Prelude Therapeutics Incorporated announced a private placement that the Company estimates will result in gross proceeds of approximately $25 million before deducting estimated offering expenses payable by the company.
Proceeds from the private placement will be used to primarily fund the continued advancement of its SMARCA2 portfolio, for working capital and general corporate purposes.
Proceeds from this private placement, combined with current cash and cash equivalents, are expected to be sufficient to fund the Company’s current operating plan into 2026.
Dr. Kris Vaddi, CEO of Prelude stated, “This additional funding allows us to further resource our SMARCA2 portfolio by rigorously advancing the clinical development of our IV molecule, PRT3789, and progressing the oral program into the clinic. We look forward to providing initial clinical results from PRT3789 and initiating clinical development of our oral program in the second half of 2024.”
Prelude Therapeutics, based near Wilmington, is a clinical-stage precision oncology company developing drug candidates targeting critical cancer cell pathways. The company’s diverse pipeline is comprised of highly differentiated, potentially best-in-class proprietary small molecule compounds aimed at addressing clinically validated pathways for cancers with selectable underserved patients.
Prelude’s pipeline includes three candidates currently in clinical development. For more information, visit website.
