Prana Obtains $6.74M Placement to Fund CNS Disease Drug Development
Firm has one mid-stage compound, which is being evaluated as a therapy for Alzheimer’s.
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.”