NEW YORK--(BUSINESS WIRE)--Prevail Therapeutics Inc. (Prevail), a gene therapy company developing AAV-based gene therapies for patients with devastating neurodegenerative diseases, today announced it has raised $50 million in Series B financing. Proceeds of the financing will be used to advance development of Prevail’s pipeline of novel gene therapy programs.

Existing investors OrbiMed, Pontifax, RA Capital Management, EcoR1 Capital, Omega Funds, BVF Partners L.P., Boxer Capital, LLC, Adage Capital Management L.P. and Alexandria Venture Investments participated in the Series B round, and were joined by new investors Surveyor Capital (a Citadel company), AbbVie Ventures and several undisclosed investors. With this financing, Prevail has raised approximately $129 million to date.

“Since our launch in 2017, Prevail has made significant progress in advancing our pipeline of gene therapies that we believe hold potential to slow or stop the progression of neurodegenerative diseases,” said Asa Abeliovich, M.D., Ph.D., Founder and Chief Executive Officer of Prevail. “The support of our robust group of investors will enable the advancement of our programs and the growth of our team as we transition into a clinical stage company.”

ABOUT PREVAIL THERAPEUTICS

Prevail Therapeutics is a gene therapy company leveraging breakthroughs in human genetics with the goal of developing and commercializing disease-modifying AAV-based gene therapies for patients with devastating neurodegenerative diseases. Prevail was founded by Dr. Abeliovich in 2017, through a collaborative effort with The Silverstein Foundation for Parkinson’s with GBA and OrbiMed, and is headquartered in New York, NY.