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May 21, 2008

Prana Obtains $6.74M Placement to Fund CNS Disease Drug Development

  • Prana Biotechnology raised over A$7 million, or approximately $6.74 million, through a private placement. The transaction included existing investors and represents a price of about $0.38 a share.

    Proceeds will advance development of the company's treatments for Alzheimer's and other neurodegenerative diseases such as Parkinson's and Huntington's diseases.

    “We are particularly gratified by the increased confidence shown by these investors who previously invested approximately six months ago at a value almost 50 percent below today's level,” states Geoffrey Kempler, chairman and CEO.

    “Since then we have achieved key milestones including a successful Phase IIa clinical trial of PBT2 and commencement of commercial discussions as well as the widening of our pipeline opportunities into different indications” Kempler continues. "We are progressing discussions with potential pharmaceutical partners and are confident that PBT2, our lead drug for Alzheimer's disease, offers a very attractive opportunity.”

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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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