Biopharma firm SynOx Therapeutics raises $75m in funding round

Biopharmaceutical company SynOx Therapeutics has raised $75m (€70.5m) to continue its development of a treatment for Tenosynovial Giant Cell Tumour (TGCT).

TGCT is a type of tumour that affects the soft tissue lining of joints and tendons. It often affects the knee, hip and ankle and is a highly debilitating chronic disease.

SynOx Therapeutics, whose headquarters are in Dublin, will use the funding for a trial of its treatment, which is known as emactuzumab.

This Phase 3 trial will assess the efficacy and safety of emactuzumab in patients with localised or diffuse TGCT. This type of trial tests how well a new treatment works compared with the standard treatment that is currently available.

Localised TGCTs grow slowly and affect the inside of joints, while diffuse TGCTs grow at a faster rate and can affect both the inside and outside of the joint.

The funding round was co-led by the venture capital firms Forbion and HealthCap, as well as new investor Bioqube Ventures.

As part of the new Series B financing, Forbion operating partner Dr Carlo Incerti and Jon Edwards, who recently joined Bioqube Ventures, are joining the board of SynOx Therapeutics.

“This substantial funding will allow us to generate registrational data for emactuzumab in TGCT,” SynOx Therapeutics chief executive Ray Barlow said.

“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,” he added.

Forbion general partner Dirk Kersten said that SynOx was a “late-stage company with a clinically de-risked asset”, that has a focus on an “attractive and under-served market.”

“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,” added Mr Edwards.

SynOx was established in November 2020 following the licensing of the exclusive worldwide rights to emactuzumab from Roche. The company previously raised €37m in Series A funding that year.

The organisation also has a second location in Oxford, England.

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