Prevail Therapeutics announced the closing of a $75 million Series A financing today to support development of gene therapies to address the underlying disease process in Parkinson’s disease and other neurodegenerative disorders. Investors in the round included OrbiMed, Pontifax Fund, RA Capital Management, EcoR1 Capital, Omega Funds, BVF Partners, Boxer Capital, Adage Capital Management and Alexandria Venture Investments. OrbiMed and the Silverstein Foundation for Parkinson’s with GBA incubated and provided seed funding to Prevail last year.
According to The Michael J. Fox Foundation for Parkinson’s Research, an association between glucocerebrosidase (GBA1) gene mutations and Parkinson’s disease was first observed in 2004. It’s the most common of the currently known genetic mutations associated with Parkinson’s disease, carried by up to 10% of people with the disease in the US.
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.
– Jonathan T. Silverstein, General Partner and Co-head of Global Private Equity at OrbiMed and founder of the Silverstein Foundation for Parkinson’s with GBA.
Prevail has a pipeline of AAV-based (adeno-associated virus) therapeutics targeting lysosomal dysfunction to treat patients with genetically-defined neurodegenerative diseases. The company’s lead program, PR001, will be developed for a genetic subset of Parkinson’s disease and other mechanistically-related disorders.
Prevail was co-founded by Asa Abeliovich, MD, PhD, an associate professor of pathology, cell biology, and neurology at Columbia University, attending physician at New York Presbyterian Hospital and a member of the Taub Institute for Alzheimer’s Disease and the Aging Brain.
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