 Dosed First Patient in Phase 12a Clinical Trial of PBCAR269A, a BCMA-Targeted Allogeneic CAR T Candidate for Multiple Myeloma PBCAR0191 and PBCAR20A Clinical Studies Progressing; Updated Interim Data Expected from PBCAR0191 No Earlier Than Q4 2020 Expect to Select Clinical Candidate for Wholly-Owned In Vivo Gene Correction Program Targeting PH1 in 2H 2020Elo Life Systems, a Wholly-Owned Subsidiary, Entered Strategic Collaboration with Dole Food Company Aimed to Develop Banana Varieties Resistant to Panama Disease DURHAM, N.C., Aug. 13, 2020 GLOBE NEWSWIRE -- Precision BioSciences, Inc. Nasdaq: DTIL a clinical-stage biotechnology company dedicated to improving life with its novel and proprietary ARCUS genome editing platform, today announced financial results for the second quarter ended June 30, 2020 and provided a business update.We have continued to make important progress across our clinical portfolio, including the initiation of our Phase 12a study of BCMA-targeted PBCAR269A, bringing us to three CAR T candidates now in clinical trials. However, due to study site activation and patient enrollment delays related to the COVID-19 pandemic, we now anticipate reporting updated interim data from our lead candidate, PBCAR0191, targeting CD19 in heavily pretreated patients with RR NHL or B-ALL, no earlier than the fourth quarter of 2020, said Matt Kane, CEO and co-founder of Precision BioSciences. Our pre-clinical work also continued to progress, including our lead gene correction program targeting PH1, for which we look forward to nominating a clinical candidate later this year. We anticipate sharing more about this program as it advances towards the clinic, including what we believe are prudent safety and delivery advantages with ARCUS genome editing that support additional in vivo targets of interest.Recent Developments and Upcoming MilestonesAllogeneic CAR T PortfolioPBCAR0191: PBCAR0191 is an investigational allogeneic chimeric antigen receptor CAR T candidate targeting CD19 and is being evaluated in a Phase 12a study in relapsed or refractory RR non-Hodgkin lymphoma NHL or RR B-cell precursor acute lymphoblastic leukemia B-ALL. The NHL cohort includes patients with mantle cell lymphoma MCL, an aggressive subtype of NHL, for which Precision has received Orphan Drug Designation from the U.S. Food and Drug Administration FDA. The PBCAR0191 clinical trial has continued to progress, although site activation and patient enrollment across all studies, including PBCAR0191, has slowed due to the COVID-19 pandemic. Precision expects to share an update of this trial no earlier than the fourth quarter of this year. PBCAR0191 is being developed in collaboration with Servier, an international pharmaceutical company.PBCAR20A: PBCAR20A is a wholly-owned investigational allogeneic CAR T candidate targeting CD20 for the treatment of hematological malignancies. Precisions Phase 12a clinical trial is evaluating PBCAR20A in two patient cohorts: RR NHL, and RR chronic lymphocytic leukemia CLL or RR small lymphocytic lymphoma SLL. The NHL cohort will include patients with MCL, an aggressive subtype of NHL, for which Precision has received Orphan Drug Designation from the FDA.PBCAR269A: PBCAR269A is a wholly-owned investigational allogeneic CAR T candidate targeting B-cell maturation antigen BCMA for the treatment of RR multiple myeloma, for which Precision has received Orphan Drug Designation from the FDA. In June 2020, the Company dosed the first patient in a Phase 12a study of PBCAR269A, at a starting dose of 6 x 105 CAR T cellskg body weight. Subsequent cohorts will be treated with escalating doses to a maximum dose of 6 x 106 CAR T cellskg body weight. This is the first study for which all clinical trial materials will be produced at the Companys in-house manufacturing facility, which is compliant with current Good Manufacturing Practices. In preclinical disease models, PBCAR269A demonstrated potent in vivo clearance of BCMA tumor cells and overall volume reduction, with no evidence of graft-versus-host disease.In Vivo Gene Correction PortfolioPH1 Program: Precisions lead, wholly-owned in vivo gene correction program applies its ARCUS genome editing technology to knock out the HAO1 gene as a potential one-time treatment for primary hyperoxaluria type 1 PH1, a rare genetic disease. Precision expects to select a clinical candidate to advance into human trials for this program during 2020.HBV Program: In July 2020, Precision announced it will regain full clinical