Prelude Therapeutics Announces Closing of $50M Series C Financing

Wilmington, DE – August 24, 2020 – Prelude Therapeutics, a privately-held, clinical-stage precision oncology company, today announced that it has completed a $50 million Series C financing round led by Prelude’s two existing institutional investors, including OrbiMed Advisors LLC, and a new investor, Fidelity Management & Research Company LLC.

“We are pleased to have the support of this sophisticated group of investors who share our vision of bringing effective new therapies to cancer patients in areas of high unmet need,” said Kris Vaddi, Ph.D., founder and Chief Executive Officer of Prelude Therapeutics. “With proceeds from this financing, we believe we are well positioned to continue to execute on building and advancing our pipeline of therapies designed to target key drivers of cancer cell growth, survival and resistance to existing treatments.”

Proceeds from the Series C financing will be used to support the growth and advancement of Prelude’s pipeline, including the Company’s lead product candidates, PRMT5 inhibitors PRT543 and PRT811, and PRT1419, a potent and selective inhibitor of the anti-apoptotic protein, MCL1. The Company is currently evaluating PRT543 in a Phase 1 trial with an initial focus in select solid tumors and myeloid malignancies, and PRT811 in a Phase 1 clinical trial in solid tumors, including glioblastoma multiforme. Prelude is also initiating clinical trial activities for PRT1419 in selected hematological malignancies.

The Company also today announced the appointment of two new members to its Board of Directors:

  • Mardi C. Dier: Ms. Dier most recently served as Executive Vice President, Chief Financial Officer and Chief Business Officer of Portola Pharmaceuticals, Inc. prior to its acquisition by Alexion Pharmaceuticals in July 2020. She was responsible for leading the corporate finance, accounting, information technology, global supply chain, business development, investor relations and corporate communications functions. During her tenure at Portola, she successfully led a series of private, public and alternative financings and helped lead the company through its pivotal transition into a commercial organization. Previously, Ms. Dier served as Vice President of Investor Relations at Chiron Corporation from 2003 until its acquisition by Novartis Pharmaceuticals in 2006. Prior to joining Chiron, she worked as an investment banker at Prudential Securities, Inc., where she focused on client development, equity underwriting and mergers and acquisitions for biotechnology and other life sciences companies, and prior to that was in the audit department of KPMG Peat Marwick. She holds a B.S. in Biology from Stanford University and an M.B.A. from the Anderson Graduate School of Management at the University of California, Los Angeles. Ms. Dier is a member of the Board of Directors of Adamas Pharmaceuticals, Inc. and ORIC Pharmaceuticals, Inc.
  • Victor Sandor, M.D.: Dr. Sandor was most recently Chief Medical Officer at Array BioPharma, Inc. prior to its acquisition by Pfizer Inc. At Array, Dr. Sandor was instrumental in obtaining the approval of Braftovi® (encorafenib) and Mektovi® (binimetinib). Prior to joining Array, he was Senior Vice President for Global Clinical Development at Incyte Corporation, where he played a critical role in the approval of Jakafi® (ruxolitinib). Dr. Sandor was also Vice President and Chief Medical Officer for Oncology at Biogen Idec and held positions of increasing responsibility in oncology product development at AstraZeneca, where he played an important role in the registration of Arimidex® (anastrozole) for adjuvant use and the development of several early stage programs through proof of concept. Dr. Sandor received his M.D.C.M. from McGill University in Montreal, Canada, and completed his Fellowship in Medical Oncology at the National Institutes of Health. Dr. Sandor is a member of the Board of Directors of Merus N.V. and ADC Therapeutics SA.

About Prelude Therapeutics

Prelude Therapeutics is a privately held, clinical-stage precision oncology company based in Wilmington, DE. Prelude is focused on discovering and developing small molecule therapies optimized to target the key driver mechanisms in cancers with high unmet need. For more information, please visit www.preludetx.com.

Innovation Space Expands the First Fund™ Investment Program

The First Fund provides early stage science startups with critical seed and pre-seed funding and access to Delaware Innovation Space’s business building expertise, community of experts, core programs, scientific equipment, and extensive multi-use laboratories. Successful applicants can now each secure an investment of up to $150,000 from the First Fund Program to fund their startups, via a convertible note, in a 1:1 mix of services to cash.

“Our goal with the First Fund is to accelerate formation and growth of high potential early stage science startups, turning them from concepts into realities,” said William D. Provine, Delaware Innovation Space President and CEO. “We are excited to bring forward a larger investment program now including a cash component to give entrepreneurs added flexibility in securing what they need when they need it to rapidly propel their startups forward.”

