Syncona has invested a further £19.9m in Purespring Therapeutics as part of an £80m oversubscribed Series B financing for that company. Syncona formed part of a leading Series B syndicate, led by Sofinnova, in collaboration with Gilde Healthcare, Forbion, and British Patient Capital.
Syncona founded Purespring in 2020 as one of the first adeno-associated virus (AAV) gene therapy companies focused on the kidney. Since foundation Purespring has made considerable progress in making gene therapies for patients with kidney diseases a reality and has maintained a world leading position in the field. The company has generated encouraging pre-clinical data validating the therapeutic potential of its technology and has developed a strong chemistry, manufacturing, and controls platform that will support future clinical development and commercialisation. The company’s technology has potential in a broad range of kidney diseases.
This latest financing brings the total amount that Purespring has raised in funding to date to approximately £115m. Proceeds will be used to advance Purespring’s strong pipeline of disease modifying gene therapies into the clinic and support the expected initiation of a Phase I/II clinical trial in CY2026 for its lead programme PS-002 targeting IgA Nephropathy (IgAN), a chronic kidney disease principally affecting young adults. IgAN is a serious disease where nearly one third of patients lose their kidney function within five years and require kidney transplantation or dialysis.
Syncona’s £19.9m Series B commitment includes the final £9.9m tranche of its Series A commitment and an additional £10.0m commitment, of which £5.0m has now been invested. Syncona’s interest in Purespring is now valued at £51.2m, incorporating capital invested by Syncona in Purespring plus £4.5m of value attributed to rights held for a royalty relating to the company’s lead programme. Value was attributed to this royalty as part of the Series B financing. Upon full drawdown of the Series B financing, Syncona’s ownership stake in the business will be 38.1%.
You can read more about Purespring’s approach to tackling kidney disease here.
SYNC : Syncona commits another £19.9m to Purespring Therapeutics
