Prevail Therapeutics IPO: What You Need To Know

Want to partake in the gene therapy revolution that is emerging as a new paradigm in drug development? Check out the upcoming IPO of this recent gene therapy startup.

The IPO Terms

New York-based Prevail Therapeutics is planning a 7.353-million share IPO, estimated to be priced between $16 and $18, according to the S-1/A filing from June 10.

At the mid-point of the price range, the offering is valued at $125 million.

The company has applied for listing its shares on the Nasdaq under the ticker symbol PRVL.

Being an "emerging growth company" Prevail has the privilege of complying with reduced public disclosure norms.

Morgan Stanley, Bank Of America Merrill Lynch, Cowen and Wedbush are the underwriters for the IPO.

The Company

Prevail, a gene therapy company founded in 2017, focuses on developing disease-modifying AAV-based gene therapies for neurodegenerative diseases by applying a precision medicine approach.

The company's lead compound PR001 is being evaluated for Parkinson's disease with GBA1 mutation and neuronopathic Gaucher disease. The FDA has given its nod for its IND filing. It intends to initiate a Phase 1/2 trial for PR001 in neuronopathic Gaucher disease in 2019.

Prevail also has a broad pipeline of gene therapies for a range of neurodegenerative diseases, including PR006 for the treatment of frontotemporal dementia with GRN mutation and PR004 for the treatment of synucleinopathies.

The Finances

For the year ended Dec. 2018, Prevail reported a loss of $19.09 million compared to a loss of $1.83 million in 2017. The company reported a loss of $9.95 million for the three months ended March 2019, wider than the loss of $3.20 million reported for the year-ago quarter.

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