Beam, Verve stockpile cash as investors bank on gene editing progress

On Tuesday, Beam Therapeutics and Verve Therapeutics, two high-profile biotechs based in Cambridge, Massachusetts, each announced new investments. Beam said it expects to receive $260 million through the sale of nearly 2.8 million shares to a group of private investors, while Verve closed a Series B funding round that will add $94 million to its cash holdings.