LONDON: OMass Therapeutics, a biotechnology company developing small molecule drugs for rare diseases and immunological conditions, has raised $310 million in an oversubscribed Series C financing, its investor Syncona Ltd. announced Thursday.

Syncona, a life science investment firm, said it committed $10.1 million to the round. The financing was co-led by Bain Capital Life Sciences, Forbion and Novo Holdings, with additional participation from Janus Henderson Investors, SV Health Investors and Jefferson Life Sciences. All existing investors also participated, including Oxford Science Enterprises, GV, Northpond Ventures, Sanofi Ventures, British Patient Capital and University of Oxford.

Following the financing, Syncona’s holding in OMass was written up by £4.7 million, a 9.4% increase over the company’s June 30 valuation. Including new capital invested, Syncona’s holding value in OMass will be £56.0 million, giving it a 16.1% ownership stake once the full financing is drawn down.

OMass, a University of Oxford spin-out, is developing drugs based on its proprietary OdyssION drug discovery platform. The company has raised approximately $475 million total, with Syncona leading its Series A round in 2018.

Proceeds from the Series C will fund the advancement of OMass’s lead program, OMS1620, a potential treatment for congenital adrenal hyperplasia and ACTH-dependent Cushing’s syndrome, into the clinic and through Phase 2 development. The financing will also support the company’s earlier-stage pipeline.

Edward Hodgkin, Managing Partner of Syncona Investment Management Limited and Board Director of OMass, said: “OMass has secured a high-quality global syndicate of life science investors to support the ongoing development of its lead clinical candidate OMS1620 and broader pipeline. The strength and calibre of this group is an important external validation of OMass’ technology and progress to date and provide the company with the ability to execute on its ambitions. It is encouraging to see high-quality UK early-stage companies attract capital at scale in areas of high innovation.”

Ros Deegan, Chief Executive Officer of OMass Therapeutics, added: “This financing comes at an exciting point in OMass’ evolution as we advance OMS1620 into the clinic with our SLC15A4 inhibitor poised to follow. We have demonstrated the ability of our team and approach to discover and deliver a pipeline of first- and best-in-class programmes in endocrinology and immunology into the clinic. With the backing of an outstanding group of new and existing investors, we are entering our next phase with the resources to translate that progress into a portfolio of clinically differentiated medicines for patients.”