Prevail Therapeutics, a New York-based startup company focusing on developing gene therapies for Parkinson’s disease (PD) and other neurodegenerative diseases, has announced that it has raised $75 million in a Series A financing.
Prevail will use the funds to advance its pipeline of AAV-based gene therapies for targeting lysosomal dysfunction and treat patients with neurodegenerative diseases. Prevail’s lead program PR001 is being developed for treating PD patients with glucocerebrosidase (GBA) mutation, a variant thought to affect around 10% of all PD patients.
The company was launched in 2017 by OrbiMed’s co-head of private equity Jonathan Silverstein along with Regenxbio and The Silverstein Foundation for Parkinson’s with GBA, a non-profit research foundation formed by Silverstein after he was diagnosed with Parkinson’s in 2016.
The fundraising campaign was supported by 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.
The company has also taken a license to use an AAV vector developed by Regenxbio called NAV AAV9. This vector will be used across Prevail’s gene therapy candidates including PR001.
Jonathan T. Silverstein commented: “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.”
Source: Parkinson’s startup Prevail raises $75M for gene therapy programs; Press Release