US biotech Prevail Therapeutics has secured $75 million in Series A financing to advance gene therapies aimed at patients with Parkinson’s and other neurodegenerative diseases.
Investors 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.
Prevail developing gene therapies with a goal of addressing the underlying disease process in Parkinson’s disease and other neurodegenerative disorders.
The proceeds of the funding round will be used to advance the company’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,” said Asa Abeliovich, Founder and CEO 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.”