DURHAM, NC, USA, June 26th, 2018 – Precision BioSciences today announced the closing of
an oversubscribed $110M Series B financing to further product development efforts
based on its ARCUS® genome editing platform. The financing was led by ArrowMark
Partners and was joined by new investors Franklin Templeton Investments, Cowen
Healthcare Investments, Brace Pharma Capital, Pontifax AgTech, OCV Partners, Adage
Capital Management, Cormorant Asset Management, Gilead Sciences, Vivo Capital,
Alexandria Venture Investments, Ridgeback Capital, Agent Capital, and entities affiliated
with Leerink Partners. Existing investors venBio, F-Prime, RA Capital Management,
Amgen Ventures, Osage University Partners, DUMAC, and the Longevity Fund also
participated in the financing.
Precision intends to expand applications of its ARCUS genome editing platform in the
areas of immuno-oncology, genetic disease, and food on its way to building a fully
integrated biotechnology company. ARCUS is Precision’s proprietary, homing
endonuclease-derived genome editing platform that leverages the small size and high
specificity of a natural genome editing system. During 2018, Precision plans to utilize the
proceeds from this financing to accelerate and expand its product portfolio. Specifically,
Precision targets taking its lead, off-the-shelf CAR-T product into the clinic while
advancing both its lead in vivo gene therapy program into IND-enabling studies and its
flagship food program into field trials.
“We are thrilled to have such strong support from these leading healthcare investors
who share in our vision for the future of human health through innovations in food and
medicine,” said Matt Kane, CEO of Precision. “This financing provides us with a strong
foundation from which we can advance our translational genome editing programs in
multiple sectors.”
In conjunction with the Series B financing, Tony Yao of ArrowMark Partners has joined
the Precision Board of Directors alongside existing directors Matt Kane, Derek Jantz, CSO
of Precision, and Robert Adelman of venBio.
“We believe that Precision’s core gene editing technology represents a new way to alter
the genome, and we are utilizing this technology to address several areas of great
unmet need,” said Tony Yao, M.D., Ph.D. “I look forward to working with the team as we
advance our programs.”
About Precision BioSciences
Precision BioSciences is dedicated to improving life. Our mission is to cure genetic
disease, overcome cancer, and feed the planet. We are striving to achieve this goal with
ARCUS, our therapeutic-grade, naturally-derived genome editing system that combines
both specificity and efficacy to help overcome life’s greatest genetic challenges. For
additional information, please visit www.precisionbiosciences.com
Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted as outside counsel to
Precision in connection with the financing.
Contact:
Precision BioSciences
Heather King
+1 919-314-5512
heather.king@precisionbiosciences.com