Gyroscope Raises $148 Million to Advance AMD Gene Therapy

Rare Daily Staff

Gyroscope Therapeutics said it raised $148 million (GBP £107.8 million) in a series C financing to advance development of its gene therapy for age-related macular degeneration.

Forbion’s Growth Opportunities Fund led the round, which included participation from Sofinnova Investments, funds and accounts advised by T. Rowe Price Associates, Tetragon Financial Group Limited, an undisclosed healthcare focused fund, Fosun Pharma, Cambridge Innovation Capital, and founding investor Syncona. The company also announced the appointments of Wouter Joustra, general partner, Forbion and Maha Katabi, general partner, Sofinnova to the Gyroscope Board of Directors.

Gyroscope plans to use proceeds from the financing to advance the clinical development of GT005, the company’s lead experimental gene therapy being evaluated for the treatment of geographic atrophy secondary to age-related macular degeneration.

Dry AMD is a leading cause of permanent vision loss in people over the age of 50 and is a devastating diagnosis. There are currently no approved treatments for dry AMD, its most common form, which impacts approximately 85 to 90 percent of people with AMD. As dry AMD advances, it leads to geographic atrophy, an irreversible degeneration of retinal cells, causing a gradual and permanent loss of central vision. This disease can severely impact a person’s daily life as they lose the ability to drive, read, and even see the faces of loved ones.

GT005 is designed as an AAV2-based one-time investigational gene therapy for GA secondary to AMD that is delivered under the retina. GT005 aims to restore balance to an overactive complement system, a part of the immune system, by increasing production of the Complement Factor I (CFI) protein. Complement overactivation has been strongly correlated with the development and progression of AMD. The CFI protein regulates the activity of the complement system. It is believed that increasing CFI production could dampen the system’s overactivity and reduce inflammation, with the goal of preserving a person’s eyesight.

GT005 has received Fast Track designation from the U.S. Food and Drug Administration and is being evaluated in phase 2 clinical trials in two different genetically defined patient populations with GA. These funds will also enable Gyroscope to further advance its early-stage pipeline and innovative delivery technology, including its proprietary Orbit subretinal delivery system, which is designed for precise delivery to the back of the eye.

“We recently announced encouraging phase 1/2 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 2 clinical program,” said Khurem Farooq, CEO of Gyroscope.

Photo: Khurem Farooq, CEO of Gyroscope.