Prime Medicine, a company delivering on the promise of Prime Editing to provide lifelong cures to patients, has launched this month with $315 million in financing.
The financing comprised a $115 million Series A; based on the rapid progress of the science and the company, Prime Medicine expanded its syndicate support with a $200 million Series B financing approximately nine months after the company began operations.
The funds will be used to continue building the company, rapidly advance towards clinical indications, expand the capabilities of the platform, and to further enhance the exceptional promise of Prime Editing.
By the end of 2021, Prime Medicine expects to employ more than 100 people full-time.
Prime Editing is a next-generation gene editing technology that acts like a DNA word processor to “search and replace” disease-causing genetic sequences at their precise location in the genome, without resulting in double-strand DNA breaks that cause unwanted cellular changes.
It is versatile, with the potential to address more than 90% of known disease-causing mutations, and works in a variety of dividing and non-dividing primary human cells, as well as in animals.
Prime editing has been shown by multiple independent laboratories to make genome edits with high fidelity, making edits precisely at the desired location with minimal or no editing in other parts of the genome.
Together, these features overcome several technical barriers attributed to earlier gene editing technologies.
“Prime Editing is a transformative technology that we believe will make a significant impact by addressing the fundamental causes of genetic disease,” said Keith Gottesdiener, MD, CEO of Prime Medicine.
“Since Prime began operations in the summer of 2020, we have continued to make great progress in advancing the performance of Prime Editing, which allowed us to close our Series B financing nine months later.
“We are operating from a position of financial strength, and look forward to further developing the technology and progressing our preclinical programs toward the clinic, with the hope that they may cure or halt the progression of genetic diseases for patients.”