With the change, the Durham company is creating Precision PlantSciences, a subsidiary that will focus on developing the company’s technology for agricultural applications. Precision BioSciences will continue its genomics research in human health. Precision BioSciences CEO Matthew Kane said in a statement that the company is making the change because the company’s technology has the breadth to reach across multiple industries and applications.
“Moving forward, this new business structure will enable our companies to focus on their respective markets and will provide both with new strategic and financial options as they grow and develop into the future,” he said.
Precision BioSciences was founded in 2006 based on technology licensed from Duke University. The company’s proprietary Directed Nuclease Editor technology, or DNE, allows scientists to insert, remove, modify or regulate any gene in mammalian or plant cells. In plants, the technology is used to modify plants so that they have desired traits. Precision BioSciences’ agricultural partners include DuPont (NYSE:DD), Bayer CropScience and BASF Plant Science. In human therapeutics, the technology could be used to “correct” genes responsible for human diseases.