Oct 20, 2022 - Health

Prime Medicine prices IPO for CRISPR 3.0

Dan Primack

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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Prime Medicine prices IPO for CRISPR 3.0

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