Prelude Therapeutics, a privately-held, clinical-stage biopharmaceutical company, will invest $5M in expanded lab and office space in metro Wilmington, Delaware. The company plans to add up to 49 biotech positions by 2022.
Prelude conducts research focused on key drivers of cancer cell growth, survival, and resistance. They currently have 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, Delaware, and nearby overflow office space.
"As a company, we sincerely appreciate the continued support from the state of Delaware," said Prelude Therapeutics CEO, Kris Vaddi, Ph.D. "The Wilmington area provides an attractive location for hiring experienced and talented scientific, clinical and operational teams needed to build a successful biopharmaceutical company. We look forward to executing our drug discovery and development strategy to drive growth within the company over the coming years."
According to the Delaware Prosperity Partnership, to support the local growth of this innovative, Delaware-based biotech company, the 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.
With the additional job growth, Prelude said its 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 $5.5M to its annual payroll.
Prelude began operations in 2016 with a handful of employees and has now grown to 32 people, drawing international attention for their innovative discoveries and attracting top pharmaceutical and biotech talent to Delaware.
"We're really pleased to support the expansion of Prelude, one of Delaware's most exciting and innovative start-ups," said Governor John Carney. "Prelude's decision to expand in Delaware reaffirms that our state is a great place for business of all sizes to put down roots, grow and create good-paying jobs."