Precision BioSciences, a Durham, NC-based biotechnology company, closed a $110M Series B financing.
The round was led by ArrowMark Partners with participation from 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, and existing investors venBio, F-Prime, RA Capital Management, Amgen Ventures, Osage University Partners, DUMAC, and the Longevity Fund. In conjunction with the 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.
The company intends to use the funds to further product development efforts based on its ARCUS® genome editing platform.
Led by Matt Kane, CEO, Precision leverages ARCUS, a therapeutic-grade, naturally-derived genome editing system that combines both specificity and efficacy to to cure genetic disease, overcome cancer, and improve food quality.
During 2018, the company plans to utilize the proceeds from this financing to accelerate and expand its product portfolio. Specifically, it 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.