24/7 Market News Snapshot 30 September, 2024 – Prime Medicine, Inc. Common Stock (NASDAQ:PRME)

September 30, 2024

DENVER, Colo., 30 September, 2024 (247marketnews.com) – (NASDAQ:PRME) are discussed in this article.
Prime Medicine, Inc. (PRME) has made headlines recently with a remarkable surge in its share price, currently trading at approximately $4.403, representing a significant increase of over 27% in pre-market trading. This upswing follows a previous session close of $3.460, signaling a potential shift in market sentiment and capturing notable investor interest with a trading volume exceeding 1.25 million shares. Such momentum indicates a promising outlook for PRME as it continues to attract attention from traders and investors.

In tandem with this market activity, Prime Medicine has announced a transformative strategic collaboration with Bristol Myers Squibb, designed to leverage its advanced gene-editing technologies to revolutionize cell therapy. The partnership entails an upfront payment of $110 million to Prime Medicine and holds the potential for milestone payments exceeding $3.5 billion. This agreement underlines both companies’ commitment to pioneering therapeutic solutions.

Prime Medicine’s innovative Prime Editing technology, combined with its proprietary Prime Assisted Site-Specific Integrase Gene Editing (PASSIGE™) approach, will play a pivotal role in the development of new ex vivo T-cell therapies, which Bristol Myers Squibb will lead in their creation and commercialization. Dr. Keith Gottesdiener, President and CEO of Prime Medicine, emphasized the excitement surrounding the collaboration, highlighting its potential to address significant unmet medical needs in immunological diseases and oncology.

This partnership marks a vital progression towards novel one-time curative genetic therapies, underscoring a shared vision of maximizing the impact of gene editing in improving patient care and clinical outcomes across a diverse range of diseases. Both organizations are committed to exploring the full capabilities of their combined expertise, paving the way for future innovations in medicine.

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