Freeline Closes $120 Million Series C Financing Round
Supported by leading international investors led by Novo Holdings A/S, Eventide Asset Management and Wellington Management Company –
London, 30 June, 2020 – Freeline, a biotechnology company focused on developing curative gene therapies for chronic systemic diseases, today announced the closing of a $120 million extended Series C financing. The financing augments Syncona’s previously announced Series C investment in Freeline of $40 million (£30.6 million) with an additional $80 million (£61.2 million) of new capital. The round was led by Novo Holdings A/S, Eventide Asset Management and Wellington Management Company, with additional participation from Cowen Healthcare Investments, Acorn Bioventures and Ample Plus Fund.
Freeline expects to use the proceeds from the financing to bring its lead program in Haemophilia B into a pivotal trial, as well as to continue its Phase 1/2 clinical program for Fabry Disease and further progress its pipeline programs for Gaucher Disease and Haemophilia A. Additionally, Freeline expects to use the proceeds from the financing to further develop its proprietary gene therapy platform using next-generation AAV technology and expand its manufacturing capabilities.
“The potential of gene therapy to change patients’ lives has never been greater and we are delighted to have leading US and European biotechnology investors join us in this extended Series C financing,” said Theresa Heggie, CEO of Freeline. “It comes at an exciting time for Freeline with our lead program in Haemophilia B progressing through clinical development, and with promising programs behind that, including a gene therapy treatment for Fabry Disease in the clinic and for Gaucher Disease and Haemophilia A in late preclinical development.”
“Our investment strategy is to identify and invest in US and European life science companies which are true leaders in their area of expertise, developing innovative product candidates that significantly advance patient care,” said Thomas Dyrberg, Managing Partner, Novo Ventures, Novo Holdings A/S. “We have been impressed by the Freeline platform and its scientific co-founders, as well as their experienced management team, and we are delighted to support Freeline as they continue to build momentum.”
“Freeline’s product candidates have significant potential to achieve functional cures for patients across a broad array of systemic diseases and we are very pleased with the progress the company has made to date,” said Chris Hollowood, Chief Investment Officer of Syncona and Chairman of the Board of Directors of Freeline. “We are focused on maximising its ambition to develop gene therapy product candidates, and are pleased with the outcome of this funding round which brings in like-minded partners to support the company as it continues to scale and drive multiple programmes through the clinic. We are hugely excited about its potential to transform the lives of patients and their families.”
In connection with the financing, Freeline will appoint Thomas Dyrberg of Novo Holdings A/S to its Board of Directors.
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Freeline is a clinical-stage biotechnology company focused on AAV-based gene therapy targeting the liver. Its vision is to create better lives for people suffering from chronic, systemic diseases using the potential of gene therapy as a one-time treatment to provide a potential functional cure. Freeline is headquartered in the UK and has operations in Germany and the US.
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding and investment company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.
Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
Syncona is a leading FTSE250 healthcare company focused on investing in and building global leaders in life science. Its vision is to deliver transformational treatments to patients in truly innovative areas of healthcare while generating superior returns for shareholders.
Syncona seeks to partner with the best, brightest and most ambitious minds in science to build globally competitive businesses.
Syncona takes a long-term view, underpinned by a deep pool of capital, and is an established leader in the development of gene and cell therapies. Its focus is on delivering dramatic efficacy for patients in areas of high unmet need.