Cambridge Innovation Capital participates in Gyroscope Therapeutics’ £107.8 million ($148 million) Series C financing
Cambridge Innovation Capital (CIC), the venture capital investor focused on deeptech and life science businesses in the Cambridge ecosystem, is pleased to announce its participation in the £107.8 million ($148 million) Series C financing raised by Gyroscope Therapeutics Limited, a clinical-stage gene therapy company focused on treating diseases of the eye. CIC previously participated in Gyroscope’s Series B fundraise in 2019 and has continued to support the company closely.
Proceeds from the financing will be used to advance the clinical development of the company’s lead investigational gene therapy, GT005, as well as its early stage pipeline and innovative delivery technology, including its proprietary OrbitTM subretinal delivery system.
GT005 is being evaluated for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD). GT005 has received Fast Track designation from the US Food and Drug Administration and is currently being evaluated in Phase II clinical trials in two genetically defined patient populations with GA.
Robert Tansley, Partner at CIC, commented:
We would like to congratulate Gyroscope on this successful fundraise, and on the incredible progress that has been made by the company to enable this. We are delighted to continue supporting this highly ambitious company as it continues its work developing novel gene therapies for areas of significant unmet medical need.
“We thank CIC for their continued support on our journey to deliver gene therapy beyond rare disease. This financing will allow us to continue building our portfolio of investigational gene therapies,” said Khurem Farooq, Chief Executive Officer, Gyroscope. “We recently announced encouraging Phase I/II clinical trial data with our lead investigational gene therapy, GT005, that give us confidence in its potential as a treatment for geographic atrophy and are continuing to advance our Phase II clinical programme.”