Beacon Therapeutics secures $170 million in Series B funding

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The funding will go toward the continued clinical development of the company’s lead asset, AGTC-501 (laruparetigene zovaparvovec)

Image credit: AdobeStock/Handz

(Image credit: AdobeStock/Handz)

Beacon Therapeutics has secured $170 million in Series B funding, the company announced in a press release.1

The funding was led by Forbion, 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) program.1

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 commercialization,” said Fellows.

As mentioned by Fellows, on top of the funding, the company also appointed Dmitrij Hristodorov and Wouter Joustra, general partners of Forbion, and Cariad Chester, managing partner of TCGX, to its board of directors.

Including the $170 million raised in the Series B funding, the company has raised approximately $290 million to date. The company recently completed the first dosing in its VISTA clinical trial (NCT04850118) of AGTC-501.

References:
  1. 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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