AbbVie has contributed to a round that took the gene therapy developer's total funding to $129m in approximately two years.
US-based neurodegenerative disease drug developer Prevail Therapeutics has secured $50m in a series B round featuring AbbVie Ventures, the strategic investment arm of pharmaceutical firm AbbVie.
The round included Alexandria Venture Investments, the venture capital arm of real estate investment trust Alexandria Real Estate Equities, as well as OrbiMed, Pontifax, RA Capital Management, EcoR1 Capital, Omega Funds, BVF Partners, Boxer Capital, Adage Capital Management, Surveyor Capital and unnamed others.
Prevail is working on gene therapies that will treat neurodegenerative disorders such as Parkinson’s disease, and the series B funding will support the progress of its drug candidates.
Asa Abeliovich, Prevail’s founder and CEO, said: “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.
“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.”
The company received $75m in series A funding from Alexandria Venture Investments, OrbiMed, Pontifax, RA Capital, EcoR1 Capital, Omega Funds, BVF Partners, Boxer Capital and Adage Capital Management in March 2018.
OrbiMed and the Silverstein Foundation for Parkinson’s with GBA had already provided seed capital for Prevail, which said it has now raised a total of $129m in funding.
