Prime Medicine, a preclinical biotech developing novel gene editing therapies for various diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $200 million.
The company is developing one-time curative genetic therapies using Prime Editing technology, and currently has a pipeline of 18 preclinical programs targeting indications such as sickle cell disease, various liver diseases, non-syndromic hearing loss, neuro-muscular conditions, Duchenne muscular dystrophy, and cystic fibrosis. Prime Medicine has established preclinical proof-of-concept in vivo with long term engraftment of ex vivo Prime Edited human cells in mice in its sickle cell disease program (partnered with Beam Therapeutics).
The Cambridge, MA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol PRME. Prime Medicine filed confidentially on December 20, 2021. J.P. Morgan, Goldman Sachs, Morgan Stanley, and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
