Prelude Therapeutics just raised a $50M Series C

In 2019, Prelude Therapeutics, the Wilmington-based biopharmaceutical oncology company, landed $60 million in Series B funding.

Now, the company has raised a $50 million Series C to continue its growth, its leadership announced on Monday. Investors included OrbiMed Advisors and Fidelity Management & Research Company.

“We are pleased to have the support of this sophisticated group of investors who share our vision of bringing effective new therapies to cancer patients in areas of high unmet need,” said Kris Vaddi, Ph.D., founder and CEO of Prelude Therapeutics, in a statement. “With proceeds from this financing, we believe we are well positioned to continue to execute on building and advancing our pipeline of therapies designed to target key drivers of cancer cell growth, survival and resistance to existing treatments.”

Prelude was founded in 2016 and was once part of the Delaware Innovation Space accelerator. Right now, the biotech company’s therapeutics are being evaluated in clinical trials related to bone marrow-related malignancies and solid tumors including glioblastoma multiforme, which is a malignant tumor affecting the brain or spine.

Prelude also announced two new board members alongside the funding news: Mardi C. Dier, who was most recently EVP, CFO and chief business officer for Portola Pharmaceuticals, Inc., and Dr. Victor Sandor, who was most recently chief medical officer at Array BioPharma, Inc.