Prana prepares for next steps in the PBT2 development path to market and commercialization with key appointments strategy

Prana Biotechnology (NASDAQ:PRAN; ASX:PBT) has today announced the first of several key appointments in the near term to advance PBT2 into late stage and pre-market clinical development of PBT2 as a treatment for Alzheimer’s and Huntington diseases.

Dr Peter Smith has been engaged to drive business development for Prana’s lead drug PBT2 globally at an important time for Prana with results from Phase II clinical trials for Huntington’s and Alzheimer’s disease expected in October 2013 and March 2014 respectively.

Prana will shortly also be making senior appointments in Toxicology, Manufacturing and Clinical Operations to support the company’s plans to accelerate PBT2 into prospective Phase III studies.

Dr Peter Smith is a seasoned senior executive in the biotechnology industry with substantial experience in negotiating global licensing deals, finance and operational roles, including CEO of Alchemia from 2006 until earlier this year where he secured a global partnership with Dr Reddy’s. Prior to Alchemia, Dr Smith was CEO and Managing Director of Amrad, Chairman and CEO of Cerylid Biosciences and founded the UK-based cancer vaccine company Onyvax. He has also held senior roles in the banking industry.

Prana Biotechnology Executive Chairman Geoffrey Kempler said: “Prana is entering an exciting period of its history as we near reporting on our two Phase II trials of PBT2.”

“These appointments are essential as we plan for the future in delivering innovative therapies in these diseases for which today, there is no cure. We are very pleased to have someone of Peter’s calibre working alongside us to capitalise on growing interest in PBT2 as we progress its path to market and look forward to announcing future appointments shortly.”