Alliance News) - London-based Syncona Ltd on Monday said it invested a further GBP19 million, around USD25 million in Quell Therapeutics in a Series B funding round, which was co-led by the life sciences-focused investor.
Syncona said that the funding round in Quell Therapeutics came up to up to GBP117 million alongside other specialist global institutional investors.
Syncona said its investment in Quell Therapeutics will mark a 41% uplift from its prior holding of GBP41 million.
The investor's total holding value now amounts to GBP74 million following its first tranche investment GBP10 million.
The company's holding in Quell will be 37% following the drawdown of the full series B financing.
Quell Therapeutics is a London-based developer of engineered T-regulatory cell therapies for serious medical conditions driven by the immune system. The Series B financing brings Quell to up to GBP163 million of total funding to date.
Chief Executive of Syncona Investment Management Ltd Martin Murphy said: "This financing underlines the progress the company has made to date and the scale of its ambition. Supported by a strong syndicate of global investors, the business will be able to progress its lead program and pipeline, whilst building scalable manufacturing capabilities, as it seeks to entrench its leadership position in an emerging field of innovative medicine."
Shares in Syncona were down 0.2% at 213.50 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Syncona (SYNC)