Healthcare Industry News: SwanBio Therapeutics
News Release - April 23, 2020
SwanBio Therapeutics Announces Series A Expansion to Fund its Lead Program and Grow Pipeline in Gene Therapy for Neurological Diseases$52 million is being allocated to progress IND-enabling studies in adrenomyeloneuropathy (AMN) and grow the pipeline in rare, monogenic neurological diseases
Syncona Ltd. and Partners Innovation Fund led the Series A expansion
Plans to grow the company employee base continue in 2020
BALA CYNWYD, Pa., April 23, 2020 -- (Healthcare Sales & Marketing Network) -- SwanBio Therapeutics, a gene therapy company developing leading-edge medicines to deliver dramatic clinical efficacy for the treatment of AMN and other neurological diseases, today announces the successful completion of a $52 million expanded Series A financing.
Syncona Ltd. and Partners Innovation Fund have made a $20 million investment as part of a $52 million additional commitment to the Series A financing in SwanBio Therapeutics.
Chris Hollowood, Chief Investment Officer of Syncona Ltd. and Chair of SwanBio Therapeutics, said: "This financing, which is Syncona's largest Series A to date, demonstrates our belief that we have a differentiated opportunity to build a world-class company targeting neurodegenerative diseases, where there are no current treatments available."
The funding will help rapidly progress the understanding and development of adeno-associated virus (AAV) based gene therapies, advance manufacturing and development capabilities and allow the execution of a robust hiring plan to meet the demands of the pipeline.
"At SwanBio Therapeutics, we enjoy the confidence and support of both Syncona Ltd. and Partners Innovation Fund in achieving a focused multi-program platform in neurological diseases through what has become the most significant investment in the company to date," said Tom Anderson, CEO and Director of SwanBio Therapeutics. "We continue to seek and develop gene therapies in neurological diseases where there is significant unmet need and where our science can make a difference in the lives of patients and their families."
About SwanBio Therapeutics
SwanBio Therapeutics is a privately-held company focused on the development and commercialization of adeno-associated virus (AAV) based gene therapies for the treatment of neurological diseases with significant unmet medical need. SwanBio Therapeutics is based in Bala Cynwyd, Pennsylvania and has operations in Philadelphia, Pennsylvania and Cambridge, Massachusetts.
About Syncona Ltd.
Syncona is a leading FTSE250 healthcare company focused on founding, building and funding a portfolio of global leaders in life science. Our vision is to build a sustainable, diverse portfolio of 15 - 20 companies focused on delivering transformational treatments to patients in truly innovative areas of healthcare, through which we are seeking to deliver strong risk-adjusted returns for shareholders.
We seek to partner with the best, brightest and most ambitious minds in science to build globally competitive businesses. We take a long-term view, underpinned by a strategic capital base which provides us with control and flexibility over the management of our portfolio. We focus on delivering dramatic efficacy for patients in areas of high unmet need.
About Partners Innovation Fund
Partners Innovation Fund (PIF) is an early-stage venture capital fund created in 2008 to promote the commercialization of technologies from Partners' academic research institutions. PIF has $171 million in capital under management, including commitments from BWH and MGH, two of the principal teaching hospitals of the Harvard Medical School. We have also raised external capital from strategic and institutional investors. PIF invests exclusively in life science companies based on intellectual property created within our own research community. We enjoy privileged access to Partners' intellectual property estate with the first look at newly disclosed inventions reflecting the inventive output from more than $1.8 billion of research expenditures annually.
Source: SwanBio Therapeutics
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