Beacon secures $170M Series B for late-stage eye disease gene therapy trial

Beacon Therapeutics, a London-based gene therapy biotech company, has successfully raised $170 million in a series B funding round. The funds will be utilized to propel the company's candidates for eye disease treatments through clinical trials. Established in 2023 with an initial launch fund of $120 million, Beacon's mission is to create cutting-edge gene therapies targeting retinal diseases that lead to blindness. With the latest funding round, the total capital raised by the biotech now stands at an impressive $290 million.

The recent funding round was spearheaded by Forbion, a European growth fund focused on life sciences, with additional support from returning investors such as London-based VC firm Syncona and Oxford Science Enterprises. New investors TCGX and Advent Life Sciences also participated in the funding round.

Beacon plans to use the newly acquired funds to advance their leading asset, AGTC-501, which is currently in a phase 2/3 clinical trial for the treatment of X-linked retinitis pigmentosa (XLRP). This asset was acquired by Syncona during its acquisition of Applied Genetic Technologies Corporation (AGTC) in 2022. The first patient was recently dosed in the XLRP study, and the results from this trial will be combined with data from earlier phase 1/2 and phase 2 studies for the same condition to support regulatory approval applications in both the U.S. and Europe.

AGTC-501 aims to express the full-length RPGR protein, targeting all photoreceptor damage caused by XLRP, including rod and cone loss. This approach sets it apart from other treatments in the field.

Additionally, Beacon will allocate part of the $170 million to initiate a phase 1/2 trial for its dry age-related macular degeneration (AMD) program.

As part of the financing deal, Beacon has expanded its board with the inclusion of Forbion general partners Dmitrij Hristodorov, Ph.D., and Wouter Joustra, as well as TCGX Managing Partner Cariad Chester.

Beacon's CEO, David Fellows, emphasized the company’s commitment to advancing its pipeline of ophthalmic gene therapies aimed at saving and restoring vision for patients suffering from a variety of prevalent and rare retinal diseases. He expressed confidence that the addition of new board members, along with the substantial funds raised, would support the ongoing development of Beacon’s late-stage and preclinical pipeline. Fellows highlighted the acceleration of AGTC-501’s development as the company progresses through clinical trials and moves towards commercialization.

Elisa Petris, lead partner at Syncona and board director of Beacon, underscored the investment firm's continued support for Beacon Therapeutics. She praised the company’s leadership and innovative approach to developing gene therapies for retinal diseases. Petris noted that the latest financing round and the involvement of a high-quality syndicate of partners would significantly advance Beacon’s pipeline, allowing the company to further its programs targeting both rare and common ophthalmic diseases.