Gensight Biologics has announced a capital increase that totals €22.5M and will support the launch of its gene therapy for blindness in Europe and the US.
Gensight has decided to give an additional financial push to its lead candidate, GS010, a gene therapy to restore sight in patients with the rare genetic disease Leber hereditary optic neuropathy (LHON). The company has raised €22.5M after a capital increase yesterday that aimed for €20M, and the funds will add to the €48.8M in cash the company declared at the end of March.
The offering comes relatively short after Gensight’s IPO last July, when it raised €40M in one of the largest European biotech exits of 2016. The biotech has stated that the new funds will go towards preparing the launch and marketing of GS010, which has already shown promising results in LHON patients and is now being evaluated in two Phase III trials in Europe and the US.
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