Syncona supplied a third of the investment and retains a majority stake in Freeline, which is based on research at UCL.
Freeline, a UK-based gene therapy spinout from University College London (UCL) formed by commercialisation firm Syncona, today closed a $120m series C round featuring the latter investor.
Pharmaceutical firm Novo Holdings, investment adviser Eventide Asset Management and investment management firm Wellington Management Company co-led the round, which also featured Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund.
Syncona supplied $40m in a first tranche in December 2019 and retains a majority stake of 60%, down from 80%.
Founded in 2015, Freeline is working on adeno-associated virus (AAV)-based gene therapies aimed at the liver to tackle chronic, systemic conditions through a one-time treatment.
The capital will enable Freeline to move its candidate targeting haemophilia B – a disorder causing bleeding in the joints – into a pivotal trial, and to continue a phase 1/2 study for Fabry disease, a lysosomal storage disease that affects the heart, kidneys and skin.
The money will also allow the spinout to progress its assets targeting haemophilia A – which causes both internal and external bleeding – and Gaucher’s disease, whose symptoms include bruising, fatigue, anaemia and enlarged liver and spleen.
Freeline also plans on further developing its gene therapy platform and bolstering its manufacturing capabilities. Separately, Freeline revealed plans to raise additional funding this year, which may include an IPO in the US.
Thomas Dyrberg, managing partner of Novo’s corporate venturing arm Novo Ventures, will join Freeline’s board of directors.
Freeline previously collected $116m in a series B round led by Syncona and backed by the university’s UCL Technology Fund in June 2018. UCL Technology Fund invested $1.4m in 2016, after Syncona had supplied $37.6m in series A capital in 2015.
