Syncona pleased at end of 'productive' quarter
By Josh White
Date: Tuesday 04 Feb 2020
(Sharecast News) - Healthcare investment company Syncona updated the market on the quarter ended 31 December on Tuesday, reporting that its had expanded, invested in and advanced its portfolio in the period.
The London-listed firm said it committed $80m (£61.1m) to Freeline in a series C financing, with the first tranche of $40m enabling Freeline to expand its team, continue to develop its proprietary platform, generate further data in its clinical programmes and progress its pipeline.
Syncona has a 79% holding in Freeline.
It also led a £32m series B financing in Azeria Therapeutics with a £29.5m Syncona commitment, of which the first tranche was £6.5m, and the company holding a 61% ownership stake in Azeria.
The opportunity there, the board said, was to address a "significant unmet need" with a lead programme in oestrogen receptor positive breast cancer patients, and to build a "world-class" pioneer factor oncology company.
Encouraging data was published by Autolus at the 61st American Society of Haematology annual meeting in December, the company noted.
It said AUTO1 adult ALL showed a favourable safety profile, a high level of clinical activity and potential for durable responses, with plans to initiate a pivotal programme in the first half of 2020.
AUTO3, meanwhile, demonstrated the potential for clinical efficacy and differentiation on safety, however it was at an early stage with further data required to establish overall differentiation in the product profile.
A decision for triggering phase 2 initiation was planned for mid-2020.
Freeline was progressing its two clinical programmes in haemophilia B and Fabry disease, with plans for four clinical stage programmes within 24 months.
Gyroscope, meanwhile, was progressing its lead investigational gene therapy, GT005, in its ongoing phase 1 and 2 trial, and advancing the development of its second-generation Orbit Subretinal Delivery System.
Achilles began patient enrolment in its non-small cell lung cancer and melanoma programmes during the period, Syncona noted.
The company's net assets totalled £1.34bn, or 199.4p per share at period end, with a net asset value total return of 0.2% in the period, and a negative 7% total return over the nine months from 31 March.
Its life science portfolio was valued at £516.6m, for a total return of negative 0.8% in the quarter and negative 12.5% over the nine months from 31 March.
A total of £39.9m of capital was deployed in the quarter, with £167.1m of capital deployed over the nine months from 31 March.
Syncona's capital base stood at £823.4m as at 31 December, down from £855.5m at the end of September.
"We have had a productive third quarter, funding Freeline as it continues to scale and leading a financing in a new Syncona company, Azeria, where there is an exciting opportunity to build a world-class oncology company," said Syncona Investment Management chief executive officer Martin Murphy.
"We have also seen strong clinical progress across the portfolio with Autolus, Freeline and Gyroscope progressing seven clinical trials.
"We continue to take a hands-on approach to capitalise on the significant opportunities ahead. We have a strong pipeline of opportunities to found new companies and will ambitiously fund our growing portfolio."
At 1120 GMT, shares in Syncona were up 2.03% at 219.37p.
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