Prime Medicine announces additional funding of up to $24M from CF Foundation

Prime Medicine (PRME) announced that the Cystic Fibrosis Foundation has agreed to provide the Company with up to $24M in additional funding to accelerate the development of Prime Editors designed to permanently correct cystic fibrosis-related lung disease. The CF Foundation’s additional investment builds on initial funding received under Prime Medicines’ January 2024 agreement, and reflects its interest in Prime Editing as a potentially curative approach for CF. Prime Editing can correct a wide range of genetic mutations, and Prime Medicine intends to leverage the technology’s versatility and modularity to address multiple disease-causing mutations, potentially treating the vast majority of people with CF. Prime Medicine will initially focus on a program targeting G542X, one of the most prevalent CF-causing nonsense mutations and one for which there are no available therapies. In addition, the Company will continue to advance hotspot and PASSIGE-based approaches for other mutations with funding received from the CF Foundation under its initial commitment in 2024. The CF Foundation will provide Prime Medicine with up to $24M in two tranches, subject to certain closing conditions and scientific milestones; the first tranche includes a $6M equity investment in Prime Medicine.