PSP Investments Allocates to Gene Editing Company Prime Medicine via Series B
Posted on 07/13/2021
Prime Medicine is a Cambridge, Mass.-based gene editing startup co-founded by biochemist David Liu. Investors are betting on gene editing to find cures for diseases.
The financing comprised a $115 million Series A; based on the rapid progress of the science and the company, Prime Medicine expanded its syndicate support with a $200 million Series B financing approximately nine months after the company began operations. Investors in the Series A included ARCH Venture Partners, F-Prime Capital, GV, and Newpath Partners.
The Series B included all Series A investors, plus Casdin Capital, Cormorant Asset Management, Moore Strategic Ventures, Public Sector Pension Investment Board (PSP Investments), Redmile Group, Samsara BioCapital, funds and accounts advised by T. Rowe Price Associates, Inc., and a number of additional, unnamed life sciences investment funds.
David Liu is one of the foremost CRISPR innovators, first investing base editing tech in 2016 and then prime editing tech in 2019.
The funds raised will be used to continue building the company, rapidly advance towards clinical indications, expand the capabilities of the platform, and to further enhance the exceptional promise of Prime Editing. By the end of 2021, Prime Medicine expects to employ more than 100 people full-time.
“Prime Editing represents an opportunity to do what no gene editing approach has yet been capable of – correcting nearly all types of pathogenic gene mutations, correcting multiple mutations at once, and bringing durable cures to patients across multiple disease areas, potentially with a single ‘once and done’ treatment approach,” said David Schenkein, MD, General Partner at GV via news release. “We are tremendously excited about the potential of this technology, and about the talented team at Prime working to bring it to patients.”