Purespring Therapeutics secures £80/$105 million in Series B for kidney disease treatment

Purespring Therapeutics has successfully raised £80 million ($105 million) in a Series B financing round aimed at transforming the treatment of kidney diseases. This oversubscribed investment round was led by Sofinnova Partners, in collaboration with Gilde Healthcare, Forbion, British Patient Capital, and founding investor Syncona Limited.

Purespring Therapeutics is pioneering gene therapy treatments for kidney diseases by specifically targeting the podocyte, a specialized cell involved in around 60% of renal diseases. The company has developed a proprietary adeno-associated viral (AAV) gene therapy platform to deliver working copies of genes directly to podocytes with high efficiency. This innovative approach opens up new possibilities for treating a broad range of kidney diseases.

The funds raised will support the advancement of Purespring’s AAV pipeline, including the initiation of a Phase I/II clinical trial for IgA Nephropathy (IgAN), a chronic kidney disease that primarily affects young adults. Approximately one-third of IgAN patients lose kidney function within five years, necessitating a transplant or dialysis.

Julian Hanak, Chief Executive Officer of Purespring, highlighted the significance of this funding, stating that nearly one-tenth of the global population suffers from chronic kidney disease, with limited treatment options beyond dialysis and transplantation. He emphasized that Purespring’s novel treatment platform, combined with a deep understanding of kidney disease, places the company in a strong position to stop, reverse, and potentially cure kidney disease. Hanak expressed his gratitude for the high-quality investor syndicate supporting Purespring's mission, noting that their expertise in drug development would maximize the company's opportunities and benefit patients.

Maina Bhaman, Partner at Sofinnova Partners, commended Purespring Therapeutics for its groundbreaking work in kidney disease treatment. She stated that the team's ambition and excellence align with Sofinnova's mission of delivering transformative treatments to patients. Bhaman expressed excitement at supporting Purespring as it brings its innovative therapies to a global audience.

Michael Kyriakides, Investment Partner at Syncona Investment Management and Board Director of Purespring Therapeutics, also praised the company’s progress. He noted that Syncona founded Purespring with the vision of creating a leading kidney gene therapy company. The successful financing round and strong investor support validate Purespring's technology, strategy, and execution. Kyriakides looked forward to collaborating with Purespring and its new investors as the company prepares for its Phase I/II clinical trial.

This financing milestone follows significant scientific achievements for Purespring. Earlier in the year, the company presented preclinical data at the European Renal Association (ERA) Congress, demonstrating the potential of AAV gene therapy to deliver transgenes to podocytes. This capability allows for the replacement of defective genes or modulation of protein production, positioning AAV as a promising modality for treating a wide range of kidney diseases.

In 2023, Purespring published a paper in Science Translational Medicine detailing the successful use of AAV gene therapy to transduce podocytes in vivo, marking a major advancement in overcoming previous developmental hurdles in this area. Purespring will present its IgAN data publicly for the first time at the American Society of Nephrology (ASN) Kidney Week congress in San Diego.

Purespring’s innovative approach and recent advancements underscore its potential to revolutionize the treatment of kidney diseases, offering new hope to millions of patients worldwide.