VC-backed Gyroscope postpones IPO plans

London-based Gyroscope Therapeutics, a gene therapy company focused on treating eye diseases, has postponed its IPO plans, citing market conditions as the reason.

London-based Gyroscope Therapeutics, a gene therapy company focused on treating eye diseases, has postponed its IPO plans, citing market conditions as the reason. Gyroscope’s backers include Forbion, Sofinnova Investments, T. Rowe Price Associates, Inc., Tetragon Financial Group Limited, Fosun Pharma, Cambridge Innovation Capital and Syncona.

PRESS RELEASE

LONDON–(BUSINESS WIRE)–Gyroscope Therapeutics Holdings plc (“Gyroscope”), a clinical-stage gene therapy company focused on treating diseases of the eye, today announced it has postponed plans for its initial public offering.

“In light of market conditions, we have decided to postpone our planned initial public offering,” said Khurem Farooq, Chief Executive Officer. “Based on the positive feedback we have received from institutional investors on the strength of our science and investigational gene therapies, we believe it’s in the best interest of our existing shareholders and employees to execute our IPO in more favorable market conditions. In the meantime, we are continuing to advance our clinical program for our investigational gene therapy, GT005, as well as our earlier stage pipeline.”

About Gyroscope: Vision for Life
Gyroscope Therapeutics is a clinical-stage gene therapy company developing gene therapy beyond rare disease to treat diseases of the eye that cause vision loss and blindness. Our lead investigational gene therapy, GT005, is currently being evaluated in Phase II clinical trials for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD), a leading cause of blindness. GT005 has received Fast Track designation from the U.S. Food and Drug Administration for the treatment of people with GA.

Supported by leading life sciences investors, Gyroscope has built a global organisation combining discovery, research, drug development, a manufacturing platform and surgical delivery capabilities. Headquartered in London with locations in Philadelphia and San Francisco, our mission is to preserve sight and fight the devastating impact of blindness.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

In any member state of the European Economic Area (the “EEA”) this announcement and any offering are only addressed to and directed at persons who are “qualified investors” (“Qualified Investors”) within the meaning of the Prospectus Regulation. In the United Kingdom, this announcement and any offering are only addressed to and directed at Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) high net worth entities who fall within Article 49(2)(a) to (d) of the Order, or (iii) to whom it may otherwise lawfully be communicated (all such persons being referred to as “relevant persons”).

This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the EEA, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to and will only be engaged with (i) in the United Kingdom, relevant persons, and (ii) in any member state of the EEA, Qualified Investors.

The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus related to the offering can be obtained from any of the joint book-running managers for the offering: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649 or by email at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by facsimile at (212) 902-9316 or by email at prospectus-ny@ny.email.gs.com; or Citigroup Global Markets Inc., Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146 or by email at prospectus@citi.com. For the avoidance of doubt, such prospectus does not constitute a “prospectus” for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and will not have been reviewed by any competent authority in any European Union member state or the United Kingdom.