PBT434/ New Zealand, Pana Biotechnology Limited

[CarolynS]

Prana receives Michael J. Fox Foundation Grant

Monday, 22 August 2011, 8:45 pm
Press Release: Prana Biotechnology

Prana receives Michael J. Fox Foundation Grant to Develop PBT434 for Parkinson’s Disease

MELBOURNE, Australia – August 22, 2011 – Prana Biotechnology Limited (NASDAQ: PRAN / ASX: PBT), announced today that the company has received a grant from The Michael J. Fox Foundation (MJFF) to support the initiation of pre-clinical studies which precede human trials of a novel treatment for Parkinson’s disease known as PBT434. Prana, a leading Australian biotechnology company, is developing a range of highly unique treatments for neurodegenerative diseases. The funding was awarded by the well-known foundation after a highly competitive, international, peer-reviewed process. The support comes from the MJFF’s 2011 Pipeline Program to support its Therapeutic Development Initiative.

“It is our hope that PBT434 will provide treatment from very early diagnosis to prevent the damage to the part of brain (the substantia nigra) which is responsible for normal movement, thus preventing the loss of physical coordination and control experienced by Parkinson’s disease patients,” said Geoffrey Kempler, Prana’s Executive Chairman.