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Prevail Therapeutics Opens Below IPO Price

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New York-based Prevail Therapeutics (NASDAQ: PRVL) opened for trade Thursday afternoon at $15.31 per share. The 7.353-million share IPO was priced at $17.

Prevail is a gene therapy company founded in 2017 that 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.

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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 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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