The original First Fund investment provided startups in the fields of advanced materials, therapeutics, diagnostics, healthcare, chemical ingredients, industrial biotechnology, nutrition, and renewables up to $75,000 in services alone and now the program has been enhanced and now offers up to an additional $75,000 of cash for residential companies at the Delaware Innovation Space, for a total investment of up to $150,000. The exact investment amount an individual startup is eligible for via the First Fund will be determined by a mix of parameters, the most important being the scalability and growth potential of the startup.

The first step for teams seeking funding for their startups from the First Fund program is to complete an on-line application. “We are looking to quickly evaluate and continuously award funding to the most compelling early stage science startups and partner with them as residents of the Delaware Innovation Space to advance and grow their startups,” says Provine.

“Science-based startup companies are critical components to the radical innovations which improve our daily lives,” says Provine. He continues, “It is our mission at the Delaware Innovation Space to help science entrepreneurs craft their business concepts, bring their startup companies to life, and provide them with the support and resources necessary to grow their businesses.”

To be considered for the First Fund Program, apply via: https://gust.com/programs/first-fund-applications-due-by-june-15th-2023

MCET Technologies & Veramorph win a DuPont FastPass into the Innovation Space

Each company will receive business and technology mentorship from DuPont and 1 year of free access to laboratories and startup support services of the Delaware Innovation Space.

July 22, 2019 – Wilmington, Delaware

The DuPont FastPass competition is designed to accelerate and enhance the innovation and commercialization potential of early stage science startups by leveraging the innovation experiences and capabilities of DuPont combined with the infrastructure and business-building expertise of the Delaware Innovation Space.

“DuPont is fortunate to be able to partner with the scientific and business community through programs like FastPass,” said DuPont’s Chief Technology and Sustainability Officer Alexa Dembek.  “Our goal is to help accelerate the success of these talented entrepreneurs by lending our insights and capabilities in partnership with the Delaware Innovation Space.”

“The Delaware Innovation Space is excited to be combining our capabilities and expertise with DuPont, one of our foundational partners, to assist MCET and Veramorph in rapidly growing their startups,” said Bill Provine, CEO of the Delaware Innovation Space. He continues, “a FastPass competition is designed to lower the funding barrier and quickly establish deep connections with the Delaware Innovation Space and our partners, significantly reducing development cycle times and propelling science entrepreneurs forward.”   

MCET Technologies is a startup developing and integrating advanced sensors and electronics into conventional textiles without adding significant weight or changing the texture or feel of the fabric. MCET’s initial focus is on tracking physical rehabilitation as well as exploring new applications in sports science and training, automotive and aerospace industries, and biomedical devices.

Sagar Doshi, MCET CEO

When asked what attracted him to the FastPass competition, Sagar Doshi, MCET CEO answers, “The ability to leverage the resources in terms of materials characterization equipment and expertise of the personnel from the Delaware Innovation Space along with the chance to work closely with industry experts from DuPont will provide a platform for MCET Technologies to grow into a successful company.” As a spin out from the Center for Composite Materials at the University of Delaware, his team has deep fundamental research experience, so Sagar is excited to learn from people who are experts in commercializing fundamental materials research. “DuPont’s experience working with materials at industrial scales will help our startup develop an improved product, benefiting us immensely,” said Doshi.

According to David Rosenfeld, a DuPont Electronics & Imaging Technical Fellow, MCET has “developed a new material that will be interesting to explore how it fits into our current offerings and how it might allow us to extend into new application spaces.”

Veramorph is a startup that leverages an advanced proprietary hydrogel based oral drug delivery platform to help pharmaceutical companies improve the performance of their products and reduce the cost and time to bring them to market. This startup was spun out of Massachusetts Institute of Technology in 2017.

Doug Godfrin, Veramorph CEO

“Veramorph will gain valuable insight into regulatory requirements for excipient manufacturing from DuPont experts in the Nutrition & Biosciences business. Veramorph also will be able to develop a differentiated consumer product in collaboration with DuPont by using their market-leading nutritional ingredients,” said Paul (Doug) Godfrin, CEO of Veramorph.  He continues, “As a result, Veramorph can also perform critical de-risking activities that will allow us to rapidly break into the pharmaceutical industry.”

Robert Schmitt, Technical Fellow of DuPont Nutrition & Biosciences, is intrigued as “Veramorph has put together a strong team and aligned their technology to a key need within the Pharma market.” Schmitt continues, “DuPont has deep experience commercializing novel polymer solutions in this market and we can provide our historical perspective to accelerate Veramorph’s product development cycle.”

