Alzheimer Disease
Prana Biotechnology raises $6 million for Phase IIa clinical trial of PBT2 in Alzheimer disease
Published in Health Business Week, December 22nd, 2006
Prana Biotechnology Limited (PRAN) has entered into agreements to raise approximately $6 million from new institutional investors in Australia, existing institutional investors in the United States and a founding member of the company. As a result, the company has U.S.$10.2 million in cash to immediately commence its Phase IIa trial of PBT2 in patients with early Alzheimer disease, for which it has received full regulatory approval in Sweden.
The investment involves the purchase of 21.8 million ordinary shares (equivalent to 2.18 million ADRs) at a price of A$0.357 per ordinary share (approximately $2.74 per ADR). In addition, the investors receive three- year options...
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Source: Health Business Week (2006-12-22)
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