TIDMSYNC
RNS Number : 8017I
Syncona Limited
17 August 2021
Syncona Limited
First Quarter Update
17 August 2021
Syncona Ltd, a leading healthcare company focused on founding,
building and funding a portfolio of global leaders in life science,
today issues its quarterly update covering the period from 31 March
2021 to 30 June 2021.
Martin Murphy, CEO, Syncona Investment Management Limited, said:
"We are pleased with the continued positive clinical progress
across our companies over the period with Anaveon dosing the first
patient in its clinical programme and becoming Syncona's fifth
clinical-stage business.
Whilst we recognise that the share price performance of our
listed holdings has brought volatility to our NAV, we remain
focused on delivering value over the long-term. Our portfolio is
funded to deliver important clinical milestones, which are
potential key value drivers for our business over the next 12-24
months. Our companies are executing on their business and clinical
plans and we have a high level of conviction in their fundamentals.
We also continue to seek a wide range of exciting new opportunities
to found and invest in the next generation of globally leading life
science businesses."
Strong clinical progress with five clinical-stage companies and
positive data generation
-- Freeline Therapeutics (Freeline) dosed a further patient in
its second clinical programme in Fabry disease
-- Autolus Therapeutics (Autolus) published further encouraging
durability data in its AUTO1 programme for adult acute
lymphoblastic leukaemia (ALL) and received innovative licensing and
access pathway (ILAP) designation from the UK Medicines and
Healthcare products Regulatory Agency (MHRA) for AUTO4 in
Peripheral T Cell Lymphoma (PTCL)
-- Anaveon dosed its first patient in a Phase I/II study of
ANV419, a selective interleukin-2 (IL-2) agonist with the potential
to target cancer, becoming Syncona's fifth clinical-stage company
within its current portfolio
-- SwanBio Therapeutics (SwanBio) commenced a natural history
study, which will prospectively evaluate patients to assess the
course of adrenomyeloneuropathy (AMN) and provide insights into
potential endpoints and designs for future clinical trials
Financial performance impacted by performance of listed
holdings; portfolio funded to deliver key clinical data
milestones
-- Net assets of GBP1,200.4 million, 178.9p[1] per share, a NAV
return of (7.7) per cent in the period
-- Life science portfolio valued at GBP622.4 million (31 March
2021: GBP722.1 million), a total return of (13.9) per cent in the
quarter, driven by the decline in the share prices of Freeline and
Achilles Therapeutics (Achilles) with a decrease in the value of
these holdings of GBP110.9 million materially outweighing a GBP12.8
million valuation uplift from the appreciation of Autolus' share
price
-- Listed portfolio companies are funded to deliver further
clinical data, which is the key driver of value; share prices of
the listed holdings have been volatile but Syncona is focused on
the long term and remains confident in the companies' fundamentals
and recent progress
-- Capital base of GBP578.0 million on 30 June 2021
New members of expanded senior leadership team operational
-- Fiona Langton-Smith has been working alongside the senior
leadership team as Chief Human Resources Officer bringing 20 years'
experience in Human Resources; focusing on organisational
development of Syncona and the portfolio
-- Post-period end John Bradshaw retired, with Rolf Soderstrom
now taking up the role of Chief Financial Officer, bringing 30
years' experience from senior roles in finance, most recently at
BTG plc[2]
-- Also, post-period end, Markus John, M.D. took up the role of
Chief Medical Officer and Head of R&D bringing 20 years of
pharma leadership experience, working with the Syncona team to help
expand and build the portfolio
Next key milestones
Calendar year 2021 (CY2021):
-- Freeline expects to progress to three clinical stage programmes by year-end CY2021:
o Initiate Phase I/II dose-confirmation study in Haemophilia B
in CY2021, targeting entry to pivotal study mid CY2023
o Progress dose escalation of Phase I/II dose-finding study in
Fabry disease to dose additional patients during CY2021 and present
clinical data by year-end
o Initiate Phase I/II dose-finding study in Gaucher disease Type
1, which is expected to be in the clinic by year-end CY2021
-- Gyroscope Therapeutics (Gyroscope) expects to report interim
data in CY2021 from its Phase I/II trial for the treatment of dry
age-related macular degeneration (Dry AMD)
-- Achilles expects to publish interim data in non-small cell
lung cancer (NSCLC) and melanoma programmes in CY2021 including
detail on the potential to develop a potency-based release assay,
and will enrol patients for higher dose clonal neo-antigen
therapies in both programmes in second half CY2021 and dose
patients in first half CY2022
-- Anaveon expects to publish initial data from Phase I/II trial
for selective IL-2 agonist before the end of CY2021
Calendar year 2022 (CY2022):
-- Autolus expects to progress its pivotal study in AUTO1 adult
ALL and provide data update in CY2022
-- SwanBio expects to enter the clinic with lead programme in CY2022
-- Quell Therapeutics (Quell) expects to enter the clinic with lead programme in FY2021/2
Valuation movements in the quarter
31 Net Valuation FX 30 % of Valuation Fully Focus area
Mar invest-ment/ change movement June Group basis[3] diluted
21 returned 21 NAV , [4] ownership
Company , [5] stake
(GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%)
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Portfolio Companies
Clinical
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Gyroscope 150.1 - - (0.6) 149.5 12.5 PRI 54 Gene therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Freeline 167.9 - (56.6) (0.4) 110.9 9.2 Quoted 47 Gene therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Autolus 81.2 - 12.8 (0.3) 93.7 7.8 Quoted 25 Cell therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Achilles 133.1 - (54.3) (0.3) 78.5 6.5 Quoted 27 Cell therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Anaveon 18.5 - - 0.4 18.9 1.6 Cost 51 Immunoncology
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Pre-Clinical
SwanBio 53.7 - - (0.2) 53.5 4.5 Cost 75 Gene therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Quell 35.1 - - - 35.1 2.9 Cost 74 Cell therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Neogene 11.0 - - - 11.0 0.9 Cost 11 Cell Therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Resolution 7.4 - - - 7.4 0.6 Cost 79 Cell therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Purespring 3.9 - - - 3.9 0.3 Cost 84 Gene Therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Drug-Discovery
OMass 16.4 - - - 16.4 1.4 Cost 49 Therapeutics
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Life Science Investments
Adj
3(rd)
CRT PF 36.6 (1.2) - - 35.4 2.9 Party 64 Oncology
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Adaptimmune 5.3 - (1.1) - 4.2 0.3 Quoted 0.1 Cell Therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Forcefield 0.4 2.1 - - 2.5 0.2 Cost 82 Gene Therapy
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Adj.
CEGX 1.5 - - - 1.5 0.1 PRI 9
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Total LS
Portfolio 722.1 0.9 (99.2) (1.4) 622.4 51.8
------- ------------- ---------- --------- ------- ------- ---------- ---------- --------------
Enquiries
Syncona Ltd
Annabel Clay / Fergus Witt
Tel: +44 (0) 20 3981 7940
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 a portfolio of global leaders
in life science 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.
Copies of this press release, a company results presentation,
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.
[1] Fully diluted
[2] Post period events are as at 31 July 2021
[3] Primary input to fair value
[4] The basis of valuation is stated to be "Cost", this means
the primary input to fair value is capital invested (cost) which is
then calibrated in accordance with our Valuation Policy
[5] The basis of valuation is stated to be "PRI", this means the
primary input to fair value is price of recent investment which is
then calibrated in accordance with our Valuation Policy
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