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news.Prana Biotechnology has raised over A$7 million from existing investors at a price of A$0.40 a share, in a private placement transaction. Investors include both US and Australian professional and sophisticated investors.
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Funds will be used for the development of the company’s pipeline in treatments for Alzheimer’s and other neurodegenerative diseases, such as Parkinson’s and Huntington’s disease.
Geoffrey Kempler, chairman and CEO of Prana Biotechnology, said: “The funds will allow us to boost our R&D activities. We are also progressing discussions with potential pharmaceutical partners and are confident that PBT2, our lead drug for Alzheimer’s disease, offers a very attractive opportunity.”