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.
Durham-based Precision BioSciences raises $88 million
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.