DURHAM — Precision BioSciences Inc., which earlier this month filed to raise $100 million in an initial public offering, has raised $39.5 million by selling debt, according to a filing with the Securities and Exchange Commission.
The Durham-based company raised the money from 23 investors, according to the filing.
Precision Bio had also raised $88 million in a private equity offering in June 2018.
It also raised money in May 2015, when it received $25.6 million from investors. That funding was led by venBio and joined by Fidelity Biosciences, Amgen Ventures, Baxter Ventures, Osage University Partners, and The Longevity Fund.
The company is using genome editing to eliminate cancers, cure genetic diseases, and create safer, more productive food sources.
In 2018, created a new name and brand identity, Elo Life System, for its food and agriculture business.
The CEO and cofounder of the company is Matthew Kane. He led the company since its inception in 2006 and serves on Precision’s board.
He has 15 years of experience in the life sciences industry and was formerly with Suros Surgical Systems, later acquired by Hologic.
He received his B.S. and M.S. from the Rose-Hulman Institute of Technology, and an MBA from Duke University.
The company experienced a net loss of $47.9 million in 2018 on $10.9 million in revenue.
The IPO is being underwritten by J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Jefferies LLC and Barclays Capital Inc.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
