Irish and UK-based biopharmaceutical company SynOx Therapeutics has raised $75 million in a new round of funding to help further the development of a new treatment for a debilitating chronic condition known as tenosynovial giant cell tumour.
The round, which was led by existing investors Forbion, HealthCap alongside new investor Bioqube Ventures, also generated further interest from potential investors, the company said. The latest round brings the total raised by the company to date to more than $100 million.
“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,” said Dirk Kersten, general partner at Forbion.
The investment will help generate registrational Phase 3 clinical data for SynOx’s monoclonal antibody treatment emactuzumab. The treatment, if approved, will provide an alternative treatment option for people living with tenosynovial giant cell Tumour, a debilitating chronic disease that affects the soft tissue lining of joints and tendon, often in joints such as the knee, hip and ankle.
Patients are currently treated through surgical intervention, but as tumours can often reoccur patients face multiple surgeries in a matter of a few years. The SynOx treatment would eliminate the need for surgery, and is believed to be highly effective, with a short treatment cycle, rapid onset and long duration of response.
SynOx chief executive Ray Barlow said the company wanted to fly the flag for European biotechs, who often get bought up by larger global counterparts.
“We think this is hopefully going to be a big innovation for patients with this disease,” he said. “The funding gives us the ability to generate the data and submit it to the FDA and European regulators. It’s very different to the other products that are out there at the moment. It’s a monoclonal antibody, so it works very quickly. and patients get the benefit within weeks of having the product administered.”
The Phase 3 trial will assess the efficacy and safety of emactuzumab, looking at patients with both localised and diffuse Tenosynovial Giant Cell Tumour. The company hopes to have data in around 18 months.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
