Sanofi will invest up to $60 million in Gyroscope Therapeutics, with the proceeds funding the ongoing clinical trials of GT005 for geographic atrophy secondary to age-related macular degeneration, according to a press release.
Forty million dollars will be invested initially, “at a premium to Gyroscope’s prior Series C financing,” while $20 million will be contingent on a future investment round and certain closing conditions, the release said.
GT005 has been fast tracked by the FDA and is in phase 2 clinical trials.
A Sanofi research and development executive will join Gyroscope’s