In addition to directly interacting with DuPont experts, both MCET and Veramorph are awarded as part of the FastPass up to 1 year of free access to the capabilities of the Delaware Innovation Space.  This includes turnkey wet laboratory and office spaces, access to a wide range of high-end chemistry and biotech scientific equipment, strategic business development, technical and fundraising programming tailored to the specific needs of each startup.

“Not many start-up competitions offer access to both R&D resources and business mentorship, which is a powerful combination of resources for early stage companies,” said Godfrin.  He continues, “It is critical for early stage start-ups to validate both their value proposition(s) and the means of value creation (i.e., the business model) and doing so with the input of a potential partner and customer is invaluable.”

“The DuPont Fastpass will provide an early-stage startup like ours with systematic and organized mentorship along with rigorous and rapid education toward accelerating our growth and gaining years of knowledge in only a few months,” says Doshi.

About DuPont: 

DuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. More information can be found at www.dupont.com/.

About Delaware Innovation Space:

The Delaware Innovation Space was created and developed in partnership with the State of Delaware, DuPont and the University of Delaware.  It is an entirely new innovation ecosystem located at the renowned Experimental Station designed for science entrepreneurs to help them address today’s challenging and diverse needs. Where scientists, business leaders, community members, investors, and service providers in the industrial biotech, advanced materials, chemical ingredients, renewable energy, nutrition and healthcare fields can build business concepts together and accelerate the path to commercialization. And where the advancement of science will be felt, not only across the region, but around the world.

Innovation Space Launches an Entrepreneurial Advisory Council

Leaders from across the United States join forces with the Delaware Innovation Space to assist science startups.

The Delaware Innovation Space is proud to announce the formation of the Entrepreneurial Advisory Council (the EAC) for the Delaware Innovation Space and is pleased to introduce its foundational class which includes the following experts with diverse perspectives from across the country:

  • Saeed Amidi
    Founder and CEO, Plug and Play Tech Center and Ventures
    Partner, Amidzad Ventures
  • Michael Burychka
    Founder and CEO, IP Group, Inc.
  • John Carlisle
    Director, Chain Reaction Innovations at Argonne National Lab
  • Vanessa Z. Chan
    Professor of Material Science & Engineering and Innovation & Entrepreneurship at UPENN
    Partner, Robin Hood Ventures
  • Frederick (Rick) Jones
    Partner at BioAdvance
  • Cheryl Martin
    Founder, Harwich Partner
    Former Director, ARPA-E
  • Purnesh Seegopaul
    General Partner, Pangaea Ventures
  • Ben Solomon
    Founder and Managing Partner, FedTech
  • Robert Urban
    Former/Retired Global Head, Johnson & Johnson Innovation, LLC
  • Andrea Wesser-Brawner
    Senior VP of Strategy and Partnerships, InBIA, International Business Innovation Association

The EAC will be asked to provide specific advice and perform periodic assessments to aid the Delaware Innovation Space with further development and enhancement of its overall offering with the continual goal of keeping abreast of industry trends and the needs of the scientific entrepreneurial community. 

“I am excited to partner with the EAC and their diverse wisdom and perspectives to enable the Delaware Innovation Space to provide the best home for science entrepreneurs and their startups”, says Bill Provine, CEO of the Delaware Innovation Space.  “Our goal at the Innovation Space is to rapidly accelerate science-based startups to market years earlier than otherwise would be achieved.”

About Delaware Innovation Space

 Delaware Innovation Space is a multi-dimensional, non-profit incubator & accelerator for start-ups that leverages the expertise, resources, and infrastructure of the world renown Experimental Station campus in Wilmington, Delaware. It is the result of a public-private partnership between the State of Delaware, DuPont and the University of Delaware. Delaware Innovation Space is an ecosystem where scientists, business leaders, community members, investors, and service providers in the industrial biotech, advanced materials, chemical ingredients, renewable energy, nutrition and healthcare fields can build business concepts together and accelerate the path to commercialization.

 Images for Media usage: https://www.dropbox.com/s/d6xo7rfi061scfj/DISI%20-%20FirstFund%20PR%20Media%20Files.zip?dl=0

 Delaware Innovation Space Press Contact:  Mike Rinkunas mrinkunas@deinnovates.org

Innovation Space Receives $3+ Million Investment to Support its Mission of Advancing Science-Based Startups

National Development Council, Discover Bank, and Delaware Innovation Space Partner on Creating Jobs and Broadening Delaware’s Economic Base.

