Prana Announces RD Refund
Melbourne – 4 April, 2013; Prana Biotechnology (NASDAQ:PRAN; ASX:PBT) 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.
The refund was received to support the research and clinical development of PBT2 for Huntington and Alzheimer’s diseases, as well as other Prana research activities into Parkinson’s disease and other neurological indications.
“This Australian Government funded program is commendable because it provides significant amounts of non-dilutive cash to support our ongoing research activities. In addition to the $2.5 million just received, we anticipate a further cash refund of over A$3.3 million for R&D activities undertaken from 1 July 2012 to 30 June 2013”, commented Geoffrey Kempler, Prana’s Chairman and CEO.
About Prana Biotechnology Limited
Prana Biotechnology was established to commercialize research into age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Securities 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 of Harvard Medical School, contributed to the discovery of Prana’s technology.