New York, NY – March 8, 2018 – Prevail Therapeutics, Inc. (Prevail), a biotechnology company developing gene therapies for patients with Parkinson’s disease and other neurodegenerative diseases, today announced a $75 million Series A financing.
Investors in the round included OrbiMed, Pontifax, RA Capital, EcoR1 Capital, Omega Funds, BVF Partners L.P., Boxer Capital LLC, Adage Capital Management L.P., and Alexandria Venture Investments. OrbiMed and the Silverstein Foundation for Parkinson’s with GBA incubated and provided seed funding to Prevail.
Prevail is pioneering the development of gene therapies with a goal of addressing the underlying disease process in Parkinson’s disease and other neurodegenerative disorders. The proceeds of the Series A financing will be used to advance Prevail’s pipeline of AAV-based (adeno-associated virus) therapeutics targeting lysosomal dysfunction to treat patients with genetically-defined neurodegenerative diseases. Prevail’s lead program, PR001, will be developed for a genetic subset of Parkinson’s disease and other mechanistically-related disorders.
“This financing supports our plan to develop a pipeline of gene therapies with the potential to dramatically improve the lives of patients with a range of genetically-defined neurodegenerative diseases,” commented Asa Abeliovich, M.D., Ph.D., Founder and Chief Executive Officer of Prevail. “Our lead program will target patients with Parkinson’s disease, and we plan to address additional disease areas where lysosomal dysfunction is an underlying cause. We’re pleased to have attracted the support of this group of leading life science investors as well as the Silverstein Foundation for Parkinson’s with GBA.”
Commented Jonathan T. Silverstein, General Partner and Co-head of Global Private Equity at OrbiMed and founder of the Silverstein Foundation, “Prevail’s mission to develop gene therapies that address the underlying genetic causes of neurodegenerative disease is aligned with our commitment to identify treatments that can halt the progression of Parkinson’s and other diseases. The Company has assembled an excellent team to accomplish this mission, including executive management, scientific advisors, and board members, and I look forward to working with them to make a difference for patients.”
Prevail has an exclusive worldwide license agreement with REGENXBIO Inc. to develop and commercialize select gene therapy products using REGENXBIO’s NAV AAV9 vector technology platform.