Freeline, a UK based biotechnology startup focused on developing curative gene therapies for chronic systemic diseases, has announced on 6th July, 2020, that it has secured around €106 million extended Series C funding.
The latest round includes a fresh funding of around €70.8 million led by Eventide Asset Management and Wellington Management Company, Novo Holdings A/S, with additional participation from Acorn Bioventures, Cowen Healthcare Investments and Ample Plus Fund. This round also include the previously announced €35.4 million. As per the financing deal, Freeline will appoint Thomas Dyrberg of Novo Holdings A/S as its Board of Directors.
The Stevenage-based startup claims to deploy the funds to progress its pipeline programmes for Gaucher Disease and Haemophilia A as well as to continue its Phase 1/2 clinical programme for Fabry Disease and further bring its lead programme in Haemophilia B into a pivotal trial. Additionally, Freeline expects to use the proceeds from the funding to further develop its proprietary gene therapy platform using next-generation AAV technology and expand its manufacturing capabilities.
Established in 2015, the company aims to create better lives for people suffering from chronic, debilitating diseases. Combining entrepreneurial spirit with innovation, they aim for life-changing impact by developing and commercializing innovative gene therapies. At the center of their work is the goal to create functional cures for a wide range of liver-based diseases, which have previously been under-served and incurable.
“Our investment strategy is to identify and invest in US and European life science companies which are true leaders in their area of expertise, developing innovative product candidates that significantly advance patient care,” said Thomas Dyrberg, Managing Partner, Novo Ventures, Novo Holdings A/S. “We have been impressed by the Freeline platform and its scientific co-founders, as well as their experienced management team, and we are delighted to support Freeline as they continue to build momentum.”