Purespring Therapeutics Secures £80m in Oversubscribed Series B Round
Purespring Therapeutics, a leading innovator in kidney gene therapies, has successfully raised £80 million in an oversubscribed Series B financing round.
The funding, led by Sofinnova and supported by investors including Gilde Healthcare, Forbion, British Patient Capital, and Syncona Ltd, marks a pivotal moment in the company’s journey to develop transformative treatments for kidney diseases.
Syncona Ltd Commits £19.9m in Continued Support
Syncona Ltd, a leading life sciences investor and early backer of Purespring, played a significant role in this round, committing £19.9 million. This includes the final £9.9 million tranche from its Series A commitment, alongside an additional £10 million investment.
Syncona’s total interest in Purespring is now valued at £51.2 million, and upon full drawdown of the Series B financing, its ownership stake will reach 38.1%. The firm’s ongoing support is rooted in its belief in Purespring’s vision to become the world’s foremost kidney gene therapy company.
An Investment Partner at Syncona and Board Director of Purespring shared their enthusiasm for the progress the company has made, stating that Syncona founded Purespring with the vision of creating the world’s leading kidney gene therapy company, and they are highly impressed with its progress.
Today’s financing and the strong syndicate of investors broadens Purespring’s financial scale and clearly validates its technology, strategy, and execution to date. Therefore, they look forward to working alongside Purespring as it prepares for its phase 1/2 clinical trial.
A Focus on Kidney Gene Therapy and Clinical Trials
Founded in 2020, Purespring is one of the first companies to focus on adeno-associated virus (AAV) gene therapy for kidney diseases. The company has developed a robust platform for chemistry, manufacturing, and controls (CMC), which is designed to support the future clinical development and eventual commercialisation of its therapies.
The proceeds from the Series B round will be used to advance Purespring’s pipeline of gene therapies, with clinical trials slated to begin in 2026. The company’s lead candidate, PS-002, will target IgA Nephropathy (IgAN), a chronic kidney disease that primarily affects young adults.
Nearly one third of IgAN patients lose kidney function within five years of diagnosis, leading to the need for dialysis or transplantation.
Purespring’s focus on IgAN represents a critical step in addressing unmet needs in kidney disease treatment, as the disease significantly impacts patients’ quality of life and long-term health outcomes.
Impressive Progress and Growing Investor Confidence
Purespring’s efforts to date have generated promising pre-clinical data, and the company is well-positioned to advance its gene therapies into clinical trials.
The latest £80 million financing brings the total funds raised by Purespring to approximately £115 million, a testament to the growing confidence from investors and the life sciences community in the company’s approach to tackling kidney disease.
The strong backing from a diverse syndicate of investors, including global leaders in healthcare investment, underscores the credibility of Purespring’s technology and the potential impact of its treatments.
Gilde Healthcare, Forbion, and British Patient Capital join Syncona Ltd and Sofinnova in broadening Purespring’s financial capabilities, ensuring the company has the resources necessary to take its therapies through clinical trials and into potential commercialisation.
Conclusion
With the successful close of its Series B financing round, Purespring Therapeutics is poised to make significant strides in the field of kidney gene therapy.
Backed by an impressive syndicate of investors and armed with a robust scientific platform, Purespring is well on its way to addressing critical unmet needs in the treatment of chronic kidney diseases like IgAN.
As the company prepares for its upcoming clinical trials, it continues to solidify its position as a leader in gene therapy innovation, paving the way for new treatments that could transform the lives of patients worldwide.
News Credits: Purespring Therapeutics secures £80 million in Series B funding
Things you may also like:
- Aspire Pharma Expands Portfolio with Acquisition of Canute Pharma
- NHS to Roll Out Weight-Loss Drug as Part of a Three-Year Plan
- Asda Expands Partnership with Too Good to Go