.
“The potential of gene remedy to alter sufferers’ lives has by no means been higher and we’re delighted to have main US and European biotechnology buyers be part of us on this prolonged Sequence C financing,” mentioned Theresa Heggie, CEO of Freeline. “It comes at an thrilling time for Freeline with our lead program in Haemophilia B progressing by means of medical improvement, and with promising applications behind that, together with a gene remedy remedy for Fabry Illness within the clinic and for Gaucher Illness and Haemophilia A in late preclinical improvement.”
“Our funding technique is to determine and put money into US and European life science firms that are true leaders of their space of experience, creating progressive product candidates that considerably advance affected person care,” mentioned Thomas Dyrberg, Managing Accomplice, Novo Ventures, Novo Holdings A/S. “Now we have been impressed by the Freeline platform and its scientific co-founders, in addition to their skilled administration workforce, and we’re delighted to help Freeline as they proceed to construct momentum.”
“Freeline’s product candidates have vital potential to attain purposeful cures for sufferers throughout a broad array of systemic illnesses and we’re very happy with the progress the corporate has made up to now,” mentioned Chris Hollowood, Chief Funding Officer of Syncona and Chairman of the Board of Administrators of Freeline. “We’re centered on maximising its ambition to develop gene remedy product candidates, and are happy with the end result of this funding spherical which brings in like-minded companions to help the corporate because it continues to scale and drive a number of programmes by means of the clinic. We’re massively enthusiastic about its potential to rework the lives of sufferers and their households.”
In reference to the financing, Freeline will appoint Thomas Dyrberg of Novo Holdings A/S to its Board of Administrators.
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Freeline is a clinical-stage biotechnology firm centered on AAV-based gene remedy focusing on the liver. Its imaginative and prescient is to create higher lives for folks affected by power, systemic illnesses utilizing the potential of gene remedy as a one-time remedy to supply a possible purposeful remedy. Freeline is headquartered within the UK and has operations in Germany and the US.
About Novo Holdings A/S
Novo Holdings A/S is a personal restricted legal responsibility firm wholly owned by the Novo Nordisk Basis. It’s the holding and funding firm of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is answerable for managing the Novo Nordisk Basis’s belongings.
Novo Holdings is acknowledged as a number one worldwide life science investor, with a concentrate on creating long-term worth. As a life science investor, Novo Holdings gives seed and enterprise capital to development-stage firms and takes vital possession positions in development and well-established firms. Novo Holdings additionally manages a broad portfolio of diversified monetary belongings.
Syncona is a number one FTSE250 healthcare firm centered on investing in and constructing world leaders in life science. Its imaginative and prescient is to ship transformational therapies to sufferers in actually progressive areas of healthcare whereas producing superior returns for shareholders.
Syncona seeks to associate with the very best, brightest and most bold minds in science to construct globally aggressive companies.
Syncona takes a long-term view, underpinned by a deep pool of capital, and is a longtime chief within the improvement of gene and cell therapies. Its focus is on delivering dramatic efficacy for sufferers in areas of excessive unmet want.