Prana Announces Filing of Annual Report, Dated

Filing of Annual Report, Dated September 25, 2008

Australia - September 29, 2008 - Prana Biotechnology Limited (NASDAQ: PRAN

biopharmaceutical company focused on the research and development of treatments

for neurodegenerative disorders, today announced that it

filed its annual report containing audited consolidated financial statements

the year ended June 30, 2008, with the U.S. Securities and Exchange Commission.

The annual report is available on Prana's website (www.pranabio.com).

Shareholders may receive a hard copy of the annual report free of charge

Prana Biotechnology Limited

Biotechnology was established to commercialize research into Alzheimer's

and other major age-related neurodegenerative disorders. The

company was incorporated in 1997 and listed on the Australian Stock Exchange

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,

teaching hospital of Harvard Medical School, contributed to the discovery

further information, please visit our web site at www.pranabio.com.