Cambridge Innovation Capital has returned for a series C round for University of Cambridge-linked Gyroscope Therapeutics, which also welcomed back Syncona.
Gyroscope Therapeutics, the UK-based developer of retinal disease treatments based partly on University of Cambridge research, pocketed $148m in a series C round today backed by patient capital fund Cambridge Innovation Capital (CIC).
Syncona, the life sciences investment trust backed by research charities Wellcome Trust and Cancer Research UK, also took part in the round, which was led by Forbion’s Growth Opportunities Fund.
Pharmaceutical firm Fosun Pharma, Sofinnova Investments, Tetragon Financial Group and an unnamed healthcare-focused fund filled out the round. Syncona supplied $42.3m and now owns a 54% stake in the business.
Gyroscope is working on gene therapies for diseases of the eye that cause vision loss. Its lead asset, GT005, is undergoing phase 2 trials for the treatment of geographic atrophy secondary to age-related macular degeneration, a leading cause of blindness.
The company was established by Syncona and tech transfer office Cambridge Enterprise in 2016 to commercialise research from the lab of Sir Peter Lachmann, the emeritus Sheila Joan Smith professor of immunology in University of Cambridge’s Department of Veterinary Medicine.
The series C capital has been allocated to the further clinical development of GT005. The money will also allow Gyroscope to advance work on its early-stage pipeline and subretinal drug delivery system.
Khurem Farooq, chief executive of Gyroscope, said: “We are excited to welcome a new group of leading life sciences investors on our journey to deliver gene therapy beyond rare disease.
“Their investment in Gyroscope will allow us to continue building our portfolio of investigational gene therapies, including our lead investigational gene therapy, GT005.
“We recently announced encouraging phase 1/2 clinical trial data with GT005 that give us confidence in its potential as a treatment for geographic atrophy and are now focused on advancing our phase 2 clinical programme.”
Syncona led a $61.2m series B round in September 2019, when CIC also invested. The latter had already supplied an undisclosed amount in March 2019, a month before Gyroscope merged with medical device maker Orbit Biomedical, also a Syncona portfolio company.
