Beacon Therapeutics announces new board members, funding to support XLRP and AMD programmes
The company has secured $170 million (approximately €157 million) in Series B funding
The company’s lead asset, AGTC-501 (laruparetigene zovaparvovec), is a therapeutic for x-linked retinitis pigmentosa. Image credit: ©RFBSIP – stock.adobe.com
Beacon Therapeutics has secured €157 million (approximately $170 million, or £133 million) in Series B funding, the company announced in a press release.1
The funding was led by Forbion, a venture capital firm based in the Netherlands, and included existing investors Syncona Limited, Oxford Science Enterprises and the University of Oxford. Initial investments from TCGX and Advent Life Sciences were also made.
Beacon stated that the funding will go toward the continued clinical development of the company’s lead asset, AGTC-501 (laruparetigene zovaparvovec) for X-Linked Retinitis Pigmentosa (XLRP). The funding will also be used to generate Phase 1/2 clinical trial data for the company’s dry age-related macular degeneration (dAMD) programme.1
On top of the funding, Beacon Therapeutics also announced it has appointed Dmitrij Hristodorov and Wouter Joustra, general partners of Forbion, and Cariad Chester, managing partner of TCGX, to its board of directors.
David Fellows, CEO of Beacon Therapeutics, commented on the funding and plans moving forward in a press release from the company.
"We are focused on progressing our pipeline of ophthalmic gene therapies to save and restore the vision of patients with a range of prevalent and rare retinal diseases that result in blindness. I am confident that along with the addition of Dmitrij Hristodorov, Wouter Joustra and Cariad Chester to the Beacon Board, these funds will support the ongoing development of our late-stage and pre-clinical pipeline and enable acceleration of the development of AGTC-501 as we progress through the clinic and toward commercialisation,” said Fellows.
Including the €157 million raised in the Series B funding, the company has raised approximately €268 million to date. The company recently completed the first dosing in its VISTA clinical trial (NCT04850118) of AGTC-501.
References:
Beacon Therapeutics Raises $170 Million in Series B Funding to Advance Development of Ophthalmic Gene Therapies. Press Release; July 3, 2024. Accessed July 8, 2024. https://www.prnewswire.com/news-releases/beacon-therapeutics-raises-170-million-in-series-b-funding-to-advance-development-of-ophthalmic-gene-therapies-302188599.html
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