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Prana Provides Clinical Trials Update

Prana Biotechnology today reported on the progress of its lead development asset PBT2 in Phase II trials for Huntington disease and Alzheimer’s disease. Across the two trials approximately 37% have been dosed to 6 months or longer, twice the duration of the previous Phase II Alzheimer’s trial . 1,2 PBT2 has been well tolerated and both trials are on schedule with very pleasing retention rates and compliance. Each Independent Data Safety Monitoring Board for the two trials met at the end of March and recommended that each trial continue as planned without any protocol changes.

Prana Announces RD Refund

Prana Biotechnology today reported that it has received a A$2.5 million cash refund under the R&D Tax Incentive Program, a program administered by AusIndustry and the Australian Taxation Office. This payment is part of approximately $5.8 million expected to be received for the 2011-12 and 2012-13 financial years.

Professor Rudy Tanzi Appointed Prana’s Chief Scientific Advisor

Professor Rudy Tanzi has been appointed as Chief Scientific Advisor to the Company. Professor Tanzi is the Joseph P. and Rose F. Kennedy Professor of Neurology at Harvard University, and Director of the Genetics and Aging Research Unit at Massachusetts General Hospital (MGH). Professor Tanzi has been investigating the genetics of neurological disease since 1980 when he participated in the study that led to the first disease gene being identified by genetic analysis (Huntington's Disease).

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