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Precision BioSciences Secures $13 Million from Imugene Following Convertible Note Maturity in August 2023 Azer-cel Agreement

NextEdge Admin

03 Sep 2024

2 min 35 sec

gene editing,partnership,Imugene Limited

Precision BioSciences, a leading gene editing company utilizing its proprietary ARCUS® platform, announced the maturity of a $13 million convertible note from its strategic partnership with Imugene Limited . The partnership centers on the development of azercabtagene zapreleucel (azer-cel) for oncology. Precision BioSciences received $9.75 million in cash and $3.25 million in Imugene ordinary shares as part of the note's maturity.

Michael Amoroso, President and CEO of Precision BioSciences, expressed satisfaction with Imugene’s progress in advancing azer-cel toward a pivotal trial in large B-cell lymphoma (LBCL), particularly for patients with unmet needs. He highlighted that this milestone comes a year after Precision's strategic decision to focus exclusively on in vivo gene editing, reinforcing the company's financial position as it prepares to generate Phase 1 clinical data across multiple programs in the first half of 2025. Precision is also on track to file regulatory applications for PBGENE-HBV, a treatment for chronic hepatitis B, later this year.

The August 2023 strategic transaction with Imugene granted them global rights to azer-cel for cancer, including ongoing clinical execution in LBCL patients relapsed after autologous CAR T therapy. Precision received $8 million in cash and a $13 million convertible note, which matured on August 30, 2024. Precision is also eligible for additional payments based on azer-cel's clinical milestones and other future cancer research programs.

As of June 30, 2024, Precision BioSciences held approximately $123.6 million in cash and cash equivalents. With the funds from Imugene, expected operational receipts, and financial discipline, Precision expects its cash runway to extend into the second half of 2026.