Prelude Therapeutics, a privately held, clinical-stage biopharmaceutical company secured $60 million in Series B financing. Investments to date total $95 million.
The company is headed by a founder of Wilmington-based Incyte Corp. Prelude is located in the Delaware Innovation Space, a biotechincubator at the DuPont Experimental Station near Wilmington.
Since its launch in July 2016, Prelude has made progress in its first discovery program targeting Protein Arginine Methyltransferase 5 (PRMT5), a member of the arginine methyltransferase family.
According to Prelude release, PRMT5 plays an important role in several cellular processes “that drive cancer cell proliferation, cell cycle progression and resistance to apoptosis in hematological malignancies and solid tumors.”
Proceeds from the Series B financing will be used to advance Prelude’s proprietary PRMT5 inhibitor, PRT543, through proof of concept clinical studies.
Prelude has established several drug discovery programs and compounds from these early-stage programs are also expected to enter preclinical development in the second half of 2019.
“We are very appreciative of the continued support of our current investors, who have been integral to the founding of Prelude and the creation of our growing pipeline,” said Kris Vaddi, founder and CEO of Prelude Therapeutics. “We believe PRMT5 inhibitors represent a promising new class of drugs to treat cancers, including ones that have developed resistance to existing targeted therapies. We are also pleased to have assembled such a talented, experienced and proven leadership team to address some of the most pressing gaps in cancer treatment.”
Vaddi founded Prelude in July 2016 and serves as CEO and a member of the Board of Directors. Prior to Prelude, Vaddi was a member of the founding team of Incyte Corporation in 2002 and most recently served as a group vice president.
The financing was co-led by Prelude’s two existing institutional investors, including OrbiMed Advisors LLC.