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news.Prevail Therapeutics has secured $75m series A financing to advance the development of gene therapies for patients with Parkinson’s and other neurodegenerative diseases.
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Investors in the round included OrbiMed, Pontifax Fund, RA Capital Management, 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.
Prevail founder and CEO Dr Asa Abeliovich said: “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.
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.”
Prevail has an exclusive worldwide license agreement with REGENXBIO Inc. to develop and commercialize gene therapy products using REGENXBIO’s NAV AAV9 vector for the treatment of Parkinson’s disease and other related neurodegenerative diseases.
Parkinson’s disease is a progressive neurodegenerative disorder that affects more than 10 million people worldwide. Gene mapping in recent years has led to the identification of new genes and risk factors for Parkinson’s and related disorders including the glucocerebrosidase (GBA1) gene mutation.