(Alliance News) - Syncona Ltd announced on Tuesday that its portfolio company Freeline Therapeutics Holdings PLC plans to cut its workforce by a quarter and trim its clinical focus.
The London-based life science investment trust explained Freeline has proposed implementing a 25% reduction in the size of its workforce. As a result of these changes, the company expects its cash runaway will be extended to quarter two of 2023.
The company estimates the proposed reduction will decrease aggregate cash expenditure by between USD4.7 million and USD5.1 million in 2022 and between USD7.0 million and USD7.6 million the year after.
Freeline has also decided to discontinue further development of its pre-clinical work for its FLT210 treatment of haemophilia A, a blood clotting disorder. This is because, moving forward, the company said it will prioritise its investments on higher value activities.
Syncona said that Freeline was on track to initiate its phase 1/2 dose-finding study of its FLT201 treatment of Gaucher disease by the year-end, in line with prior guidance. Dosing of the first patient is expected in the first quarter of 2022.
Gaucher disease is a rare inherited genetic disorder that results in the enzyme that breaks down lipids being missing. It results in the build-up of fatty substances in the spleen and liver.
Syncona added that Freeline has continued to make strong progress in its haemophilia B treatment and has initiated its phase 1/2 dose-confirmation study one quarter ahead of guidance. Syncona said that it now expects Freeline to dose patients in the first quarter of 2022.
Sycona said that Freeline would also advance its FLT190 treatment for Fabry disease throughout 2022, adding additional patients to be dosed and data expected through the year.
Fabry disease is an inherited disorder affecting the metabolism of a specific type of fat called glycosphingolipid. Feeline has seen "encouraging data" from the first two patients dosed in the trial.
Shares in Syncona were up 0.9% at 196.73 pence on Tuesday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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