Prana Announces $5.8 Million R&D Refund
MELBOURNE, AUSTRALIA -- (Marketwired) -- 04/04/13 -- Prana
Biotechnology (NASDAQ: PRAN) (ASX: PBT) today reported that it has
received a A$2.5 million cash refund under the R&D Tax Incentive
Program, a program administered by AusIndustry and the Australian
Taxation Office. This payment is part of approximately $5.8 million
expected to be received for the 2011-12 and 2012-13 financial years.
The refund was received to support the research and clinical
development of PBT2 for Huntington and Alzheimer's diseases, as well
as other Prana research activities into Parkinson's disease and other
"This Australian Government funded program is commendable because it
provides significant amounts of non-dilutive cash to support our
ongoing research activities. In addition to the $2.5 million just
received, we anticipate a further cash refund of over A$3.3 million
for R&D activities undertaken from 1 July 2012 to 30 June 2013,"
commented Geoffrey Kempler, Prana's Chairman and CEO.
About Prana Biotechnology Limited
Prana Biotechnology was
established to commercialize research into age-related
neurodegenerative disorders. The Company was incorporated in 1997 and
listed on the Australian Securities Exchange in March 2000 and list
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-l
as a prediction of actual future results.
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