UK-based Freeline, a biotechnology startup focused on developing curative gene therapies for chronic systemic diseases, has announced the closing of an around €106 million extended Series C financing. This round includes a previously announced €35.4 million from Syncona, in addition to a more recent additional amount of around €70.8 million 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, founded in 2015, aims to create better lives for people suffering from chronic, debilitating diseases. Combining innovation with an entrepreneurial spirit, they aim for life-changing impact by developing and commercialising innovative gene therapies. At the centre of their work is the goal to create functional cures for a wide range of liver-based diseases, which have previously been underserved and incurable.
The Stevenage-based biotech startup will use the funds to bring its lead programme in Haemophilia B into a pivotal trial, as well as to continue its Phase 1/2 clinical programme for Fabry Disease and further progress its pipeline programmes 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 programme in Haemophilia B progressing through clinical development, and with promising programmes 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.”
In connection with the financing, Freeline will appoint Thomas Dyrberg of Novo Holdings A/S to its Board of Directors.