development and commercialization rights and all data it generated for the in vivo chronic hepatitis B virus HBV program developed under its 2018 collaboration agreement with Gilead Sciences, effective September 4, 2020. The Company is exploring partnership or alternative opportunities that enable the continued development and potential commercialization of ARCUS-based HBV therapies.Elo Life SystemsDole Collaboration: On August 4, 2020, Elo Life Systems, a wholly-owned subsidiary of Precision BioSciences, announced its strategic collaboration with Dole Food Company, one of the worlds largest food producers of high-quality fresh fruit and vegetables, with the aim to develop banana varieties resistant to Fusarium wilt Tropical Race 4 TR4. The TR4 strain of the fungal pathogen, Fusarium oxysporum threatens the continued cultivation of the Cavendish variety, one of the worlds most popular bananas. Under the terms of the collaboration, Dole will fully fund research and development efforts executed by Elo to co-develop banana varieties resistant to a pathogen that is otherwise unresponsive to any control measures. Elo is eligible to receive royalties on any commercialized plant product.Quarter Ended June 30, 2020 Financial ResultsCash and Cash Equivalents: As of June 30, 2020, Precision had approximately 126.9 million in cash and cash equivalents. The Company expects that existing cash, cash equivalents and available credit will be sufficient to fund operating expenses and capital expenditure requirements into 2022.Revenues: Total revenues for the quarter ended June 30, 2020 were 1.1 million, compared to 5.4 million for the quarter ended June 30, 2019. This decrease of 4.3 million was primarily due to a decrease in collaboration revenue recognized from Servier and Gilead.Research and Development Expenses: Research and development expenses were 25.2 million for the quarter ended June 30, 2020, as compared to 22.8 million for the same period in 2019. This increase of 2.4 million was primarily due to increases in direct research and development expenses related to the commencement of our CD20 and BCMA Phase 12a clinical trials and our ongoing CD19 clinical program.General and Administrative Expenses: General and administrative expenses were 8.7 million for the quarter ended June 30, 2020, as compared to 6.5 million for the same period in 2019. The increase of 2.2 million was primarily due to costs associated with the Companys growing infrastructure needs.Net Loss: Net loss was 32.7 million, or 0.63 per share, for the quarter ended June 30, 2020, compared to a net loss of 19.4 million, or 0.39 per share, for the same period in 2019.About Precision BioSciences, Inc. Precision BioSciences, Inc. is a clinical stage biotechnology company dedicated to improving life DTIL with its novel and proprietary ARCUS genome editing platform. ARCUS is a highly specific and versatile genome editing platform that was designed with therapeutic safety, delivery, and control in mind. Using ARCUS, the Companys pipeline consists of multiple off-the-shelf CAR T immunotherapy clinical candidates and several in vivo gene correction therapy candidates to potentially cure genetic and infectious diseases where no known adequate treatments exist. For more information about Precision BioSciences please visit About Precisions Collaboration with Servier Under the terms of the agreement with Servier, Precision is solely responsible for early-stage research activities and Phase 1 execution for PBCAR0191, as well as preparation of clinical supply for any Phase 2 clinical trials. Servier has the exclusive right to opt in for late-stage development and commercialization, and Precision has the right to participate in the development and commercialization of any licensed products resulting from the collaboration through a 5050 co-development and co-promotion option in the United States.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Companys timing of, results from and information involving the Companys clinical trials involving PBCAR0191, PBCAR20A and PBCAR269A and our in vivo gene correction program, the Companys selection of a clinical candidate for its PH1 program and opportunities for continued development of its HBV program, results of research and development relating to TR4 resistant banana varieties, and the Companys expectations regarding its liquidity and ability to fund operating expenses and capital expenditure requirements. 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