Wilmington, Del. – Delaware Innovation Space announced today (Tuesday, March 26, 2019) that it has received $3 million in funding from National Development Council (NDC), through a start-up innovation loan program established with Discover Bank, along with an additional $225,000 operating grant from Discover Bank, to help fulfill its mission of transforming science-driven start-ups into industry-leading companies focused on creating products and technologies that will enhance and expand everyday living.

Founded in 2017, Delaware Innovation Space was created to accelerate the formation and growth of new science-based start-up companies.  Today, the Innovation Space is working with more than 20 different early stage companies in areas such as developing life saving therapeutics, enabling the next generation of alternative energy, and creating new materials for industrial applications and consumer electronics. 

“Our partnership with NDC and Discover Bank is a shining example of how working together can help accelerate the development of critical innovation capabilities and entrepreneurial infrastructure,” said Delaware Innovation Space President and CEO William D. Provine.  “The work of Delaware Innovation Space will enable more science-driven start-ups to flourish and ultimately expand the economic base in Delaware.”

The funding will enable Delaware Innovation Space to better serve start-ups by supporting infrastructure improvements, equipment investments and enhance operational performance.   Collectively, these actions will stimulate and grow the overall operations of Delaware Innovation Space in support of job creation in the fields of industrial biotechnology, advanced materials, renewable energy, chemical ingredients, nutrition and healthcare.

“Delaware is a great place to start a business and Discover Bank is proud to help Delaware Innovation Space create opportunities for young businesses to incubate and thrive,” said Discover Bank President James J. Roszkowski.  “This investment is one of the ways in which we help to develop our community and we look forward to the impact it will have on the State’s economy.”

“When our long-time financial partner, Discover Bank, asked us to join them in supporting the Delaware Innovation Space, we jumped at the chance to support this great opportunity,” said National Development Council President and CEO Daniel Marsh. “With funding obtained through Discover Bank to support Delaware based businesses and non-profits focused on assisting entrepreneurs, we were able to provide a long-term loan on very favorable and patient terms to allow the Delaware Innovation Space to attract and nurture science-based start-ups and create the future that includes even more good-paying jobs.”

Delaware Innovation Space Press Contact:

Mike Rinkunas

610-442-3442

mrinkunas@deinnovates.org

Innovation Space Launches First Fund™ Investment Program

Up to $75,000 in value per company available to accelerate early stage science startups

Wilmington, Delaware – March 19, 2019:  First Fund provides early stage startups with critical funding to easily and quickly access Delaware Innovation Space’s business building expertise, core programs, scientific equipment, and extensive multi-use wet laboratories. Eligible startups can each secure up to $75,000 investment from the First Fund Program, via a convertible note, funding monthly site-license costs for residency at the Delaware Innovation Space. 

“One of the biggest barriers in building a science based business is access to early stage capital,” said William D. Provine, Delaware Innovation Space President and CEO. “Science startups require specialized capabilities that routinely incur substantial cash outlays even at the earliest stages of development,” according to Provine.  Raising funds for scientific startups can take in excess of 12 months in today’s economic climate, delaying the start of critical work by more than a year. First Fund provides science entrepreneurs a mechanism to start critical lab and business development work today, getting them to successfully reach early important business milestones in rapid fashion.

First Fund is designed for early stage science startups with the following characteristics:

  • Main focus area in Healthcare, Industrial Biotechnology, Advanced Materials, Nutrition, Renewable Energy, or Chemical Ingredients.
  • Compelling business model focused upon a validated problem or opportunity
  • Under 3 years since company formation
  • Raised less than $500,000 total to date, including both dilutive and non-dilutive funding

Companies seeking funding from the First Fund program will start by completing an on-line application. “This process will only take a few weeks as we’re looking to accelerate our clients’ successes, not be yet another bottleneck or roadblock,” says Provine. 

“Science based companies truly impact our current daily lives in so many ways, from the strength of the vehicles we travel in, to the powerful medicines which heal us, to the latest electronics and batteries in our smartphones enabling our digital lifestyles,” says Provine.  He continues, “It is our mission at Delaware Innovation Space to enable the next generation of science companies & entrepreneurs to create the materials and products to improve our future daily lives.  First Fund will be the tool providing rapid access to critical scientific resources to speed up the arrival of that future.”

Find additional First Fund information at: https://deinnovates.org/first-fund-program/

Delaware Innovation Space Press Contact:

Mike Rinkunas

610-442-3442

mrinkunas@deinnovates.org