At Precision, we utilize a proprietary genome editing method we call ARCUS combined with a team made up of some of the leading minds and pioneers in genome editing in an effort to overcome cancers, cure genetic diseases, and enable the development of safer, more productive food sources.
Genome editing technologies allow us to rethink our approach to a broad array of serious challenges faced by the world today. We now have the ability to precisely edit the DNA of a living organism, opening up the possibility of correcting genetic problems at their source.
Precision Biosciences hoping to raise $100 million through an IPO
A biotechnology company based in downtown Durham has filed plans to go public — a move that could net the company around $100 million.
Precision BioSciences, which has offices at the historic Venable Center in downtown Durham, filed plans on March 1 with the Securities and Exchange Commission for an initial public offering on the Nasdaq stock exchange. The company would trade under the ticker symbol “DTIL,” according to the filing.
The company, which has around 130 employees, is developing a genome editing platform called ARCUS, which the company hopes to use to treat diseases such as cancer, as well as in sustainable food production.
The company plans to use proceeds from the public offering to complete the clinical trials of one cancer treatment, support development of two other disease treatments and build out a manufacturing facility in Research Triangle Park.
The company is currently the biggest tenant at the Venable Center on Pettigrew Street in downtown Durham. The owners of the Venable Center are currently planning a 200,000-square-foot expansion of the campus that will include more office space and apartments.
So far, Precision has raised $300 million in financing from outside investors, including venBio, Franklin Templeton, Cowen Healthcare and Gilead, among others.
Middle school science project travels to space with help from Precision BioSciences
Fifteen Science, Technology, Engineering and Math (STEM) students at Immaculata Catholic Middle School in Durham recently launched theirs into space. They partnered with researchers at Precision BioSciences to develop a genome editing experiment for the U.S. Naval Laboratory on the International Space Station (ISS). The idea is to explore whether the technology can help humans, plants and animals adapt to life outside Earth’s atmosphere.
According to Precision—a Durham-based genome-editing company that spun out of Duke University in 2006—it is the first experiment of its type conducted in space. The project was launched from Cape Canaveral in early December aboard a SpaceXDragon cargo spacecraft on a Falcon 9 rocket. It was heady stuff for the group of students who attended the launch and participated in on-site presentations and poster sessions.
Immaculata Middle School STEM Director Karen Kingrea said the opportunity arose through Space Center University at Space Center Houston and the DreamUp program. Space Center U offers five-day programs for students that promote teamwork, problem solving, communication and the design of engineering solutions to space-related situations.
Precision’s editing technology is particularly well suited for this type of experiment. It is based on a single, compact protein. And the ARCUS nuclease is stable across a range of temperatures, so it can be dried down and rehydrated without affecting its function.
Precision CEO Matt Kane, who watched the launch, said his company was delighted to be involved in the program. “Our hope is that this will be the first of many steps to make ARCUS genome editing a critical component of future scientific endeavors, including space exploration,” he said. “I’m so pleased Precision could be part of this experiment and I admire the Precisioneers (Precision employees) who have given their time to support these amazing young scientists.”
DURHAM — Precision BioSciences Inc. has raised more than $88 million in a private equity offering, according to a filing Friday afternoon with the Securities and Exchange Commission.
The money was raised from 40 investors, according to the filing.
It last raised money in May 2015, when it received $25.6 million from investors. That funding was led by venBio and joined by Fidelity Biosciences, Amgen Ventures, Baxter Ventures, Osage University Partners, and The Longevity Fund.
The Durham-based company is using genome editing to eliminate cancers, cure genetic diseases, and create safer, more productive food sources.
Earlier last week, it created a new name and brand identity, Elo Life System, for its food and agriculture business.
The CEO and cofounder of the company is Matthew Kane. He led the company since its inception in 2006 and serves on Precision’s board.
The decade-long march to success
Precision Biosciences was founded in 2006 by then-Fuqua student Matt Kane alongside postdoctoral fellows Derek Jantz and Jeff Smith. This team of “Precisioneers” has spent the last decade developing and applying their proprietary ARCUS genome-editing platform “in an effort to overcome cancers, cure genetic diseases, and enable the development of safer, more productive food sources.” Their success has been fueled by a successful Series A round in 2015, and a development deal with Baxalta (now Shire) potentially worth upwards of $1.6 B in payments and milestones (at the time, the largest gene therapy deal ever in immuno-oncology). For more, read:
Image: Matthew Kane, CEO, Co-founder.