Prime Medicine, Inc. (Nasdaq: PRME), a biotechnology company
committed to delivering a new class of differentiated one-time
curative genetic therapies, today announced that it has commenced
an underwritten public offering of $125.0 million of shares of its
common stock. Prime Medicine also intends to grant the underwriters
a 30-day option to purchase up to an additional fifteen percent
(15%) of the shares of common stock offered in the public offering.
All of the shares of common stock in the proposed offering are to
be sold by Prime Medicine. The proposed offering is subject to
market and other conditions, and there can be no assurance as to
whether or when the offering may be completed, or as to the actual
size or terms of the offering.
J.P. Morgan, Jefferies, TD Cowen and BMO Capital
Markets are acting as joint book-running managers for the proposed
offering. Chardan is acting as the lead manager for the proposed
offering.
The shares of common stock are being offered by
Prime Medicine pursuant to an effective shelf registration
statement that was previously filed with the U.S. Securities and
Exchange Commission (SEC) on November 3, 2023 and declared
effective by the SEC on November 13, 2023 (File No. 333-275321).
The offering is being made only by means of a written prospectus
and prospectus supplement that form a part of the registration
statement. A preliminary prospectus supplement relating to and
describing the terms of the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov.
When available, copies of the preliminary
prospectus supplement relating to the offering may also be obtained
from J.P. Morgan Securities LLC, Attention: Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by
telephone at (866) 803-9204 or by email at
prospectus-eq_fi@jpmchase.com; Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, New
York 10022, by telephone at (877) 821-7388 or by email at
Prospectus_Deparment@jefferies.com; Cowen and Company, LLC, 599
Lexington Avenue, New York, New York 10022, by telephone at (833)
297-2926 or by email at Prospectus_ECM@cowen.com; or BMO Capital
Markets Corp., Attention: Equity Syndicate Department, 3 Times
Square, 25th Floor, New York, New York 10036, by telephone at (800)
414-3627 or by email at bmoprospectus@bmo.com.
The final terms of the offering will be
disclosed in a final prospectus supplement to be filed with the
SEC.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Prime Medicine
Prime Medicine is a leading biotechnology
company dedicated to creating and delivering the next generation of
gene editing therapies to patients. The Company is leveraging its
proprietary Prime Editing platform, a versatile, precise and
efficient gene editing technology, to develop a new class of
differentiated, one-time, potentially curative genetic therapies.
Designed to make only the right edit at the right position within a
gene while minimizing unwanted DNA modifications, Prime Editors
have the potential to repair almost all types of genetic mutations
and work in many different tissues, organs and cell types.
Prime Medicine is currently progressing a
diversified portfolio of eighteen programs initially focused on
genetic diseases with a fast, direct path to treating patients or
with a high unmet need because they cannot be treated using other
gene-editing approaches. Over time, the Company intends to maximize
Prime Editing’s therapeutic potential and advance potentially
curative therapeutic options to patients for a broad spectrum of
diseases.
© 2024 Prime Medicine, Inc. All rights reserved.
PRIME MEDICINE, the Prime Medicine logos, and PASSIGE are
trademarks of Prime Medicine, Inc. All other trademarks referred to
herein are the property of their respective owners.
Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended, including, without limitation,
implied and express statements about Prime Medicine’s expectations
regarding the timing, terms and size of the proposed public
offering, and the possibility that the proposed offering will be
completed on the anticipated terms or at all. The words “may,”
“might,” “will,” “could,” “would,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “expect,” “estimate,” “seek,”
“predict,” “future,” “project,” “potential,” “continue,” “target”
and similar words or expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words.
Any forward-looking statements in this press
release are based on management’s current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, uncertainties related to market conditions and
satisfaction of customary closing conditions related to the
proposed offering. These and the risks and uncertainties are
described in greater detail in the section entitled “Risk Factors”
in Prime Medicine’s most recent Annual Report on Form 10-K, as well
as any subsequent filings with the SEC. In addition, any
forward-looking statements represent Prime Medicine’s views only as
of as of the date hereof and should not be relied upon as
representing its views as of any subsequent date. Prime Medicine
explicitly disclaims any obligation to update any forward-looking
statements subject to any obligations under applicable law. No
representations or warranties (expressed or implied) are made about
the accuracy of any such forward-looking statements.
Investor ContactHannah
DeresiewiczStern Investor Relations,
Inc.212-362-1200hannah.deresiewicz@sternir.com
Media ContactDan Budwick,
1ABdan@1ABmedia.com
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