Funding to Propel Translational Development of ARCUS Genome Editing Platform
RESEARCH TRIANGLE PARK, North Carolina, May 11, 2015 – Precision BioSciences, the genome editing company, today announced the closing of a $25.6 million Series A financing led by venBio. Joining in the oversubscribed financing are Fidelity Biosciences, Amgen Ventures, Baxter Ventures, Osage University Partners, the Longevity Fund, and two well-known public market investors. Robert Adelman of venBio and Ben Auspitz of Fidelity Biosciences will join Precision's Board alongside Precision's Chief Executive Officer, Matthew Kane and Chief Scientific Officer, Derek Jantz.
"We are thrilled to welcome such a strong and diverse group of investors as our company enters into this exciting next phase of translational product development," said Matthew Kane. "This financing will allow us to expand beyond our successful efforts to develop the leading next-gen genome editing platform and significantly accelerate the development of our genome-edited product pipeline."
Precision BioSciences is focused on the development of greatly needed products enabled by the ARCUS genome editing technology. ARCUS is Precision's latest proprietary genome editing platform and the first to combine the target site flexibility of a TALEN or CRISPR with the exquisite site specificity and small size of a homing endonuclease, overcoming the major shortcomings of earlier editing technologies. Further, the platform is uniquely protected by a strong estate of issued intellectual property while being unencumbered by third party genome editing IP.
"Precision has a disruptive technology in ARCUS that should yield dramatic improvements in gene editing," said Robert Adelman, MD. "I'm excited to join the team and to help Precision achieve its goals."
About Precision BioSciences
Precision BioSciences' mission is to translate the world's most powerful genome editing technology into greatly needed products throughout the life sciences. Precision's proprietary ARCUS genome editing technology enables the production of highly specific nucleases that can insert, remove, and modify DNA at essentially any location in a complex genome.
Precision BioSciences' vision is to be the conduit through which the greatest genome engineering challenges are solved. Precision is developing genome editing-based products to address critical needs in human health, agriculture, and beyond. For additional information, please visit www.precisionbiosciences.com.
venBio is a next generation investment firm, partnering with life science leaders to invest in novel medicines and game changing technologies in the advancement of health care. venBio was established with a vision to create a new model of life sciences investing. venBio believes that integrating all life sciences stakeholders is critical to success.
venBio's investment focus is on clinical stage private and public small cap companies with a therapeutic product, and to a lesser extent medical technologies that enable better care for patients. venBio continues to work with companies to develop new products for today's changing global environment.
About Fidelity Biosciences
Fidelity Biosciences invests venture capital in biopharmaceutical, medical technology, healthcare information technology and healthcare service companies. The firm is a subsidiary of FMR LLC, the parent company of Fidelity Investments, one of the world's leading providers of financial services. For more than 40 years, Fidelity has been a significant presence in the venture capital and private equity industry. For more information, please visit: www.fidelitybiosciences.com.
Precision BioSciences: Chelsea Lynam, phone: +1 919 314-5512
E-mail: [email protected]