Prime Medicine, Inc.
| General Information | |
| Business: | We are a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, Prime Editors, to address the widest spectrum of diseases by deploying our Prime Editing technology, which we believe is a versatile, precise, efficient and broad gene editing technology. If nuclease gene editing approaches are “scissors” for the genome, and base editors are “pencils,” erasing and rewriting a subset of single letters in the gene, then Prime Editing is a “word processor,” searching for the correct location and replacing or repairing a wide variety of target DNA.
Our novel Prime Editors have two main components that act together to edit DNA: (i) a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme, and (ii) a pegRNA, that targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence. Prime Editing leverages the established DNA-targeting capabilities of CRISPR-Cas proteins modified to nick, but not cause double-stranded DNA breaks, and combines these with the DNA synthesis capabilities of reverse transcriptase enzymes, which have been engineered to efficiently and precisely copy a pegRNA-encoded edited sequence into target DNA.
Gene editing, including platforms such as Prime Editing, is a novel technology that is not yet clinically validated for human therapeutic use.
We believe our in-licensed and company-owned Prime Editing technology has transformative potential that could change the course of how disease is treated and overcome the challenges associated with current genetic therapies.
Prime Medicine was co-founded by David Liu, Ph.D., a world-renowned leader in the field of gene editing, and Andrew Anzalone, M.D., Ph.D., who conceived of and developed Prime Editing technology.
On Sept. 20, 2022, we achieved a major milestone as the United States Patent and Trademark Office, or the USPTO, issued U.S. Patent 11,447,770, or the ‘770 Patent, covering methods of using Prime Editors.
(Note: Prime Medicine, Inc. upsized its IPO at pricing on Oct. 19, 2022, to 10.29 million shares (10,294,118 shares) – up from 8.9 million shares in the prospectus – and priced its IPO at $17 – the mid-point of its $16-to-$18 range – to raise $174.93 million. Prime Medicine disclosed terms for its IPO in an S-1/A filing dated Oct. 12, 2022: The company planned to offer 8.9 million shares at $16.00 to $18.00 to raise $151.3 million. Prime Medicine filed its S-1 on Sept. 23, 2022; it submitted confidential IPO documents on Dec. 20, 2021.)
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| Industry: | Biologic Substances |
| Employees: | 158 |
| Founded: | 2019 |
| Contact Information | |
| Address | 21 Erie Street Cambridge, MA 02139 |
| Phone Number | (617) 564-0013 |
| Web Address | https://www.primemedicine.com/ |
| View Prospectus: | Prime Medicine, Inc. |
| Financial Information | |
| Market Cap | $1627.33mil |
| Revenues | $0 mil (last 12 months) |
| Net Income | $-132.51 mil (last 12 months) |
| IPO Profile | |
| Symbol | PRME |
| Exchange | NASDAQ |
| Shares (millions): | 10.3 |
| Price range | $17.00 - $17.00 |
| Est. $ Volume | $175.0 mil |
| Manager / Joint Managers | J.P.Morgan/ Goldman Sachs/ Morgan Stanley/ Jefferies |
| CO-Managers | |
| Expected To Trade: | 10/20/2022 |
| Status: | Priced |
| Quiet Period Expiration Date: | Available only to Subscribers |
| Lock-Up Period Expiration Date: | Available only to Subscribers |
| SCOOP Rating | Available only to Subscribers |
| Rating Change | Available only to Subscribers |