Biotechnology / Health tech

Prelude Therapeutics lands $60 million in Series B funding

The company plans to enter preclinical development on its cancer drug therapies this year.

Life sciences. (Photo by Pexels user Martin Lopez used under a Creative Commons license)

Wilmington-based Prelude Therapeutics, a biotech startup that launched in 2016, has secured $60 million in Series B financing, DelawareBio has reported.

The financing was co-led by Prelude’s two existing institutional investors, including OrbiMed Advisors LLC, bringing Prelude’s total investments to date to $95 million.

Prelude is a clinical-stage biopharmaceutical company. Several of its drug discovery programs are expected to enter preclinical development this year, with a potential IND (Investigational New Drug) filing in 2020.

“We are very appreciative of the continued support of our current investors, who have been integral to the founding of Prelude and the creation of our growing pipeline,” said Kris Vaddi, PhD, Founder and CEO of Prelude Therapeutics, in a press release. “We believe PRMT5 inhibitors represent a promising new class of drugs to treat cancers, including ones that have developed resistance to existing targeted therapies. We are also pleased to have assembled such a talented, experienced and proven leadership team to address some of the most pressing gaps in cancer treatment.”

Dr. Vaddi was previously a member of the founding team of Incyte Corporation in 2002. He initiated JAK (Janus kinase, enzymes that have been discovered to play role in the body’s immune defense) research programs at Incyte that led to Jakafi (ruxolotinib) for myelofibrosis and polycythemia vera and Olumiant (Baricitinib) for rheumatoid arthritis.

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