Prana makes A$8M placement
Australia's Prana Biotechnology, which is focused on the R&D of treatments for neurodegenerative disorders, has closed an approximately A$8.0 million ($7.4 million) private placement with institutional and professional investors, a slightly larger amount than originally announced on September 12. The company's shareholders have authorized up to A$10.0 million in total funding, including the A$8.0 million already closed.
Prana chief executive Geoffrey Kempler stated: "we will use these funds to progress PBT2, which is currently in a Phase IIa trial in patients with Alzheimer's disease. We recently achieved a significant milestone with the completion of enrollment for the trial and are on track to release results in the first quarter of 2008."
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