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

Purespring Therapeutics has announced a significant achievement, raising £80/$105 million through a Series B financing round to revolutionize the treatment of kidney diseases. The financing round was led by Sofinnova Partners and included contributions from Gilde Healthcare, Forbion, British Patient Capital, and the founding investor, Syncona Limited. The funds will support Purespring's advancement of its adeno-associated viral (AAV) gene therapy programs, particularly targeting IgA Nephropathy (IgAN).

Purespring Therapeutics stands out as the first company to effectively treat kidney disease models by targeting the podocyte, a specialized cell involved in about 60% of renal diseases, using its proprietary AAV gene therapy platform. Their development pipeline includes a lead program, PS-002, aimed at IgAN and other complement-mediated kidney diseases, a program for nephrotic syndrome, and an undisclosed glomerular kidney disease program.

The innovative platform technology employed by Purespring allows for the efficient and specific delivery of working copies of genes directly to podocytes. This approach opens new possibilities for disease-modifying treatments across a wide range of kidney diseases. The funds raised will also facilitate the initiation of a Phase I/II clinical trial for IgAN, a chronic kidney disease that primarily affects young adults and often leads to severe outcomes like kidney transplants or dialysis within five years for about one-third of patients.

Julian Hanak, Chief Executive Officer of Purespring, highlighted the global impact of chronic kidney disease, affecting nearly 840 million people worldwide. He emphasized the limited treatment options available and the potential of Purespring's novel treatment platform to transform patient outcomes. Hanak expressed gratitude for the support from a high-quality investor syndicate, which will help maximize opportunities for both the company and patients in need.

Maina Bhaman, Partner at Sofinnova Partners, praised Purespring Therapeutics for its pioneering work in kidney disease treatment. She affirmed Sofinnova's commitment to supporting the Purespring team as they bring their innovative solutions to the global stage. Similarly, Michael Kyriakides, Investment Partner at Syncona Investment Management and Board Director of Purespring Therapeutics, commended the progress made by Purespring. He noted that the recent financing round and the strong syndicate of investors validate the company’s technology, strategy, and execution to date.

Purespring's financing follows significant scientific milestones, including the presentation of preclinical data at the 61st European Renal Association (ERA) Congress. This data demonstrated the potential of AAV gene therapy to deliver transgenes to podocytes, replacing defective genes or modulating protein production, highlighting AAV as a promising modality for treating a broad spectrum of kidney diseases. Additionally, a 2023 publication in Science Translational Medicine marked a breakthrough for Purespring, successfully using AAV gene therapy to transduce podocytes in vivo for the first time.

Purespring plans to present its IgAN data at the American Society of Nephrology (ASN) Kidney Week congress on October 26 in San Diego, further showcasing its advancements in the field.

Purespring Therapeutics continues to drive innovation in treating kidney disease, combining world-leading expertise in podocyte biology and gene therapies. With strong backing from leading biotech investors, the company is well-positioned to transform the landscape of kidney disease treatment and improve the lives of millions affected by these conditions.