Prelude Therapeutics Raises Another $50M to Advance Cancer Therapies

September 1, 2020 | PHILADELPHIA BUSINESS JOURNAL

A Delaware biopharmaceutical company developing new cancer therapies raised $50 million in a private stock sale that closed this week.

Prelude Therapeutics, of Wilmington, plans to use the proceeds to advance the company’s lead product candidates, which include treatments for solid tumors and myeloid malignancies — including a type of brain cancer known as glioblastoma multiforme.

The Series C financing round was led by exiting investor OrbiMed Advisors and new investor Fidelity Management & Research Co.

Kris Vaddi, the founder and CEO of Prelude Therapeutics, said with the latest financing he believes the company is well-positioned to continue its development of new therapies for cancers “in areas of high unmet need.”

Vaddi, a former Incyte Corp. executive, notes the company’s experimental treatments target the “key drivers” of cancer cell growth, survival and resistance to existing treatments.

Prelude has now raised $145 million since its inception in 2016.

The company raised $60 million last summer in a Series B financing led by OrbiMed and a second backer that declined to be identified. The unidentified investors also participated as a leader in the Series C round.

In October, the company announced it was investing $5 million to expand its lab and office space in the Wilmington area. Prelude intends to more than double its workforce to 81 employees by adding up to 49 positions by 2022.

The company operates out of the Delaware Innovation Space at DuPont Experimental Station and in nearby office space for its overflow.