Business
Prelude Therapeutics Announces Third Quarter 2022 Financial Results and Provides Business Update
FDA clearance of two new INDs: PRT3789 (First-in-class Selective SMARCA2 degrader) and PRT3645 (next generation CDK4/6 inhibitor) Company to reprioritize
About this update from Prelude Therapeutics Incorporated
[{"type":"text","content":"FDA clearance of two new INDs: PRT3789 (First-in-class Selective SMARCA2 degrader) and PRT3645 (next generation CDK4/6 inhibitor) Company to reprioritize clinical pipeline and discontinue PRMT5 program for internal development Strong cash, cash equivalents and marketable securities of $224.0 million as of September 30, 2022, expected to fund multiple data catalysts with a runway into the fourth quarter of 2024 WILMINGTON, Del., Nov. 14, 2022 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (Prelude) (Nasdaq: PRLD), a clinical-stage precision oncology company, today reported financial results for the third quarter ended September 30, 2022 and provided an update on recent clinical and development pipeline progress. “We made meaningful advancements in the third quarter and to date in the fourth quarter, including FDA clearance for two new INDs, one for PRT3645, a next generation, brain penetrant CDK4/6 inhibitor and one for PRT3789, a novel, first-in-class selective SMARCA2 degrader. We’ve also made good progress in the clinical development of our CDK9 inhibitor, PRT2527 and PRT1419, the MCL1 inhibitor,” stated Kris Vaddi, Ph.D., Chief Executive Officer of Prelude. “We continue to expand our highly innovative clinical pipeline. In order to focus resources on bringing compounds with the highest likelihood of success forward, we have decided to discontinue the internal development of our PRMT5 program. While PRT811 demonstrated a best-in-class safety profile and evidence of clinical activity in biomarker-selected patients with glioma and splicing mutated uveal melanoma, our prioritization reflects the high benchmark we set for clinical and regulatory success,” Dr. Vaddi added. “We are committed to delivering impactful medicines to patients and building significant and sustainable value.” “Since joining Prelude, I have had the opportunity to critically review and to assess each program and identify clear next steps for clinical development,” said Jane Huang, M.D., President and Chief Medical Officer of Prelude. “With this prioritization, we believe we can generate proof-of-concept clinical data in the next 12 to 24 months to guide our future regulatory pathways to approval. Our CDK9 and MCL1 inhibitors are selective and potent, with potentially superior safety profiles. PRT3645 was specifically designed to be a brain penetrant CD...