Prana Biotechnology Ltd. (PRAN) Thursday said it commenced recruitment and screening of patients for a 12 month Phase II Imaging trial testing PBT2, the company's drug in development for Alzheimer's Disease.
Screening of patients began last week with psychological tests to measure cognition. This week, the first patient was tested for evidence of significant levels of Abeta deposits in the brain.
Professor Colin Masters, Prana consultant and Director of the Mental Health Research Institute, said," Prana is selecting patients with established Alzheimer's disease, as well as targeting those very early in the disease process. We are using the most modern techniques available for measuring PBT2's disease modifying effects to establish cognitive, functional and physical changes in the brain....We are using PiB-PET imaging to measure the drug's effects on the insoluble form of Abeta, and we are using a recently developed blood test to measure levels of the soluble oligomers of Abeta."
PET is a sensitive molecular imaging technique that allows in vivo quantification of radiotracer concentrations. PET radiotracers are typically designed to bind a substrate known to be involved in the biological process being evaluated.
Parkville, Australia-based Prana Biotechnology 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.
Professor Masters said," In my opinion PBT2 has the best and highest chance of all drugs currently in development to have a major impact on the disease process, and help avoid the global epidemic of Alzheimer's which, left untreated, is poised to become unmanageable."
PRAN is currently trading at $1.51, up $0.0490 or 3.35%, on the Nasdaq. Over the past year, the stock traded in a range of $1.18 - $4.50.
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