SOURCE: Prana Biotechnology

Prana Biotechnology

March 04, 2011 12:40 ET

Prana's Co-Founding Scientist Awarded Prestigious Australia Fellowship

$4 Million (AUD) Grant to Study the Mechanism of MPACs Including PBT2

MELBOURNE, AUSTRALIA--(Marketwire - March 4, 2011) - Prana Biotechnology (NASDAQ: PRAN) (ASX: PBT) today announced that Professor Ashley Bush, Prana's Co-Founding Scientist, has been awarded a National Health and Medical Research Council (NHMRC) Australia Fellowship. The $4 million (AUD) award was announced by Australia's Federal Minister for Mental Health and Ageing, The Hon Mark Butler MP. The Australia Fellowships are Australia's most prestigious award for excellence in the fields of health and medical research and recognise those researchers with the vision and application to tackle some of the biggest health issues facing society today.

Prana's Executive Chairman, Geoffrey Kempler, said, "We are thrilled for Professor Bush and congratulate him on this award. His work was peer reviewed at the highest level and this government recognition underscores the effort by Prana to develop a library of MPACs (Metal Protein Attenuating Compounds) like PBT2 to treat neurodegenerative diseases."

Professor Bush said, "The $4 million grant will allow us to extend our understanding of the underlying causes of neurodegenerative disease including how MPACs could work as therapies for diseases such as Alzheimer's and Huntington's, as well as the cognitive decline that can accompany the ageing process. I am honoured and greatly encouraged by this grant."

About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise 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.

For further information please visit the Company's web site at

Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as "expects," "intends," "hopes," "anticipates," "believes," "could," "may," "evidences" and "estimates," and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company's drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company's drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company's drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company's drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company's intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management's current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.

Contact Information

  • Contacts:
    Prana Biotechnology Limited
    +61 3 9349 4906

    Leslie Wolf-Creutzfeldt