Gyroscope Therapeutics to Receive Investment from Sanofi Worth Up to $60 Million

Gyroscope Therapeutics to Receive Investment from Sanofi Worth Up to $60 Million

November 09, 2021

According to a news release, Sanofi Investment has agreed to invest up to $60 million (GBP 44.5 million) in Gyroscope Therapeutics' equity to support ongoing clinical trials of its experimental gene therapy GT005 for GA secondary to age-related macular degeneration (AMD).

GT005 has been granted Fast Track designation by the FDA and is currently being tested in phase 2 clinical trials.

“We are thrilled to welcome Sanofi onboard as an investor in Gyroscope. Their investment is a testament to the promise of our science and gene therapy programs to make a difference for people with serious eye diseases,” said Khurem Farooq, Chief Executive Officer, Gyroscope.

“We believe our lead investigational gene therapy, GT005, has the potential to be the first gene therapy for geographic atrophy, a devastating cause of vision loss for more than 5 million people globally, and we are pleased to recently announcing additional encouraging data from our ongoing phase 1/2 FOCUS clinical trial.”

A Sanofi R&D executive will join the Gyroscope Clinical Advisory Board as part of the arrangement to provide guidance on the development of GT005 for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).

Sanofi has also been awarded an exclusive right of first refusal on certain potential future GT005 transactions in certain geographies by Gyroscope.

Sanofi plans to initially invest $40 million in Gyroscope, at a premium to the company's previous Series C funding, with the remaining $20 million reliant on a future qualifying investment round and the fulfillment of certain closing conditions.