(Alliance News) - Syncona Ltd said on Friday that portfolio company Freeline Therapeutics Holdings PLC suffered a widened loss last year.
The London-based investment company focused on the healthcare sector reported that Freeline's pretax loss widened to USD140.0 million in 2021 from USD96.2 million in 2020, as it increased its research & development spending by 25% to USD95.4 million in the year from USD76.1 million. Freeline reported no revenue for either year.
Freeline is a Stevenage, England-based biotechnology company focused on liver directed gene therapies for bleeding disorders and other chronic diseases.
Freeline Chief Executive Michael Parini said: "2022 is shaping up to be a watershed year for Freeline, building on the strong foundation we put in place in the second half of last year.
"We also have recently strengthened our balance sheet to enable us to deliver meaningful clinical data readouts through 2022 and beyond to demonstrate the value of our promising gene therapy candidates as we advance on the path towards pivotal Phase 3 studies."
Syncona shares were up 0.8% at 161.27 pence early Thursday in London. The wider FTSE 250 index was up 0.5%.
By Heather Rydings; heatherrydings@alliancenews.com
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