Gyroscope Therapeutics announced today that it raised $148 million (£107.8 million) in a Series C financing round.
Forbion’s Growth Opportunities Fund led the round, while Sofinnova Investments, funds and accounts advised by T. Rowe Price, Tetragon Financial, Fosun Pharma, Cambridge Innovation Capital and Syncona, along with an undisclosed fund, contributed.
In conjunction with the financing, the company announced that Forbion general partner Wouter Joustra and Sofinnova general partner Maha Katabi were appointed to its board of directors.
London-based Gyroscope said in a news release that it plans to use the funds raised to advance the clinical development of GT005, the company’s investigational gene therapy designed to treat geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
GT005 has fast-track designation from the FDA and is currently being evaluated in Phase 2 clinical trials. Gyroscope said the financing round will also help the company advance its early-stage pipeline and its delivery technology, which includes the proprietary Orbit subretinal delivery system that provides precise delivery of therapeutics to the back of the eye.
“We are excited to welcome a new group of leading life sciences investors on our journey to deliver gene therapy beyond rare disease. Their investment in Gyroscope will allow us to continue building our portfolio of investigational gene therapies,” Gyroscope CEO Khurem Farooq said in the release. “We recently announced encouraging Phase I/II clinical trial data with our lead investigational gene therapy, GT005, that give us confidence in its potential as a treatment for geographic atrophy and are continuing to advance our Phase II clinical program.”