OrbiMed-backed Prelude Therapeutics raises $60M to tackle resistance to cancer treatments
Back in 2016 Kris Vaddi left a 12-year career at Incyte to start his own effort diving into resistance mechanisms in cancer at Prelude Therapeutics. Three years later, he has a first program to show for it, as well as a $60 million Series B and two new recruits to the C-suite.
Co-led by OrbiMed and another unnamed existing investor, the B round will pay for clinical proof-of-concept studies of Prelude’s PRMT5 inhibitor. PRMT5, or protein arginine methyltransferase 5, is believed to play a central role in several pathways for cancer cell proliferation, cell cycle progression and resistance to apoptosis.
An ongoing dose escalation trial is testing PRT543 across solid tumors, myeloid malignancies and lymphomas.
David Mauro has jumped from Checkmate Pharma to help Vaddi with that as well as IND filing of other assets next year, including both additional PRMT5 compounds and candidates addressing different targets. The new CMO had worked in oncology teams at Bristol-Myers Squibb and Merck before taking up a role at Advaxis.
Additionally, Shire vet Brian Piper is joining at CFO after a stint at Aevi Genomic Medicine.