Boston, MA 02/27/2014 (wallstreetpr) – Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) was last seen gaining almost 20 percent to $11.23 per share on Nasdaq, it was a trading session that was also characterized with high volume trading.
The company is concerned with the development of drugs targeted at the treatment of brain and eye degeneration due to old age. Its initial drug focus was for the treatment of Alzheimer’s disease. But during the course of 2012, the company took on more burden of developing therapies for Huntington’s and Parkinson’s diseases.
Away from the above notable drug developments which are entering advanced clinical trial phases, Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) is also concerned with developing treatment for motor neuron disease, cancer, muscular degeneration and age-linked cataracts.
Key updates and highlights
Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) announced that it suffered a loss of A$7.93 million in 2013. That compared with the loss of A$4.33 million in 2012. Its cash position as of June 2013 was A$13.3 million, then moving to $A$19.3 million by end of December 2013. The company also reported receiving tax incentive in January that amounted to A$4.09 million for research and development.
Drug development highlights
Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) has announced the completion of IMAGINE Phase 2 clinical trial for PBT2 for the Alzheimer’s disease treatment. The company also received approval to extend the study for IMAGINE. Also, PRAN announced completing Reach2HD trial for PBT2 for Huntington disease treatment.
More operational key highlights
Prana Biotechnology Limited (ADR) (NASDAQ:PRAN)’s PBT2 was named among the top neuroscience developments to closely watch globally. The drug was also identified in a peer review article in Aging Cell as able to reverse learning and memory losses linked to aging in normal old mice.
An award amount to £150,000 was granted towards the study of PBT434 as potential treatment of Parkinson’s disease.
Conclusion
Prana Biotechnology Limited (ADR) (NASDAQ:PRAN) revealed that the A$7.93 million net loss reflected the significant investment that the company has put in the development cost for PBT2 for the treatment of Huntington and Alzheimer’s diseases.
