Gyroscope Therapeutics Completes Financing to Advance Gene Therapy Candidate for GA

Gyroscope Therapeutics recently raised $148 million in a Series C financing to advance the clinical development of GT005, its lead investigational gene therapy, which is being evaluated for treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD). GT005 also received Fast Track designation from the Food and Drug Administration for the treatment of people with GA.

Gyroscope followed that up with another potential step forward last week by filing for an initial public offering with the Securities and Exchange Commission to list its American Depositary Shares on the Nasdaq Global Select Market.

London-based Gyroscope says the Series C funding will also be used to further advance early stage pipeline and innovative delivery technology, including its proprietary Orbit subretinal delivery system.

Interim GT005 Data
Interim data released in February from the Phase l/ll FOCUS trial showed GT005 was well tolerated and resulted in sustained increases in vitreous complement factor I levels in the majority of patients, as well as decreases in the downstream complement proteins associated with over-activation of the complement system.

“The recently released data from the FOCUS trial suggest the potential of a one-time gene therapy with GT005 to regulate an overactive complement system,” said FOCUS trial investigator Arshad Khanani, MD, MA, director of clinical research at Sierra Eye Associates, and clinical associate professor at the University of Nevada, Reno School of Medicine. Dr. Khanani noted there is strong evidence that an overactive complement system is a key driver of dry AMD.

Series C Details
The current financing round was led by Forbion’s Growth Opportunities Fund and includes Sofinnova Investments, funds and accounts advised by T. Rowe Price Associates, Tetragon Financial Group, an undisclosed healthcare-focused fund, Fosun Pharma, Cambridge Innovation Capital, and founding investor Syncona.

Wouter Joustra, general partner at Forbion, and Maha Katabi, general partner at Sofinnova, were appointed to the Gyroscope’s board of directors, and Dominic Schmidt is stepping down from the board.

“Forbion has a reputation for pioneering investment in vector-based therapies, with seed investments in AAV- [adeno-associated virus] and lentiviral-based companies,” Joustra said. “Gyroscope’s pipeline of investigational gene therapies is exactly the type of potentially transformative technology we look to invest in.”

Nicole DeFeudis at Endpoints News reports that Syncona, which founded Gyroscope with Cambridge Enterprise, contributed $42.3 million to the Series C round, and now maintains a 54% stake. DeFeudis reports the company has recently said it expects the Phase I/II FOCUS trial to finish enrollment by the end of the year, and is on track to fill out enrollment in the two Phase II efficacy trials.

With regard to the proposed IPO, Gyroscope emphasized that the offer isn’t yet effective, adding that pricing and the number of shares haven’t been determined. “The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering,” the company press release stated.