Quarterly Cash Flow Report
- Completion of Phase 1 Clinical Trial; PBT434 found to be safe and well-tolerated; clinically tested doses achieve concentrations in the brain comparable with other test results
- Presentation of clinical trial data at the American Academy of Neurology
- Life Biosciences leads investment round raising an initial A$11.44M during the quarter
- Name change to Alterity Therapeutics Limited, reflecting an important reset and new direction
- Strong cash balance of $14.4M
Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE) (“Alterity” or “the Company”), releases its Appendix 4C Quarterly Cash Flow report and update on company activities for the quarter ending 30 June 2019 (Q4 FY19).
This past quarter saw important milestones achieved as the Company enters into its next phase of development, the most significant being finalization and reporting of its Phase 1 Clinical Trial for its lead compound PBT434.
The completed trial includes data from elderly and healthy volunteers who received repeated doses, and demonstrated that the drug was safe and well-tolerated, with adverse event rates comparable to placebo. It builds on the data presented in May 2019 at the American Academy of Neurology Annual Meeting in the US.
Systemic exposure to the drug was comparable between elderly and healthy volunteers. This information, along with previous results in the Phase 1 study, indicate that clinically-tested doses achieve concentrations in the brain that are comparable with other test results. No serious adverse event or an adverse event that led to discontinuation of the study drug was reported.
The findings showed that PBT434 passed the blood-brain barrier and inhibited the alpha-synuclein protein which when aggregated in the brain is a pathological hallmark of Parkinsonian conditions and is considered an important biologic target for treating these neurodegenerative diseases.
The Company launched a new name moving from Prana Biotechnology to Alterity Therapeutics. The name change aligns with the new direction for the Company and followed a major strategic investment by Life Biosciences. A$11.44M has so far been received as part of this investment. Shareholders approved a resolution to allow the investment by Life Biosciences and the name change at an Extraordinary General Meeting on 5th April.
Alterity reported a strong cash balance of A$14.4M, up
from A$8.9M in Q3 FY19 with the contribution of investment funds.
Mr Geoffrey Kempler, CEO of Alterity, said: “The final quarter of Alterity’s financial year has ended on a high note with the recent completion of the Phase 1 trial for PBT434. The clinical data for the Phase 1 trial was well-received at the American Academy of Neurology Annual Meeting in Philadelphia, a key audience for Alterity. We thank Life Biosciences for its investment.”
Investor enquiries IR@alteritytherapeutics.com