Prana Biotech (PRAN) Updates Appendix 4D; Reports Larger Investment in PBT2

February 26, 2014 9:14 AM EST
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Prana Biotechnology (Nasdaq: PRAN) released its Appendix 4D and Half-Year Financial Results Report for the period ended 31 December 2013.

Financial Summary

-- Reported loss of A$7.93M (Dec 2012: A$4.33M)

-- Cash position at 31 December 2013 of A$19.3M (A$13.3M at 30 June 2013)

-- Subsequently, A$4.09M R&D tax incentive received in January

Operational Highlights

-- Completed the IMAGINE Phase 2 trial for PBT2 as a treatment for Alzheimer’s disease.

-- Received approval and commenced an open label extension study for IMAGINE. This allows all participants on the IMAGINE trial, including those on placebo, to take PBT2 for a further 12 month period.

-- Completed Reach2HD clinical trial for PBT2 as a treatment for Huntington disease.

-- Post reporting period, Prana reported it had successfully achieved its end point of safety and tolerability in the Reach2HD clinical trial. The company also reported statistically significant improvement in a measure of executive function (cognition) in research participants administered 250mg PBT2 daily (p=0.042) and was associated with a favourable signal in functional capacity.

-- Peer reviewed article in Aging Cell reports PBT2 reversed the memory and learning losses associated with the aging process in normal (non-transgenic) old mice.

-- Prana’s PBT2 named as one of the top neuroscience projects to watch globally.

-- Parkinson’s UK awards £150,000 to study Prana’s PBT434, a potential treatment for Parkinson’s disease.

Commenting on the half year results, Chairman and Chief Executive Officer Mr Geoffrey Kempler said: “It has been a period of significant achievement with the completion of our two phase 2 clinical trials for PBT2. In the last few weeks we’ve reported on the trial results for Huntington disease and will soon report on the Alzheimer’s disease trial.”

The net loss of A$7.93M reflects the significant investment in the development costs of PBT2 as a potential treatment for both Alzheimer’s and Huntington diseases.

The cash balance at 31 December 2013 was A$19.3M, compared with A$13.3M at 30 June 2013. This balance excludes A$4.09M received in January under the R&D Tax Incentive Program.

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