UK—Beacon Therapeutics Holdings Limited, a leading ophthalmic gene therapy company dedicated to saving and restoring patients’ vision with blinding retinal diseases, has raised US $170 million in Series B funding.
This significant financing round was spearheaded by Forbion, with participation from existing investors Syncona Limited, Oxford Science Enterprises, and the University of Oxford.
Additionally, new investments came from TCGX and Advent Life Sciences, showcasing a strong vote of confidence in Beacon’s mission and potential.
According to a statement issued by Beacon, these newly acquired funds will be strategically allocated to support the ongoing clinical development of their lead asset, AGTC-501, which targets X-linked retinitis pigmentosa (XLRP).
The financing will also facilitate the generation of Phase 1/2 clinical trial data for the company’s Dry Age-related Macular Degeneration (dAMD) program.
As part of this exciting development, Beacon Therapeutics has expanded its Board of Directors to include Dmitrij Hristodorov and Wouter Joustra, General Partners at Forbion, as well as Cariad Chester, Managing Partner at TCGX.
Furthermore, Dominic Schmidt, General Partner at Advent Life Sciences, joins as a Board Observer, bringing additional expertise and insight to the company’s leadership.
This financing round, led by Forbion, included contributions from existing investors such as Syncona Limited, Oxford Science Enterprises, and the University of Oxford, as well as new investments from TCGX and Advent Life Sciences.
Beacon Therapeutics is focused on addressing both orphan and prevalent retinal diseases, including XLRP, a rare blinding disease for which there is currently no available treatment, and dAMD.
AGTC-501, the company’s lead asset, is presently in a registrational clinical trial for the treatment of XLRP.
This gene therapy expresses the full-length RPGR protein, thereby addressing all photoreceptor damage caused by XLRP, including both rod and cone loss.
Commenting on this significant financing round, David Fellows, Chief Executive Officer of Beacon Therapeutics, emphasized the company’s commitment to advancing its pipeline of ophthalmic gene therapies.
Fellows highlighted that this funding, along with the addition of the new board members, will be instrumental in supporting the ongoing development of Beacon’s late-stage and pre-clinical pipeline.
It will also accelerate the progress of AGTC-501 through clinical trials and toward commercialization.
On his part, Dmitrij Hristodorov, General Partner at Forbion, expressed his enthusiasm for supporting Beacon Therapeutics at this crucial stage in developing its pioneering ophthalmic gene therapies.
He praised Beacon’s deep expertise and renowned management team, expressing confidence in their plan to establish a leading retinal gene therapy company.
Elisa Petris, Lead Partner at Syncona Investment Management Limited and Board Director of Beacon Therapeutics, underscored Syncona’s continued backing of Beacon Therapeutics as a testament to the company’s proven leadership and innovative approach.
She noted that this financing and the collaboration with a high-quality syndicate will propel Beacon’s pipeline, enabling the advancement of programs for both rare and prevalent ophthalmic diseases.
Beacon Therapeutics has secured around US $290 million in funding to date.
This funding round comes on the heels of several critical clinical advancements, such as dosing the first patient in the VISTA registrational trial for AGTC-501, launching the Phase II DAWN trial, and unveiling promising 12-month interim results from the Phase 2 SKYLINE trial at the 47th Annual Macula Society Meeting.
These achievements demonstrate Beacon’s therapeutic interventions’ precision, effectiveness, and safety.
For this transaction, J.P. Morgan acted as Beacon Therapeutics’ sole placement agent, ensuring the successful execution of this critical funding round.
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