Prana Scores Alzheimer's Disease US Patent Protection (PRAN)
Prana Biotechnology (Nasdaq:PRAN) has received a key patent that will allow it to have more protection for its Alzheimer’s candidate. The company said it received a Notice of Allowance from the United States Patent and Trade Mark Office (USPTO) over its clinical asset, PBT2, in the USA.
The patent is titled ’8-Hydroxyquinoline derivatives’ and it covers the composition of matter of selected families of 8-Hydroxyquinoline compounds. Prana noted that this includes PBT2 and the pharmaceutical compositions containing these compounds.
The company said that the USA patent is expected to formally proceed to Grant by December 2009, after the payment of official fees. Prana noted that it has also secured the Grant of related patents in Russia, Singapore, South Africa, New Zealand and has a Notice of Acceptance in Australia. Previously, Prana has announced receiving a notice of Decision to Grant in Europe. Each patent has a twenty year term expiring on July 16, 2023. It noted that extensions of the expiration are possible under the legal provisions of some of these countries, which it noted includes the United States and Europe.
PBT2 is Prana’s lead Alzheimer’s Disease drug, and the company noted that it has the aim for this to become the first disease modifying drug for the treatment of Alzheimer’s Disease.
Prana further noted that its PBT2 has already completed a Phase IIa study in early Alzheimer’s Disease patients, and further noted that it has demonstrated safety and tolerability. On the efficacy, Prana noted that PBT2 showed improvement in executive function as an important aspect of cognitive performance. It was also said to have reduced the levels of Abeta in the spinal fluid of patients, which has been linked as one of the key proteins associated with Alzheimer’s Disease. Prana noted that these trial results were published earlier in The Lancet Neurology journal as well as presented at this year’s International Conference on Alzheimer’s Disease.
The hope is to prevent the formation of toxic forms of the Abeta protein and to restore metal homeostasis in the synapses of the aged brain for improved neurotransmission and cognition.
The Australian company was incorporated in 1997. It first listed on the Australian Stock Exchange in March 2000 and then later listed on NASDAQ in 2002. We have seen a rise of 10% on the news to $1.85 on the day and the 35,000 shares in an average daily volume has already been reached and then some.
JON C. OGG
AUGUST 12, 2009
