Oct 20, 2022 - Health

Prime Medicine prices IPO for CRISPR 3.0

Illustration of a DNA strand with a blinking cursor adding to it

Illustration: Sarah Grillo/Axios

Prime Medicine, a Cambridge, Mass.-based gene editing company founded by Harvard biochemist David Liu, has raised $175 million in its IPO and will begin trading Thursday on the Nasdaq.

Why it matters: The biotech world views this as CRISPR 3.0, from the same man who invented CRISPR 2.0.

  • It's also one of the most successful U.S. IPOs in recent memory, as Prime sold 1.4 million shares more than expected while hitting the middle of its $17-$19 price range for a $1.7 billion fully diluted market value.

Cap table: Prime had raised $315 million in VC funding, most recently in April 2021 at a $1.2 billion valuation, from such firms as GV (14.6% pre-IPO stake), Arch Venture Partners (13.4%), F-Prime Capital Partners (13.4%) and Newpath Partners (5.7%). It will list on the Nasdaq under ticker symbol It "PRME."

More, from FierceBiotech: "The company likens its approach to the 'search and replace' function on a word processor, with the ability to correct disease-causing mutations without making double-stranded breaks in the DNA."

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