UK-based gene therapy developer Freeline closed a $120m series C round today that was co-led by pharmaceutical firm Novo, investment adviser Eventide Asset Management and investment management firm Wellington Management.
The round included commercialisation firm Syncona, which supplied $40m in a December 2019 first tranche, as well as Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund.
Founded in 2015 by Syncona, 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 the company 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.
Freeline will also use the cash to progress its assets targeting haemophilia A – which causes both internal and external bleeding – and Gaucher’s disease, the symptoms of which include bruising, fatigue, anaemia and an enlarged liver and spleen.
The company also plans to further develop its gene therapy platform and bolster its manufacturing capabilities. It intends to raise additional funding this year and possibly file for an initial public offering.
The round comes after a $116m series B round in June 2018 that was led by Syncona and backed by University College London’s UCL Technology Fund.
UCL Technology Fund had already invested $1.4m in the company 2016, after Syncona had supplied $37.6m in series A funding the previous year.
Thomas Dyrberg, managing partner of Novo corporate venturing vehicle Novo Ventures, will join Freeline’s board of directors in conjunction with the latest round. Syncona retains a majority stake of 60% in the company, down from 80%.
The original version of this story appeared on our sister site, Global University Venturing.
