Prelude Therapeutics Secures $60 Million in Series B Financing to Advance Novel Cancer Therapies Targeting PRMT5

VCBeat (WeChat ID: vcbeat) has learned that clinical-stage biopharmaceutical company Prelude Therapeutics recently announced the completion of a $60 million Series B financing round. The round was led by OrbiMed Advisors. Following this closing, the total amount raised in Prelude Therapeutics’ Series B financing reached $95 million.

In addition, Prelude Therapeutics has expanded its management team. Since May, David Mauro, M.D., has served as the company’s Chief Medical Officer. Dr. Mauro earned his M.D. and Ph.D. from Temple University School of Medicine and brings extensive experience in drug development. On July 1, Brian Piper will join Prelude Therapeutics as Chief Financial Officer, where he will lead and manage corporate financing, reporting, fundraising, and investor relations.

Prelude Therapeutics, headquartered in Wilmington, Delaware, was founded in July 2016 by CEO Kris Vaddi. The company is dedicated to the discovery and development of small-molecule drugs targeting key drivers of cancer cell growth, survival, and drug resistance.

In 2016, Prelude Therapeutics launched its first discovery program targeting protein arginine methyltransferase 5 (PRMT5). PRMT5 plays a critical role in various cellular processes. In hematologic malignancies and solid tumors, these cellular processes can promote cancer cell proliferation and cell cycle progression, as well as confer resistance to apoptosis.

The proceeds from this financing round will be allocated to three purposes: first, to advance the parallel dose-escalation Phase 1 clinical trial of its proprietary PRMT5 inhibitor, PRT543, for the treatment of solid tumors, myeloid malignancies, and lymphomas; second, to progress other differentiated compounds within the PRMT5 program; and third, to strengthen preclinical discovery and clinical development infrastructure to support the rapid advancement of pipeline candidates beyond PRMT5.

Currently, Prelude Therapeutics has established several drug discovery programs. The drugs in these early-stage programs are expected to enter the preclinical development phase in the second half of 2019 and may submit Investigational New Drug (IND) applications in 2020.

“Dr. Kris Vaddi, Founder and Chief Executive Officer of Prelude Therapeutics, stated, ‘We are deeply grateful for the continued support of our existing investors, who have become a vital force in Prelude’s development.’”

Kris Vaddi added, “We believe that PRMT5 inhibitors represent a novel class of anticancer therapeutics, including for cancers that have developed resistance to existing targeted therapies. We are also pleased to have assembled an experienced leadership team to address some of the most pressing challenges in cancer treatment.”

OrbiMed is an investment firm headquartered in New York, USA, managing approximately $5 billion in assets. Established in 1989, OrbiMed’s investment advisory business invests in healthcare companies across all stages of development. OrbiMed manages the Caduceus Private Investments series of venture capital funds as well as a range of public equity investment funds.

(Compiled by Li Chengping)