Prime Medicine chief scientific officer to depart, will serve as consultant

Prime Medicine , Inc. (NASDAQ:PRME), a biotechnology company with a market capitalization of $630 million, announced Monday that Jeremy Duffield, M.D., Ph.D., FRCP will step down from his position as Chief Scientific Officer, effective Tuesday. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.78, though it faces challenges with cash burn. The company stated its intention to enter into a separation agreement with Dr. Duffield, under which he will receive severance benefits in line with the terms of his amended and restated employment agreement dated July 20, 2022.

Following his departure from the executive role, Prime Medicine plans to retain Dr. Duffield for consulting and advisory services. The consulting agreement is expected to be effective from the close of business Tuesday through March 31, 2026. During this advisory period, all of Dr. Duffield’s outstanding equity awards will continue to vest according to their original terms.

The company indicated that full texts of the separation and consulting agreements will be filed as exhibits to its quarterly report on Form 10-Q for the quarter ended June 30, 2025.

This information is based on a press release statement filed with the Securities and Exchange Commission. Prime Medicine’s common stock is listed on the Nasdaq Global Market under the symbol PRME.

In other recent news, Prime Medicine announced a strategic restructuring to focus on large genetic liver diseases and cystic fibrosis, which includes deprioritizing its Chronic Granulomatous Disease programs and reducing its workforce by about 25%. This move aims to concentrate resources on its liver franchise and programs funded through partnerships. The company is advancing its in vivo programs targeting Wilson’s Disease and Alpha-1 Antitrypsin Deficiency, with plans to file investigational new drug applications in 2026 and initial clinical data expected in 2027. Prime Medicine also continues its collaboration with the Cystic Fibrosis Foundation and Bristol Myers (NYSE:BMY) Squibb to develop Prime Edited CAR-T products. In a leadership change, Allan Reine, M.D., has been appointed as the new CEO, succeeding Keith Gottesdiener, M.D., with Jeff Marrazzo named as Executive Chair. The restructuring is projected to cut cash needs by nearly half through 2027, with current capital funding operations into the first half of 2026. Initial positive data from the Phase 1/2 clinical trial of PM359 has provided clinical proof-of-concept for Prime Editing technology. Despite these developments, investors responded negatively to the restructuring and leadership changes, reflecting concerns over the near-term impact and potential disruption.

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