Precision Biosciences (DTIL) prepares for a $100 million IPO

Durham, NC-based biotech Precision Biosciences has filed a prospectus for a $100 million IPO.

Next year, the company should launch a Phase 1/2a clinical trial evaluating a gene-edited allogeneic CAR T candidate targeting CD18 in acute lymphoblastic leukemia (ALL) and non-Hodgkin lymphoma (NHL) patients. The company believes that this is the first allogeneic CAR T for NHL. It also thinks that this one-step engineering process will reduce costs overcoming many challenges of the field.

Known for developing gene therapies for human diseases and sustainable food and agricultural solutions based on its ARCUS protein engineering platform, the company filed plans on March 1 with the Securities and Exchange Commission for an initial public offering on the Nasdaq stock exchange.

With about 130 employees at present, the company would trade under the ticker symbol “DTIL” and has given indications that it plans to use the IPO proceeds to complete the clinical trials of one cancer treatment, support development of two other disease treatments and build out a manufacturing facility in Research Triangle Park.

The 2018 financials of the company indicated that it posted a net loss of $46 million (-118.0%), cash consumption of 51.7 million (-113.7%) and a net revenue of 10.9 million (+67.8%) in 2018.