Prime Medicine, Inc. announced the successful closing of its underwritten public offering, which included the full exercise of the underwriters' option to purchase additional shares. The company sold a total of 43,700,000 shares of its common stock at a public offering price of $3.30 per share. This includes the 5,700,000 additional shares purchased through the underwriters' option.
The gross proceeds to Prime Medicine from this offering totaled approximately $144.2 million, before deducting underwriting discounts, commissions, and offering expenses. This capital infusion significantly strengthens the company's financial position. A portion of the shares, specifically 1,818,181, were sold to the Cystic Fibrosis Foundation without any underwriting discounts or commissions.
The successful completion of this public offering provides crucial capital for Prime Medicine to advance its proprietary Prime Editing platform and diversified portfolio of investigational therapeutic programs. This financing is essential for funding ongoing research and development, particularly for its prioritized liver franchise.
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