PRANA Biotechnology (PRAN) Secures $6 Million Additional Financing

Prana Biotechnology announced that it has signed an agreement to raise $6 million from an existing shareholder. Prana’s lead compound for neurodegeneration, PBT2, has already completed a Phase IIa study in early Alzheimer’s Disease patients and has demonstrated safety and tolerability. PBT2 also reduced the levels of Abeta in the spinal fluid of patients. PBT2 is believed to block anomalous protein interactions with metals, thereby preventing protein aggregation.

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