Precision BioSciences is a biotechnology developing a gene editing platform for the creation of cell therapies, gene therapies, and agricultural products that is headquartered in Durham, North Carolina and was founded in 2006 by Derek Jantz, Jeff Smith, and Matthew Kane.
On March 12, 2015 Precision Biosciences completed their series A funding round with $25.6 million in funding from VenBio (lead investor), Fidelity Biosciences, Amgen Ventures, Baxter Ventures, Osage University Partners, The Longevity Fund, and two more undisclosed investors.
The CEO of Precision Biosciences, Mathew Kane, commented to reporters regarding what the company is planning on doing with its new funding by saying:
This financing will allow us to expand beyond our successful efforts to develop the leading next-gen genome editing platform and significantly accelerate the development of our genome-edited product pipeline.
On June 26, 2018 Precision Therapeutics completed their Series B funding round with $110 million in funding from ArrowMark Partners (lead investor), Franklin Templeton Investments, Cowen Healthcare Investments, Brace Pharma Capital, Pontifax AgTech, OCV Partners, Adage Capital Management, Cormorant Asset Management, Gilead Sciences, Vivo Capital, Alexandria Venture Investments, Ridgeback Capital, Agent Capital, affiliates of Leerink Partners, venBio, F-Prime, RA Capital Management, Amgen Ventures, Osage University Partners, DUMAC, and the Longevity Fund.
The company claims it will be using the funding to further develop its ARCUS genome editing platform to improve its performance for developing products for use in immuno-oncology, genetic disease, and food. After receiving their series B funding, Tony Yao from ArrowMark joined Precision biosciences board of directors. The CEO of Precision Biosciences said the following regarding Yao joining the companies board of directors and the companies successful series B funding round:
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.
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- BiotechnologyBiotechnology can refer to the application of science and technology to living organisms or the use of living organisms, their parts, products or models thereof to solve a problem, produce knowledge or produce goods and services. Biotechnology may involve the alteration of living or non-living materials.
- Genetic engineeringDirect manipulation of an organism's genome using biotechnology
- GenomicsThe study of genomes. A genome is the full set of genetic material from an organism. Genomics is an area of research that is concerned with all genes and other functional DNA elements within an organism and how they control the development and life of that organism.