GenSight secures a 35 million-euro EIB credit facility to support Lumevoq launch in Europe

France’s GenSight Biologics (Euronext: SIGHT) saw its shares close up 8.7% at 3.71 euros on Friday, after it announced it has entered into a 35 million-euro ($34.6 million) credit facility agreement with the European Investment Bank (EIB), supported by the European Fund for Strategic Investment (EFSI).

The company, which is focused on discovering and developing gene therapies for retinal neurodegenerative diseases and central nervous system disorders, plans to use the facility toward the development of its pipeline in the field of gene therapy for the treatment of neurodegenerative retinal diseases and disorders of the central nervous system and, in particular, Lumevoq (lenadogene nolparvovec; GS010) until its possible marketing in Europe, planned for the end of 2023.

"This EIB financing, which is minimally dilutive for our shareholders, is excellent news for GenSight and a recognition of the work accomplished by our teams," said Bernard Gilly, chief executive and co-founder of GenSight Biologics, adding: "It will allow us to support the development of our product portfolio, and in particular the launch on the European market of Lumevoq, the first gene therapy for [Leber hereditary optic neuropathy] LHON patients."