Beacon Therapeutics has secured $170 million in Series B funding, which the gene therapy company plans to utilize for advancing its eye disease candidates through clinical trials.
Established in London, with an additional base in Massachusetts, Beacon Therapeutics launched in 2023 with an initial $120 million. The company was founded with the goal of creating a new wave of gene therapies aimed at treating retinal conditions that lead to blindness. This recent funding round brings Beacon Therapeutics’ total capital raised to an impressive $290 million.
The Series B funding round was led by Forbion, a European growth fund focused on life sciences. London-based venture capital firm Syncona and Oxford Science Enterprises, both existing investors, also participated. New investments came from Advent Life Sciences and TCGX.
Beacon Therapeutics announced that the new funds will be directed towards the continued development of its leading asset, AGTC-501. This asset is currently undergoing a phase 2/3 clinical study for the management of X-linked retinitis pigmentosa (XLRP). AGTC-501 was bought by Syncona through its acquisition of Applied Genetic Technologies Corporation two years ago.
Last month, the first patient received treatment in the XLRP clinical trial. The strategy involves merging these findings with data from both a phase 1/2 trial and a phase 2 project focused on the same condition. This combined data will be utilized to bolster regulatory approval applications in the U.S. and Europe.
Beacon stated, “Unlike other approaches in the space, AGTC-501 expresses the full-length RPGR protein, thereby addressing all photoreceptor damage caused by XLRP, including both rod and cone loss.”
The firm also announced its intention to utilize a portion of the $170 million to initiate a phase 1/2 study for its macular degeneration research. Beacon also added a few names to its board, including TCGX’s Cariad Chester and Forbion’s Dmitrij Hristodorov.
Beacon CEO David Fellows said in the announcement that the company is dedicated to advancing its portfolio of eye-related gene therapies aimed at preserving and restoring vision for patients suffering from various common and rare retinal disorders that lead to blindness.
Fellows added that he is confident the addition of Hristodorov, Wouter Joustra, and Chester to the Beacon Board, along with the new funding, will help advance the development of their late-stage and preclinical pipeline. He believes this will expedite the progress of AGTC-501 as it advances through clinical stages and moves toward commercialization.
