Prelude Therapeutics expands in Delaware; Adding biotech jobs in cancer drug discovery research

WILMINGTON, Del., Oct. 28, 2019 /PRNewswire/ -- Prelude Therapeutics, a privately-held, clinical-stage biopharmaceutical company, is expanding in Delaware – planning 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. 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, Del. and nearby overflow office space.

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'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, 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."

"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."

About Prelude Therapeutics

Prelude Therapeutics is a privately held, clinical-stage biopharmaceutical company based in Wilmington, DE. Prelude is focused on the discovery and development of small molecule agents targeting novel molecular mechanisms that drive cancer cell growth, survival, and resistance to current treatments. For more information, please visit www.preludetx.com.

About Delaware Prosperity Partnership

Delaware Prosperity Partnership is a nonprofit state economic development agency that leads Delaware's economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware.

SOURCE Delaware Prosperity Partnership