Duke spinout Precision BioSciences, whose investors include Amgen and Baxter, has raised an initial $88m in series B funding out of a $110m target.
Precision BioSciences, a US-based gene editing technology developer backed by pharmaceutical firms Amgen and Baxter, is in the process of raising $110m in a series B round, according to a regulatory filing.
The company has raised approximately $88m so far, though it does not appear to have made an official announcement about the round yet.
Spun out of Duke University in 2006, Precision BioSciences has developed a genome editing platform, Arcus, that relies on an enzyme called a homing endonuclease. The enzyme is non-destructive, instead modifying the genome precisely by triggering gene conversion.
Precision expects Arcus to have applications in eliminating cancers, curing genetic diseases and creating safer, more productive food sources.
The spinout previously raised $25.6m in series A funding in 2015 from a consortium led by investment firm VenBio.
The round featured Amgen Ventures and Baxter Ventures, respective corporate venturing units of Amgen and Baxter, as well as spinout-focused investment firm Osage University Partners, F-Prime Capital Partners, a unit of financial services group Fidelity, Longevity Fund and two unnamed investors.
– This story first appeared on our sister site, Global Corporate Venturing.
