MSD and LaNova Medicines Enter Exclusive Global License Agreement for Novel Cancer Therapy, LM-299

Promising CAR T Cell Therapies from BMS and Cabaletta Bio Show Potential for Durable Remission in Severe Lupus

FDA Grants Accelerated Approval to PTC Therapeutics' KEBILIDI™, the First Gene Therapy for AADC Deficiency in the U.S.

Association for Molecular Pathology Publishes Joint Consensus Report on SARS-CoV-2 Genomic Surveillance for Hospitals and Public Health Laboratories

Philips India Unveils Advanced Azurion Imaging System to Revolutionize Cardiac and Neurovascular Care

Tempus AI Study Highlights Benefits of Dual RNA and DNA Sequencing for Advanced Lung Cancer

Ontada and Datavant Partner to Expand Access to Real-World Oncology Data for Accelerated Cancer Innovation

Tempus AI and Flatiron Health Partner to Integrate Genomic Testing into OncoEMR for Enhanced Oncology Care

Flare Therapeutics and Roche Forge Strategic Partnership to Discover Precision Oncology Therapies Targeting Transcription Factors

FDA Approves Autolus’s CAR-T Therapy Aucatzyl for Relapsed or Refractory B-ALL in Adults

Biosimilars: Expanding Access to Precision Medicine through Affordable Biologic Therapies

IDEAYA Biosciences Secures Exclusive Worldwide License for Biocytogen’s BsADC Program IDE034 for Solid Tumor Treatment

Seer and Thermo Fisher Scientific Announce Strategic Collaboration to Advance Proteomics with Integrated Platform Solution

SystImmune Secures FDA Clearance for IND Application of Novel ADC Therapy BL-M17D1 for Advanced Solid Tumors

Medicare Expands Coverage for Adaptive Biotechnologies' clonoSEQ® MRD Test to Include Mantle Cell Lymphoma

Home
/
update
/
details

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.