Prime Medicine, a preclinical biotech developing novel gene editing therapies for various diseases, raised $175 million by offering 10.3 million shares at $17, within the range of $16 to $18. The company offered 1.4 million more shares than anticipated.
Prime Medicine 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. The company 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). It expects to initiate IND-enabling studies for several of its lead programs, with the first IND filing potentially as early as 2024, and more IND filings expected in 2025.
Prime Medicine plans to list on the Nasdaq under the symbol PRME. J.P. Morgan, Goldman Sachs, Morgan Stanley, and Jefferies acted as joint bookrunners on the deal.
