Syncona Limited Freeline registered direct offering (4348E)
11 Marzo 2022 - 01:00AM
UK Regulatory
TIDMSYNC
RNS Number : 4348E
Syncona Limited
11 March 2022
Syncona Limited
Freeline registered direct offering
11 March 2022
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, has entered
into a definitive agreement with Freeline Therapeutics Holdings plc
(Nasdaq: FRLN) ("Freeline"), alongside other existing shareholders
to purchase an aggregate of $26.1 million of its American
Depositary Shares ("ADSs"), each representing one ordinary share of
the company, at a price of $1.05 per ADS, in a registered direct
offering.
Syncona has agreed to invest $20.0 million (GBP15.3 million [1]
) in the offering. Following the offering, Syncona retains a stake
of 55% [2] in Freeline (amounting to 37,862,147 ordinary shares)
which was valued at GBP30.4 million at close of business on 10
March 2022.
Freeline intends to use the net proceeds from this offering to
fund activities relating to the continued development of its
product candidates and gene therapy platform and for other general
corporate purposes.
The closing of the offering is expected to occur on or about
March 15, 2022, subject to the satisfaction of customary closing
conditions.
Chris Hollowood, Chief Investment Officer of Syncona Investment
Management Limited, said: "Following on from the recent sale of
Gyroscope, we continue to work closely with our portfolio companies
as they progress their programmes to late-stage development. We are
pleased to leverage our strategic balance sheet as we participate
in this financing, which will allow the company to capitalise on
its renewed momentum and significantly progress its clinical
pipeline in haemophilia B, Fabry disease and Gaucher disease."
The ADSs described above are being offered by Freeline pursuant
to an effective "shelf" registration statement on Form F-3 (SEC
File No. 333-259444) previously filed with the Securities and
Exchange Commission (the "SEC") on September 10, 2021, and declared
effective by the SEC on September 22, 2021. The ADSs may be offered
only by means of a written prospectus and prospectus supplement
that form a part of the registration statement. The prospectus
supplement and accompanying prospectus relating to the offering
contain important information relating to the ADSs. The prospectus
supplement will be filed with the SEC and will be available on the
SEC's website at http://www.sec.gov, or may be obtained, when
available, by contacting Freeline Therapeutics Holdings plc, c/o
Freeline Therapeutics, Inc., Attn: Investor Relations, 915
Broadway, Suite 1005, New York, New York 10010, or by email at
investor@freeline.life.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these ADSs in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
[ENDS]
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus Witt
Tel: +44 (0) 7714 916615
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
About Syncona
Syncona's purpose is to invest to extend and enhance human life.
We do this by founding and building companies to deliver
transformational treatments to patients in areas of high unmet
need.
Our strategy is to found, build and fund companies around
exceptional science to create a diversified portfolio of 15-20
globally leading healthcare businesses for the benefit of all our
stakeholders. We focus on developing treatments for patients by
working in close partnership with world-class academic founders and
management teams. Our balance sheet underpins our strategy enabling
us to take a long-term view as we look to improve the lives of
patients with no or poor treatment options, build sustainable life
science companies and deliver strong risk-adjusted returns to
shareholders.
About Freeline
Freeline is a clinical-stage biotechnology company developing
transformative adeno-associated virus ("AAV") vector-mediated
systemic gene therapies. The Company is dedicated to improving
patient lives through innovative, one-time treatments that provide
functional cures for inherited systemic debilitating diseases.
Freeline uses its proprietary, rationally-designed AAV vector,
along with novel promoters and transgenes, to deliver a functional
copy of a therapeutic gene into human liver cells, thereby
expressing a persistent functional level of the missing or
dysfunctional protein into the patient's bloodstream. The Company's
integrated gene therapy platform includes in-house capabilities in
research, clinical development, manufacturing, and
commercialization. The Company has clinical programs in Hemophilia
B, Fabry disease, and Gaucher disease Type 1. Freeline is
headquartered in the UK and has operations in Germany and the
US.
[1] Exchange rate at market close on 10 March 2022
[2] On a fully diluted basis
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