Thursday, September, 19, 2019 03:23:56
  • The amount raised in the latest financing round brings the total capital raised by the company within a year to $222 million.
  • Proceeds from the Series B financing round would be going towards the development of its next-gen CRISPR technologies & its array of base editing programs.

Beam Therapeutics (Beam), a developer of precision genetic medicines through CRISPR base editing, has reportedly announced the completion of a $135 million Series B financial funding round.

Reports cite, the amount raised in the latest financing round brings the total capital raised by the company within a year to $222 million. The funding round attracted a number of new investors including, Alphabet Inc’s venture capital arm GV, and Altitude Life Science Ventures, Cormorant Asset Management, Redmile Group as well as additional undisclosed investors.

According to a press release by Beam Therapeutics, the proceeds from the Series B financing round would be going towards the development of the company’s next-gen CRISPR technologies & its array of base editing programs, enabling the company to further extend its technical & scientific leadership.

The Chief Executive Officer at Beam Therapeutics, John Evans stated that the funding would allow the company to continue its expansion activities and grow its capabilities & the Beam team. Evans further added that the round would also help the company consolidate its leadership position in the field of base editing technology and move the pipeline more towards clinical development to make a positive impact on the lives of patients suffering from serious genetic diseases.

For the record, the company implements CRISPR base-editing technology to carry out specific & permanent edits to single bases inside RNA & DNA. Through precise genome editing, the company believes, its approach to base editing could develop new treatments for a wide array of diseases.

According to reports, the company’s existing investors including ARCH Venture Partners, F-Prime Capital, Omega Funds & Eight Roads Ventures also participated in the financing round.