SparingVision Raises €75 Million Series B
LONDON– 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm unlocking the treatments of the future by investing in advanced therapies, including genomic medicines and other emerging technologies, OR a leading investor in advanced therapies, including genomic medicines and other emerging technologies, announced today that its portfolio company SparingVision (“the Company”), a genomic medicine company developing vision saving treatments for ocular diseases, has raised €75 million in a Series B financing. The round was co-led by Jeito Capital (“Jeito”) and UPMC Enterprises, with additional participation from 4BIO Capital (“4BIO”), Bpifrance, the RD fund, venture arm of Foundation Fighting Blindness (“FFB”), and Ysios Capital (“Ysios”).
Proceeds from the financing will be used to fund the first-in-human trials of the Company’s two lead gene-independent assets, SPVN06 and SPVN20, as well as the development of genome editing assets through its collaboration with Intellia Therapeutics (NASDAQ: NTLA), a leading clinical-stage genome editing company. The financing extends SparingVision’s cash runway to the second half of 2025.
SPVN06 is a breakthrough gene therapy approach aimed at stopping or slowing disease progression in patients affected by Inherited Retinal Diseases (IRDs) and dry Age-related Macular Degeneration (AMD) with an initial focus on mid-stage Retinitis Pigmentosa (RP). RP is one of the most common IRDs that affects two million patients worldwide and is the primary target of SPVN06. Regulatory submissions are underway ahead of a first-in-human clinical trial, which is expected to start later this year, with first safety data anticipated in 2023 and initial proof-of-concept data in 2025.
SPVN20, SparingVision’s second asset, is a pioneering gene therapy product synergistic with SPVN06 which is aimed at restoring visual acuity and colour vision in advanced and late-stage RP. SPVN20 is expected to enter the clinic in 2024, with first safety and activity data expected in 2025.
The financing will also enable SparingVision to advance SPVN50, the first genome editing product in development as part of its collaboration with Intellia Therapeutics in an undisclosed ocular target, after the two companies signed a strategic collaboration last year. SPVN50 is in early discovery studies.
Owen Smith, Partner at 4BIO Capital, commented: “4BIO Capital led SparingVision’s previous funding round in 2020 and since then the company has only strengthened its standing as a global genomic medicines leader in ocular disease. Today’s announcement underscores the incredible work of Stephane and his team, and strongly positions the company to achieve many more meaningful milestones in the years ahead. We look forward to supporting SparingVision as the Company enters this next exciting phase."
Stéphane Boissel, President and Chief Executive Officer of SparingVision, said: “Since our last financing, we have been laser-focused on building the world’s leading portfolio of genomic medicines in the ocular space. With this financing, we are taking a significant step towards achieving clinical validation of our two lead assets and bringing mutation-agnostic genomic medicines to millions of patients affected by IRDs and dry AMD. Our ambition does not stop here, and we remain fully concentrated on our three core pillars of exploration: our mutation-agnostic gene therapies, the genome editing technology toolbox of our strategic partner Intellia Therapeutics and the potential of in-vivo reprogramming in the retina. My thanks go to our investors for their continued support and especially to 4BIO Capital whose deep understanding of the genomic medicines space has been invaluable to the company.”
Click here to read the full press release from Sparing Vision.