(Alliance News) - Syncona Ltd on Friday said its portfolio company Gyroscope Therapeutics PLC has postponed plans for its initial public offering in New York.
"In light of market conditions, we have decided to postpone our planned initial public offering," said Chief Executive Khurem Farooq.
Only on Tuesday, Syncona said Gyroscope had filed with the US Securities & Exchange Commission for a potential IPO.
"Based on the positive feedback we have received from institutional investors on the strength of our science and investigational gene therapies, we believe it's in the best interest of our existing shareholders and employees to execute our IPO in more favourable market conditions. In the meantime, we are continuing to advance our clinical program for our investigational gene therapy, GT005, and our earlier stage pipeline."
Gyroscope Therapeutics is a clinical-stage gene therapy company based in Stevenage, England, specialising on treating eye diseases. Syncona, an investor in healthcare companies, has a 54% stake in Gyroscope following a USD42 million investment in March.
Shares in Syncona were down 6.2% at 222.25 pence in London on Friday.
By Will Paige; willpaige@alliancenews.com
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Syncona (SYNC)