Precision BioSciences Completes $110M Preferred Stock Financing to Advance Genome Editing Programs
A team of Smith Anderson lawyers advised client Precision BioSciences in its $110 million preferred stock financing to further product development efforts for its ARCUS® genome editing platform.
The financing was led by ArrowMark Partners in New York and was joined by multiple new and existing global institutional investors.
According to the press release, Precision intends to expand applications of its ARCUS genome editing platform in the areas of immuno-oncology, genetic disease, and food on its way to building a fully integrated biotechnology company. ARCUS is Precision’s proprietary, homing endonuclease-derived genome editing platform that leverages the small size and high specificity of a natural genome editing system. During 2018, Precision plans to utilize the proceeds from this financing to accelerate and expand its product portfolio.
Precision CEO Matt Kane is quoted as saying “We are thrilled to have such strong support from these leading healthcare investors who share in our vision for the future of human health through innovations in food and medicine. This financing provides us with a strong foundation from which we can advance our translational genome editing programs in multiple sectors.”
To read the press release in its entirety, please click here.
Smith Anderson has advised Precision on numerous transactions since the company’s inception in 2006, including advising Precision on its $1.6 billion worldwide immuno-oncology partnership agreement with Shire Plc, which won a Deals of Distinction Award™ at the 2016 Licensing Executives Society Annual Meeting.