Prelude approved to receive state grant funds early [Video]

WILMINGTON — With many therapies now in the clinical study phase, Prelude Therapeutics has received state approval to receive $2.6 million from previous grant awards early to aid the companies’ expansion efforts.

The early release of state dollars comes at a time when the company continues to grow in its new headquarters and as its stock continues to hover just under $5 per share.

Prelude also received approval from the Council on Development Finance (CDF) last week to extend its contract on millions in state-taxpayer backed grants awarded in late 2021. Those grants, which came from the Strategic Fund, were tied to job creation and its new headquarters and lab space at the Chestnut Run Innovation and Science Park.

It was an unusual request, as the CDF typically signs off on grants and has rarely heard extension requests. The job performance grants are paid out once the company has demonstrated employees have been hired, …