Business
Prelude Therapeutics Announces Third Quarter 2020 Financial Results
- Completed Initial Public Offering of Common Stock, Raising Gross Proceeds of ~$181.9M - - Partial Response Confirmed in Glioblastoma Multiforme Patient in
About this update from Prelude Therapeutics Incorporated
[{"type":"text","content":"- Completed Initial Public Offering of Common Stock, Raising Gross Proceeds of ~$181.9M -\n - Partial Response Confirmed in Glioblastoma Multiforme Patient in Phase 1 Trial of PRT811 - - Durable Complete Response Ongoing in HRD+ High Grade Serous Ovarian Cancer Patient in Phase 1 Trial of PRT543 - WILMINGTON, Del., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (“Prelude”, “the Company”, “we”) (Nasdaq: PRLD), a clinical-stage precision oncology company, today announced its financial results for the third quarter ended September 30, 2020 and provided an update on recent developments. “Prelude has evolved substantially to become a clinical-stage precision oncology company with multiple small molecule oral agents currently advancing through clinical trials,” said Kris Vaddi, PhD, Chief Executive Officer, Prelude Therapeutics. “We continue to make great progress in advancing the clinical development of our lead PRMT5 inhibitors, PRT543 and PRT811, and believe we are well-positioned for continued success with the execution of these programs. We look forward to sharing additional data from each program in 2021.\" Dr. Vaddi added, \"Beyond our PRMT5 program, we recently advanced our third product candidate, MCL1 inhibitor PRT1419, into the clinic for patients with hematologic malignancies, while our discovery engine continues to generate a diverse and robust pipeline. On the heels of our recent initial public offering resulting in gross proceeds of $181.9 million, we look forward to achieving additional clinical and regulatory milestones in the coming quarters.” Clinical Program Highlights PRT543 Dose Expansion Portion of Phase 1 Trial to Commence by Year-End. The Company remains on track to commence the expansion portion of its Phase 1 trial of its lead product candidate, PRT543, which is designed to be a potent, selective, and oral inhibitor of PRMT5, in select solid tumor cohorts during the fourth quarter of 2020 and in select myeloid malignancy cohorts in early 2021. The expansion cohorts will include patients with adenoid cystic carcinoma (ACC), myelofibrosis (MF), genomically-selected myelodysplastic syndrome (MDS), and homologous recombination deficient positive (HRD+) tumors. Preliminary data from the dose escalation portion of the trial demonstrated early signs of clinical activity and tolerability, includ...