Division of Small Business

Backed by Delaware Strategic Fund grants, Prelude Therapeutics is planning an intial public offering of stock

Delaware is about to add to the roster of publicly traded companies headquartered here.

The latest is a Wilmington cancer drug company helped in its early years by two grants from the Delaware Strategic Fund.

Prelude Therapeutics Inc. is planning an initial public offering of as much as $100 million in stock, according to its filing with the Securities and Exchange Commission.

Delaware Business Times reported on the filing this week.

Prelude Therapeutics received a $474,000 Delaware Strategic Fund grant in 2017, a year after Dr. Kris Vaddi founded the company. Vaddi was a founding scientist at cancer drug company Incyte Corp.

In 2019, Prelude Therapeutics received a $834,000 Strategic Fund grant in 2019 to expand its operations in Delaware. Tha includes adding 49 employees and investing $5 million in new lab equipment and furnishings.

The company had 51 full-time employees as of June 30, it said in its SEC filing.

Click here to read the full story from the Delaware Business Times.

The Delaware Strategic Fund provides assistance to encourage out-of-state companies to relocate to Delaware and to assist Delaware companies to expand here.

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