Gyroscope Therapeutics Holdings plc, a London, UK-based clinical-stage gene therapy company focused on diseases of the eye, received an up to $60m equity investment from global biopharmaceutical company Sanofi.
Sanofi will invest $40.0m in Gyroscope initially, at a premium to Gyroscope’s prior Series C financing, and the remaining $20.0m will be invested contingent on a future qualifying investment round and subject to the satisfaction of certain closing conditions.
Gyroscope plans to use proceeds from this investment to support funding of ongoing clinical trials of GT005 in GA. GT005 has been granted Fast Track designation by the U.S. Food and Drug Administration and is being evaluated in Phase II clinical trials.
Under the terms of the agreement, a Sanofi R&D executive will join the Gyroscope Clinical Advisory Board to advise on matters related to the development of GT005 for geographic atrophy (GA) secondary to age-related macular degeneration (AMD). Additionally, Gyroscope has granted Sanofi an exclusive right of first refusal on certain potential future transactions for GT005 in select geographies.
Led by Khurem Farooq, Chief Executive Officer, Gyroscope Therapeutics is a clinical-stage gene therapy company developing gene therapy beyond rare disease to treat diseases of the eye that cause vision loss and blindness. Its GT005 is an AAV2-based gene therapy for GA secondary to AMD that is designed to be a one-time treatment delivered under the retina. It aims to restore balance to an overactive complement system, a part of the immune system, by increasing production of the Complement Factor I (CFI) protein, which regulates the activity of the complement system. Complement overactivation can lead to inflammation that damages healthy tissues, and it has been strongly correlated with the development and progression of AMD. GT005 is currently being evaluated in Phase II clinical trials for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD), a leading cause of blindness. GT005 has received Fast Track designation from the U.S. Food and Drug Administration for the treatment of people with GA.
Gyroscope is headquartered in London with locations in Philadelphia and San Francisco.