Prime Medicine prices IPO for CRISPR 3.0
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."