Gyroscope Therapeutics, a dry AMD treatment developer exploiting University of Cambridge research, has secured $61.2m from cornerstone investors Cambridge Innovation Capital and Syncona.

Gyroscope Therapeutics, the UK-based developer of a retinal disease treatment based partly on University of Cambridge research, closed a £50.4m ($61.2m) series B round on Monday featuring Cambridge-affiliated patient capital fund Cambridge Innovation Capital (CIC). Syncona, the life sciences investment trust backed by research charities Wellcome Trust and Cancer Research UK, provided $58.3m to lead the round. CIC contributed the remaining $2.9m to bring its overall investment in Gyroscope to $3.6m. Founded in 2016, Gyroscope is working on gene therapies for dry age-related macular degeneration (AMD), where small and yellowish residues form on the retina and cause progressive vision loss. The company lead candidate, GT005, is intended to treat AMD by repairing the patient’s immune complement system, the mechanism that encourages antibodies and phagocytes to rid organisms of microbes and damaged cells. GT005 is currently undergoing phase 1/2 clinical testing. The series B capital will support the development of GT005 and help build out Gyroscope’s manufacturing capabilities. Funding will also go to enhancing the company’s Orbit surgical system in order to facilitate additional Gyroscope dry AMD treatments and licensing to third-party firms. Gyroscope was formed by Syncona and Cambridge Enterprise, the university’s tech transfer office, to extend research from the laboratory of Sir Peter Lachmann, emeritus Sheila Joan Smith professor of immunology in University of Cambridge’s Department of Veterinary Medicine. The company merged with US-based medical device maker Orbit Biomedical in April 2019, having raised an undisclosed amount from CIC the previous month. Orbit was founded in 2018 and was also a portfolio company of Syncona.

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