Prana Presents at Biotech Showcase
Prana Biotechnology Ltd (ASX: PBT, NASDAQ: PRAN) has today announced its Chief Medical Officer Dr David Stamler, MD will present at the Biotech Showcase in San Francisco on Monday 7th January, US Pacific Standard Time.
The Biotech Showcase is a satellite event during the JP Morgan Healthcare Conference held each year in San Francisco attracting more than 3600 investors.
The presentation by Dr Stamler follows the Company’s announcement that private Boston based Life Biosciences LLC (“Life Biosciences”) was the lead investor in a program to raise up to approximately A$44.5 (approx. US$31.4) million. Life Biosciences has initially invested US$7.5M (approx. A$10.6 million), with the agreement allowing Prana to raise an additional US$2 million from other investors, totalling US$9.5 million (approx. A$13.4 million). A further amount of up to A$31 (US$21.9) million (approx.) would be invested by Life Biosciences and other investors on exercise of short-term warrants being issued as part of the transaction.
The investment is an important endorsement of the significance of Prana’s work in addressing neurodegenerative disease and will enable the acceleration of its drug development programs.
Prana’s lead candidate PBT434 is currently in Phase 1 clinical trial as an experimental treatment for two forms of highly debilitating Parkinsonian diseases, MSA (Multiple System Atrophy) and PSP (Progressive Supranuclear Palsy). The trial is being conducted in Melbourne, Australia, and is recruiting and dosing healthy adult and elderly volunteers to ascertain the optimal drug dose. The primary end goal is to demonstrate the safety and tolerability for PBT434 with a secondary endpoint of pharmacokinetic measures assessing the absorption and metabolism in the human body.