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(Alliance News) - Syncona Ltd on Friday said its portfolio company Freeline Therapeutics Holdings PLC posted a widened on-year pretax loss for the first half of 2020.
Shares in Syncona were trading 0.1% higher at 250.66 pence each on Friday morning in London.
The FTSE 250-listed healthcare company said for the first six months of the year, gene therapy firm Freeline Therapeutics posted a pretax loss of USD33.3 million, widened from a USD24.6 million loss the year prior.
This was as administrative expenses rose 88% to USD11.3 million and research and development costs increased 25% to USD29.4 million.
Total other income was USD7.8 million, up from USD5.1 million the year before.
Looking ahead Freeline Chief Executive Theresa Heggie said: "With a strengthened balance sheet, we are now well positioned to achieve upcoming clinical milestones. In 2021, we expect to continue our progress in the clinic with the initiation of a pivotal trial in Haemophilia B, continued progress in our MARVEL1 study in Fabry disease, and the initiation of our Phase 1/2 trial for Gaucher disease. On the preclinical front, we will continue to advance our potentially best-in-class Haemophilia A programme."
As at September 30, Freeline had cash of USD252.6 million, up from USD106.6 million at the end of June.
By Ife Taiwo; ifetaiwo@alliancenews.com
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