The company's lead program targets adrenomyeloneuropathy, a rare and inherited neurodegenerative disease that causes the spinal cord dysfunction and is characterized by weakness and stiffness in the legs
Fremont, CA: Gene therapy firm SwanBio Therapeutics raised USD 52 million in an expanded Series A funding round led by Syncona Ltd. and Partners Innovation Fund. The proceeds from the additional funding round will be used by the company to progress the understanding and development of adeno-associated virus (AAV) based gene therapies, advance manufacturing, and development capabilities, and allow the execution of its hiring plan to meet the demands of the pipeline.
"In the last seven years, Syncona has developed a leading platform of gene therapy companies, each of which is built around world-class academics, a cornerstone program addressing a high medical need and a commercial manufacturing and delivery platform that is then leveraged to a differentiated and synergistic pipeline of products," said Chris Hollowood, Chief Investment Officer of Syncona and Chair of SwanBio. "SwanBio is a fantastic example of this strategy in action. This financing, which is Syncona's largest Series A to date, demonstrates our belief that we have a differentiated opportunity to build a world-class company, targeting neurodegenerative diseases where there are no current treatments available."
SwanBio was founded in 2017 and currently employs 24 personnel. The company's lead program targets adrenomyeloneuropathy, a rare and inherited neurodegenerative disease that causes the spinal cord dysfunction and is characterized by weakness and stiffness in the legs. The condition affects fewer than one in 40,000 people. Investment round leader Syncona Ltd. is a London-based venture capital firm that focuses on life sciences investments. The round was also participated by Partners Innovation Fund, the venture fund for Massachusetts General and Brigham and Women’s hospitals.
"At SwanBio Therapeutics, we enjoy the confidence and support of both Syncona Limited and the Partners Innovation Fund in achieving a focused multi-program platform in neurological diseases through what has become the most significant investment in the company to date.
We continue to seek and develop gene therapies in neurological diseases where there is a significant unmet need and where our science can make a difference in the lives of patients and their families,” said Tom Anderson, CEO, and Director of SwanBio Therapeutics.