Pharma start-up gets state grant; plans call for hiring up to 49 biotech positions
From Delaware Business Now
Prelude Therapeutics, a privately-held, clinical-stage biopharmaceutical company, plans to add up to 49 biotech positions by 2022 and invest $5 million in expanded lab and office space in the Wilmington area.
Prelude conducts research focused on key drivers of cancer cell growth, survival, and resistance. The company has two clinical trials in progress, with more pre-clinical development candidates in the pipeline.
The company is outgrowing its current locations, split between the Delaware Innovation Space (located on the site of the former DuPont Experimental Station) in Wilmington and nearby overflow office space.
The Delaware Council on Development Finance (CDF) recently approved Prelude for a Performance Grant of $684,090 and a Capital Expenditure grant of $150,000 for a total of up to $834,090. Both would come from the Delaware Strategic Fund and both are contingent on Prelude meeting its hiring goals.
The Delaware Development Partnership assisted Prelude.
With the additional jobs, Prelude’s team will expand to a projected total of 81 employees by 2022. The new positions include professional scientists and skilled associates and will add approximately $5.5 million to its annual payroll.
Prelude began operations in 2016 with a handful of employees and has now grown to 32 people. The company has raised $95 million in funding for its work.