Prime Medicine Secures $144 Million in Strategic Offering
Prime Medicine Completes $144 Million Public Offering
Prime Medicine, Inc. (NASDAQ: PRME), a pioneering biotechnology firm focused on advancing one-time curative genetic therapies, has successfully closed its underwritten public offering of 43.7 million shares of common stock. This includes the full exercise of underwriters' option to purchase an additional 5.7 million shares, priced at $3.30 per share. The offering yielded approximately $144.2 million in gross proceeds to the company, before deducting underwriting discounts and offering expenses.
Underwriters and Offering Highlights
TD Cowen and BMO Capital Markets served as the joint book-running managers for this significant offering. Notably, the underwriters did not receive any discounts or commissions for 1,818,181 shares sold to the Cystic Fibrosis Foundation. This strategic collaboration underscored the trust and commitment of the investment community in Prime Medicine's vision.
Registration and Compliance
The shares were issued under an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission (SEC). This registration was declared effective on November 13, 2023. The offering was conducted solely through a written prospectus, which offered comprehensive details about the terms of the offering.
About Prime Medicine's Mission
Prime Medicine is committed to developing innovative gene editing therapies aimed at providing transformative solutions for patients. The company employs its unique Prime Editing platform, which is recognized for its precision and effectiveness in gene editing. This technology is designed to execute targeted corrections within the DNA sequence while minimizing unintended modifications.
A Focus on Therapeutic Programs
Currently, Prime Medicine is advancing a diverse pipeline of investigational programs, particularly in the areas of liver, lung, immunology, and oncology. Each program is thoughtfully selected, targeting diseases with well-characterized biology and a clear path toward clinical development and regulatory approval. This strategic focus amplifies the impact Prime Medicine seeks in the realm of genetic therapies.
Investor and Media Contacts
For additional information, stakeholders can connect with: Gregory Dearborn
Prime Medicine
857-209-0696
gdearborn@primemedicine.com
Hannah Deresiewicz
Precision AQ
212-362-1200
hannah.deresiewicz@precisionaq.com
Frequently Asked Questions
What is Prime Medicine?
Prime Medicine is a biotech company focused on one-time curative gene therapies through advanced gene editing techniques.
What recent announcement did Prime Medicine make?
Prime Medicine announced the closing of a public offering that raised approximately $144 million.
How many shares were involved in this offering?
The offering included 43.7 million shares, along with additional shares from underwriters' options.
What is Prime Editing?
Prime Editing is a cutting-edge technology that enables precise gene edits while reducing unintended DNA alterations.
How does this offering impact Prime Medicine's future?
The funds raised enhance Prime Medicine's capacity to accelerate the development of its therapeutic programs across multiple focus areas.
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