July 13, 2021 -- Prime Medicine has launched with $315 million in financing to rapidly advance its prime editing gene editing technology.
Prime editing acts like a DNA word processor to "search and replace" disease-causing genetic sequences at their precise location in the genome, without resulting in double-stranded DNA breaks that cause unwanted cellular changes.
The company is currently using prime editing to advance multiple drug discovery programs targeted at liver, eye, ex vivo hematopoietic stem cell, and neuromuscular indications.
Prime Medicine has secured $115 million in series A funding in addition to support with $200 million in series B financing approximately nine months after the company began operations.
Furthermore, Prime Medicine and Beam Therapeutics have built a partnership to form a collaborative approach to fighting diseases and accelerate the development of Prime editing to deliver therapies for patients. In the areas of partnership, Prime Medicine and Beam share research, expertise, and intellectual property for assays, know-how, delivery, and manufacturing.
The Broad Institute of MIT and Harvard (where the technology was developed) has extended a license for prime editing technology to Prime Medicine for human therapeutic uses under the Broad Institute's inclusive innovation model.
By the end of 2021, Prime Medicine plans to employ more than 100 full-time employees.