Prana Biotechnology Limited (ADR) (NASDAQ:PRAN)
BREAKING NEWS: Prana Biotechnology Ltd (PRAN) (PBT.AX) today announced the article “The novel compound PBT434 prevents iron-mediated neurodegeneration and alpha-synuclein toxicity in multiple models of Parkinson’s disease” was accepted for publication in the peer reviewed journal Acta Neuropathologica Communications. Prana’s drug candidate PBT434 is the first of a new generation of small molecules from the quinazolinone class of drugs that was specifically designed to block the accumulation and aggregation of alpha-synuclein, an abundant brain protein widely believed to be involved in the pathogenesis of Parkinson’s disease and related disorders.
Prana shares are up almost 5% on the news.
Prana Biotechnology Limited (ADR)(NASDAQ:PRAN) traded higher in Monday’s trading session after announcing its candidate drug, PBT434, successfully prevented neurodegeneration and alpha-synuclein toxicity in multiple models of Parkinson’s disease. The stock rallied by 26.20% after the company said Acta Neuropathologica Communications Journal had agreed to publish an article about the novel treatment.
Prana Biotechnology Pipeline
The publication according to the company is a culmination of ten years of research and development in partnerships with scientists from the Florey Institute of Neuroscience and Mental Health. Prana Biotechnology Limited (ADR)(NASDAQ:PRAN) is a development stage medical company that engages in the research and development of therapeutic drugs for treating the underlying cause of degeneration in patients with Alzheimer.
In addition to PBT434, the company is also developing PBT2 for Alzheimer and Huntington disease. The company’s therapies can also be used in certain types of cancers, age-related macular degeneration, and Motor Neuron disease.
PBT434 is the first drug to be developed with a view to blocking the accumulation and aggregation of alpha-synuclein. The brain protein is believed to be the main cause of pathogenesis of Parkinson’s disease among other related disorders.
Prana Biotechnology Limited (ADR)(NASDAQ:PRAN) publications show that PBT434 has the potential to block alpha-synuclein accumulation. It also proved to be reliable in preventing loss of nerve cells in the region of the brain commonly affected by Parkinson disease.
PBT434 has also been found to be effective in preventing the formation of insoluble alpha-synuclein in animals. It also improves motor behavior in Parkinson disease in mice while normalizing iron distribution in the brain.
“These findings are important because Parkinson’s disease and the related synucleinopathies cause significant disability and diminish the independence of afflicted individuals. An agent which slows disease progression could have a great impact on reducing disease burden and improving the quality of life ,” said David Stamler, Prana Biotechnology Limited (ADR)(NASDAQ:PRAN) Chief Medical Officer.
Completion of iron testing, according to Prana, paves way for commencement of Phase 1human testing in before the end of the year.
Separately, Prana Biotechnology Limited (ADR)(NASDAQ:PRAN) has confirmed the appointment of David Stamler as the new Chief Medical officer and senior vice president for clinical development. He joins the company with more than 20 years of central nervous system experience in addition to being a talented drug developer.
Stamler is expected to spearhead the company’s efforts as it prioritizes the development of PBT434 and PBT2.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.