TIDMSYNC
RNS Number : 6100J
Syncona Limited
28 April 2022
Syncona Limited
Syncona invests in GBP75.5 million Series B financing of OMass
Therapeutics
28 April 2022
-- Syncona invests in OMass' oversubscribed Series B financing
of GBP75.5 million, committing GBP15 million, alongside a leading
global syndicate of new and existing investors
-- Syncona's holding in OMass written up by GBP8 million (1p per share); a 32 per cent uplift [1]
-- Syncona's holding now valued at GBP44 million following first
tranche investment of GBP9 million; on drawdown of the full Series
B financing, Syncona's ownership stake in the business will be 31
per cent [2]
Syncona Ltd, a leading healthcare company focused on founding,
building and funding global leaders in life science, today
announces that it has committed GBP15 million in an oversubscribed
GBP75.5 million Series B financing in OMass Therapeutics ("OMass"),
a biotechnology company that identifies medicines against highly
validated target ecosystems. Syncona was a co-investor in this
financing round, which was led by new investors GV, Northpond and
Sanofi Ventures. Existing investors Oxford Science Enterprises and
Oxford University also joined the round.
OMass, an Oxford University spin out, is developing small
molecule drugs to treat rare diseases and immunological conditions.
The company has a unique approach to the way it finds new
medicines. It uses its proprietary drug discovery platform,
OdyssION(TM), to more accurately interrogate the target and how it
interacts with its native ecosystem. These observations provide
potentially critical information that can increase the chances of
finding highly effective small molecule medicines that will be
successful in clinical trials.
This latest financing brings the total amount that OMass has
raised to GBP119 million. These proceeds will be used to advance
OMass' small molecule portfolio towards clinical trials. This
includes progressing the development of small molecule drugs to
treat Congenital Adrenal Hyperplasia, Inflammatory Bowel Disease
and other inflammatory and rare diseases.
Following the Series B financing, Syncona has revalued its
existing investment which has resulted in a 32% uplift in the value
of its stake in OMass. Including the drawdown of the first tranche
of Syncona's Series B investment of GBP15 million, Syncona's
holding value of OMass is now GBP44 million. On drawdown of the
full Series B financing, Syncona's ownership stake in OMass will be
31 per cent.
Edward Hodgkin, Chair of OMass and Partner at Syncona said: "We
are pleased with this financing round which will support OMass as
it looks to progress its pipeline of small molecule drugs. The
strength of this global group of top tier life science investors
reflects confidence in the company's technology and supports our
ambition to build a sustainable therapeutics business that has the
potential to develop novel drugs in areas of high unmet medical
need . This financing represents a further validation of the
ability of Syncona's portfolio companies to attract high quality
syndicates, to fund them over the long-term. "
Magdalena Jonikas, Director of OMass and Partner at Syncona
said: "Early data has shown the potential of OdyssION(TM) as a
powerful tool in drug discovery. The team at OMass has been working
hard to develop a defined pipeline of targets, with strong
potential across a variety of indications in immunology and rare
diseases. We look forward to seeing them continue to build on
recent momentum as they progress towards the clinic. "
Ros Deegan, Chief Executive Officer of OMass said: "The
completion of this oversubscribed round with such high-calibre
investors is recognition of the significance of our OdyssION(TM)
platform and its potential to support the development of an
exciting portfolio of novel drug candidates. We have already made
significant progress against highly validated but previously
'undruggable' targets and can now accelerate them towards clinical
development while continuing to expand our pipeline."
[ENDS]
Copies of this press release and other corporate information can
be found on the company website at: www.synconaltd.com
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of
investments of Syncona Limited. These statements and forecasts
involve risk and uncertainty because they relate to events and
depend upon circumstances that may or may not occur in the future.
There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied
by these forward-looking statements. In particular, many companies
in the Syncona Limited portfolio are conducting scientific research
and clinical trials where the outcome is inherently uncertain and
there is significant risk of negative results or adverse events
arising. In addition, many companies in the Syncona Limited
portfolio have yet to commercialise a product and their ability to
do so may be affected by operational, commercial and other
risks.
Enquiries
Syncona Ltd
Natalie Garland-Collins / Fergus Witt
Tel: +44 (0) 7714 916615
FTI Consulting
Ben Atwell / Julia Bradshaw / 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 OMass Therapeutics
OMass Therapeutics is a biotechnology company discovering
medicines against highly-validated target ecosystems, such as
membrane proteins or intracellular complexes. The company's unique
OdyssION(TM) technology platform comprises novel biochemistry
techniques, next-generation native mass spectrometry, and custom
chemistry. This allows OMass to interrogate not just the target,
but also the interaction of the target with its native ecosystem,
separate from the confounding complexity of the cell. The result is
cell-system fidelity with cell-free precision. OMass is advancing a
pipeline of small molecule therapeutics in rare diseases and
immunological conditions, therapeutics that target solute carriers,
complex-bound proteins, and GPCRs.
Headquartered in Oxford, UK, OMass has raised over $150M
(GBP119M) from a top-tier international investor syndicate,
including Syncona, Oxford Science Enterprises, GV, Northpond
Ventures, and Sanofi Ventures.
To learn more, please visit www.omass.com . Follow us on
LinkedIn and Twitter .
[1] To previous holding value as at 31 December 2021 plus
drawdown of final GBP4.8m of Series A investment
[2] Percentage holding reflects Syncona's ownership stake at the
point full current commitments are invested on a fully-diluted
basis
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END
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