Prime Medicine Announces Pricing of Upsized Public Offering

CAMBRIDGE, Mass., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Prime Medicine, Inc. (Nasdaq: PRME), a biotechnology company committed to delivering a new class of differentiated one-time curative genetic therapies, today announced the pricing of an underwritten upsized public offering of 19,200,001 shares of its common stock at a public offering price of $6.25 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,200,005 shares of common stock at a public offering price of $6.24999 per pre-funded warrant, which represents the per share public offering price of each share of common stock less the $0.00001 per share exercise price for each pre-funded warrant. Prime Medicine has also granted the underwriters a 30-day option to purchase up to an additional 3,360,000 shares of its common stock. The gross proceeds to Prime Medicine from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $140.0 million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares and pre-funded warrants in the offering are to be sold by Prime Medicine. The offering is expected to close on or about February 20, 2024, subject to satisfaction of customary closing conditions.

J.P. Morgan, Jefferies, TD Cowen and BMO Capital Markets are acting as joint book-running managers for the offering. Chardan is acting as the lead manager for the offering.

The shares and pre-funded warrants are being offered by Prime Medicine pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (SEC) on November 3, 2023 and declared effective by the SEC on November 13, 2023 (File No. 333-275321). The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov.

The final prospectus supplement relating to and describing the final terms of the offering will be filed with the SEC and may be obtained, when available, from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at [phone] or by email at [e-mail]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at [phone] or by email at [e-mail]; Cowen and Company, LLC, 599 Lexington Avenue, New York, New York 10022, by telephone at [phone] or by email at [e-mail]; or BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, New York 10036, by telephone at [phone] or by email at: [e-mail].