Sanofi to invest up to $60 million in Gyroscope Therapeutics
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Sanofi will invest up to $60 million in Gyroscope Therapeutics, with the proceeds funding the ongoing clinical trials of GT005 for geographic atrophy secondary to age-related macular degeneration, according to a press release.
Forty million dollars will be invested initially, “at a premium to Gyroscope’s prior Series C financing,” while $20 million will be contingent on a future investment round and certain closing conditions, the release said.
GT005 has been fast tracked by the FDA and is in phase 2 clinical trials.
A Sanofi research and development executive will join Gyroscope’s clinical advisory board to advise on GT005 development. In addition, Sanofi has right of first refusal on potential GT005 transactions in certain areas.
“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 were pleased to recently announce additional encouraging data from our ongoing phase 1/2 FOCUS clinical trial,” Khurem Farooq, Gyroscope CEO, said in the release.
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