Syncona Limited

Freeline enters into ADS purchase agreement

23 March 2022

Syncona Ltd, a leading healthcare company focused on founding, building and funding global leaders in life science, notes that its portfolio company, Freeline Therapeutics Holdings plc (Nasdaq: FRLN) ("Freeline"), has filed a prospectus supplement with the Securities and Exchange Commission to report that it has entered into a purchase agreement for up to $35 million in American Depositary Shares ("ADSs") of the company with Lincoln Park Capital Fund, LLC ("LPC").

The purchases are at Freeline's discretion subject to certain conditions being satisfied, with Freeline having the right to sell to LPC up to $35 million in ADSs. The purchase agreement has a 36-month term and Freeline has the right to terminate the purchase agreement at any time, at no cost or penalty. As consideration for LPC's commitments under the purchase agreement, LPC was issued 954,208 of ADSs by the company. The prospectus supplement can be found in the Investors section of the Freeline website: https://www.freeline.life/investors/sec-filings/.

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Enquiries

Syncona Ltd

Natalie Garland-Collins / Fergus Witt

Tel: +44 (0) 7714 916615

FTI Consulting

Ben Atwell / Natalie Garland-Collins / Tim Stamper

Tel: +44 (0) 20 3727 1000

About Syncona

Syncona's purpose is to invest to extend and enhance human life. We do this by founding and building companies to deliver transformational treatments to patients in areas of high unmet need.

Our strategy is to found, build and fund companies around exceptional science to create a diversified portfolio of 15-20 globally leading healthcare businesses for the benefit of all our stakeholders. We focus on developing treatments for patients by working in close partnership with world-class academic founders and management teams. Our balance sheet underpins our strategy enabling us to take a long-term view as we look to improve the lives of patients with no or poor treatment options, build sustainable life science companies and deliver strong risk-adjusted returns to shareholders.

About Freeline

Freeline is a clinical-stage biotechnology company developing transformative adeno-associated virus ("AAV") vector-mediated systemic gene therapies. The Company is dedicated to improving patient lives through innovative, one-time treatments that provide functional cures for inherited systemic debilitating diseases. Freeline uses its proprietary, rationally-designed AAV vector, along with novel promoters and transgenes, to deliver a functional copy of a therapeutic gene into human liver cells, thereby expressing a persistent functional level of the missing or dysfunctional protein into the patient's bloodstream. The Company's integrated gene therapy platform includes in-house capabilities in research, clinical development, manufacturing, and commercialization. The Company has clinical programs in Hemophilia B, Fabry disease, and Gaucher disease Type 1. Freeline is headquartered in the UK and has operations in Germany and the US.