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Syncona Ltd on Thursday said it has committed £63.5 million in a series B financing of Resolution Therapeutics, which will be put towards clinical development of a liver disease treatment.
Syncona is a London-based life science investor that owns a diversified portfolio of companies spanning across clinical stages. Resolution Therapeutics is an investee company of Syncona, and a cell therapy company investigating liver disease treatment.
Syncona has invested an initial tranche of £22 million, with the remaining tranches to be invested upon the completion of key milestones.
Resolution Therapeutics is focused on advancing its lead candidate, RTX001, an enhanced, next-generation macrophage cell therapy with first-in-class potential for end-stage liver disease. Proceeds from Syncona’s Series B financing will support clinical entry and development of RTX001.
The funding brings the total amount raised by Resolution Therapeutics to £101.4 million and, following the drawdown of the full Series B financing, Syncona’s ownership stake in Resolution Therapeutics will be 83%. Syncona’s holding value of the company is now £63.6 million.
Syncona also noted the appointment of Paul Sekhri as chair of Resolution Therapeutics. Paul Sekhri is currently president & chief executive officer of vTv Therapeutics Inc and was previously president & CEO of eGenesis Inc and Lycera Corp.
Edward Hodgkin, managing partner of Syncona Investment Management Ltd and non-executive director of Resolution Therapeutics, said: ‘The data that Resolution has generated to date in this emerging area of medicine is encouraging and, in our view, demonstrates the potential that macrophages have in treating end-stage liver disease. This is a potential first-in-class product being developed for a disease where patients have no effective therapeutic options and typically face a liver transplant or further deterioration of their condition, which is often fatal. We are delighted to continue to support Resolution with our commitment to its Series B financing, in-line with Syncona’s focus on allocating capital to clinical-stage assets and assets approaching clinical entry.’
Shares in Syncona were down 0.5% at 112.60 pence each in London on Thursday morning.
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