$75m in funding to develop tenosynovial giant cell tumour mAb 

Seed fund

SynOx Therapeutics has closed a $75m Series B financing round, which will be used to generate registrational Phase III clinical and CMC data for emactuzumab, the company’s potentially best-in-class CSF-1(R) inhibiting monoclonal antibody (mAb) for the treatment of tenosynovial giant cell tumour (TGCT). 

TGCT is a type of tumour that affects the soft tissue lining of joints and tendons and is a highly debilitating disease often impacting large, important joints such as the knee, hip and ankle. It is a chronic disease, which often impacts patients throughout their lives. It seriously impacts quality of life by causing significant loss of function of the affected joints, pain, stiffness, and limiting range of motion. While most patients receive surgical intervention, more than 50% of patients with diffuse disease experience tumour recurrence within three years of surgery1. 

Emactuzumab is a novel, next-generation CSF-1R mAb with a potentially best-in-class profile. In earlier clinical work in TGCT2, emactuzumab demonstrated substantial clinical activity with an objective response rate (ORR) of 71%, rapid and robust tumour reduction, a long duration of effect, and significant improvements in functional ability. Importantly, these studies also indicated that emactuzumab has good tolerability and a manageable safety profile.  

SynOx is initiating a Phase III trial (TANGENT) to assess the efficacy and safety of emactuzumab in patients with localised and diffuse TGCT. 

Key appointments 

As part of the Series B financing, both Dr Carlo Incerti, MD, and Jon Edwards, PhD, have joined the Board of Directors. Dr Incerti has more than three decades of experience in the biopharmaceutical industry and brings an extensive track record in global drug development, including from his time at Sanofi Genzyme where he played a leading role in pioneering therapies for rare and genetic diseases. Jon Edwards brings a decade of therapeutic investment expertise and company creation experience, which includes several public listings and multi-billion-dollar acquisitions. 

Ray Barlow, Chief Executive Officer of SynOx Therapeutics, said: “This is a transformational time for SynOx. This substantial funding will allow us to generate registrational data for emactuzumab in TGCT. As a highly effective, next-generation therapy with a short treatment cycle, rapid onset and long duration of response, we believe that emactuzumab is differentiated from other agents in development and will provide a much needed and valuable option for patients suffering from this grievous disease.” 

The financing was co-led by Forbion, HealthCap and new investor Bioqube Ventures. 


  1. Lin F, et. al. JHEOR, 2022
  2. Cassier, et al. “Long-term clinical activity, safety and patient-reported quality of life for emactuzumab-treated patients with diffuse-type tenosynovial giant-cell tumour” European Journal of Cancer 2020;141:162-170, 2020 


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