Prime Medicine closes $144.2 million public offering

Prime Medicine Inc. (NASDAQ: PRME) completed its underwritten public offering of 43.7 million shares of common stock at $3.30 per share, the biotechnology company announced August 1. The offering included the full exercise of underwriters' option to purchase an additional 5.7 million shares.

The company received gross proceeds of approximately $144.2 million before deducting underwriting discounts, commissions and offering expenses. The Cystic Fibrosis Foundation purchased 1,818,181 shares, with underwriters receiving no discounts or commissions on those shares.

TD Cowen and BMO Capital Markets served as joint book-running managers for the offering. Prime Medicine sold all shares in the offering.

The shares were offered under an effective shelf registration statement on Form S-3, filed with the Securities and Exchange Commission on November 3, 2023, and declared effective November 13, 2023.

Prime Medicine develops gene editing therapies using its Prime Editing platform technology. The company focuses on therapeutic programs in liver, lung, immunology and oncology applications.

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