Full Press Release Details
Responds to Press comments on visits by pharmaceutical
Australia - March 4, 2008: Prana Biotechnology Limited (NASDAQ: PRAN / ASX:
become aware of certain comments which appeared in today's press which have
followed on from the release of 26 February 2008 when Prana announced the
successful outcome of its Phase IIa Clinical Trial of PBT2 in Early Alzheimer's
Disease. The comments relate to a visit to Prana by pharmaceutical company
executives and expressed the belief that Prana was engaged in confidential
commercial discussions to fund further trials of PBT2.
Directors of Prana have received legal advice that under the Listing Rules
the Australian Stock Exchange the Company is obliged to clarify the situation
with this press release.
Company confirms that it has entered into confidentiality arrangements with
several large pharmaceutical companies and is in various stages of discussion
respect of the licencing of its lead compound PBT2. The Company wishes to
emphasise that neither Prana nor any other party is obliged to conclude a
Company is delighted with the outcome of the recent clinical trial as it
demonstrated the safety and tolerability of PBT2 in the 12 week trial. The
also demonstrated significant reductions in Abeta 42 in patients with early
Alzheimer's Disease and significant improvements in Executive Function
performance in select cognitive tests. The positive outcomes from the trial
viewed as a pre-requisite to advancing negotiations with a number of interested
parties as well as attracting the interest of new parties.
Prana Biotechnology Limited
Biotechnology was established to commercialize research into Alzheimer's Disease
and other major age-related neurodegenerative disorders. The Company was
incorporated in 1997 and listed on the Australian Stock Exchange in March 2000
and listed on NASDAQ in September 2002. Researchers at prominent international
institutions including The University of Melbourne, The Mental Health Research
Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital
Harvard Medical School, contributed to the discovery of Prana's technology.
further information, please visit the Company's web site at www.pranabio.com
contains "forward-looking statements" within the meaning of section 27A of
Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934.
The Company has tried to identify such forward-looking statements by use of
words as "expects," "intends," "hopes," "anticipates," "believes," "could,"
"may," "evidences" and "estimates," and other similar expressions, but these
words are not the exclusive means of identifying such statements. Such
statements include, but are not limited to any statements relating to the
Company's drug development program, including, but not limited to the
initiation, progress and outcomes of clinical trials of the Company's drug
development program, including, but not limited to, PBT2, and any other
statements that are not historical facts. Such statements involve risks and
uncertainties, including, but not limited to, those risks and uncertainties
relating to the difficulties or delays in financing, development, testing,
regulatory approval, production and marketing of the Company's drug components,
including, but not limited to, PBT2, the ability of the Company to procure
additional future sources of financing, unexpected adverse side effects or
inadequate therapeutic efficacy of the Company's drug compounds, including,
not limited to, PBT2, that could slow or prevent products coming to market,
uncertainty of patent protection for the Company's intellectual property or
trade secrets, including, but not limited to, the intellectual property relating
to PBT2, and other risks detailed from time to time in the filings the Company
makes with Securities and Exchange Commission including its annual reports
From 20-F and its reports on Form 6-K. Such statements are based on management's
current expectations, but actual results may differ materially due to various
factions including those risks and uncertainties mentioned or referred to in
this press release. Accordingly, you should not rely on those forward-looking
statements as a prediction of actual future results.
Biotechnology Limited