SynOx Therapeutics Limited – a late-stage clinical biopharmaceutical company – announced today the closing of a $75 million Series B financing. The funding was co-led by Forbion, HealthCap, and new investor Bioqube Ventures.
The proceeds of the funding will be used to generate registrational Phase 3 clinical and CMC data for emactuzumab, SynOx’s potentially best-in-class CSF-1(R) inhibiting monoclonal antibody (mAb) for the treatment of Tenosynovial Giant Cell Tumour (TGCT).
TGCT is a kind of tumor that affects the soft tissue lining of joints and tendons and is a highly debilitating disease often impacting large, important joints such as the knee, hip, and ankle.
TGCT is considered a chronic disease that often impacts patients throughout their lives. And it seriously impacts quality of life by causing major loss of function of the affected joints, pain, stiffness, and limiting range of motion. Even though most patients receive surgical intervention, over 50% of patients with diffuse disease experience tumor recurrence within three years of surgery.
Emactuzumab is a novel and next-generation CSF-1R mAb with a potentially best-in-class profile. Earlier clinical work in TGCT emactuzumab demonstrated substantial clinical activity with an objective response rate (ORR) of 71%, rapid and robust tumor reduction, a long duration of effect, and significant improvements in functional ability. These studies also indicated that emactuzumab has good tolerability and a manageable safety profile. And SynOx is initiating a Phase 3 trial (TANGENT) to assess the efficacy and safety of emactuzumab in patients with localized and diffuse TGCT.
As part of the Series B funding round, Dr. Carlo Incerti, M.D., and Dr. Jon Edwards, PhD, have joined the Board of Directors. Dr. Incerti has over thirty years of experience in the biopharmaceutical industry and an extensive track record in global drug development, including his time at Sanofi Genzyme, where he pioneered therapies for rare and genetic diseases. Jon Edwards has a decade of therapeutic investment expertise and company creation experience, which includes several public listings and multi-billion-dollar acquisitions.
Carlo Incerti, M.D.
Incerti has more than three decades of experience in the biopharmaceutical industry, including in rare disease drug development. Incerti is currently an operating partner at life sciences venture capital firm Forbion. Previously, he held several positions of increasing responsibility during his 25+ years at Sanofi Genzyme, including senior vice president, chief medical officer, and head of global medical affairs. Before his industry career Incerti was a practicing endocrinologist and an Associate Professor at the University of Modena and Reggio Emilia, Italy, where he had received his medical degree. Currently, he is chairman of the Board at Numab Therapeutics AG, Azafaros B.V., VectorY Therapeutics, and a member of the Board of Dyne Therapeutics.
Jon Edwards
Edwards recently joined the Bioqube Ventures team. Previously, he served as Managing Director at Red Tree Venture Capital and was part of the founding team at Medicxi where he was a partner in the London office. He has led multiple investments spanning company formation, syndicated deals, and late-stage crossover/IPO financings. A few notable investments include Impact Biomedicines (acquired by Celgene), Synthorx (acquired by Sanofi), Phathom Pharmaceuticals, and Checkmate Pharmaceuticals (acquired by Regeneron). Edwards conducted his postdoctoral research at MIT and holds a PhD in Biochemistry and Biophysics from the University of North Carolina – Chapel Hill.
KEY QUOTES:
“This is a transformational time for SynOx. This substantial funding will allow us to generate registrational data for emactuzumab in TGCT. As a highly effective, next-generation therapy with a short treatment cycle, rapid onset and long duration of response, we believe that emactuzumab is differentiated from other agents in development and will provide a much needed and valuable option for patients suffering from this grievous disease.”
- Ray Barlow, Chief Executive Officer of SynOx Therapeutics
“We are pleased to continue to support the SynOx team as it moves emactuzumab through to BLA and MAA submissions in TGCT. As a late-stage company with a clinically de-risked asset, focused on an attractive and underserved market, SynOx is a good example of the type of company Forbion Growth would typically invest in.”
- Dirk Kersten, General Partner at Forbion
“We are excited to join the SynOx syndicate and work with this fantastic team and board. We believe this asset has the potential to generate best-in-class data and are excited to help the team develop the product through approval and launch.”
- Jon Edwards, Bioqube Ventures
”The support of our existing and new investors is validation of SynOx’s strategy and its great potential as a company. I would like to welcome Carlo Incerti and Jon Edwards to the Board of Directors. Their broad experience and knowledge, particularly in driving forward cutting-edge therapies for rare diseases, and executing deals at the highest level, complement the expertise of our existing directors and will be instrumental as we accelerate the late-stage clinical development of emactuzumab.”
Ton Logtenberg, Non-Executive Chair of SynOx Therapeutics
