Prana Biotechnology Ltd. (PRAN) announced it has reached an agreement with Quintiles, a clinical research provider.
The company stated that this agreement will see Quintiles subscribe for up to US$2 million in new Prana shares.
Prana also announced that it had signed a mandate agreement with Southern Cross Equities Limited for the private placement of up to 225 million new shares to assist in the funding of Prana's planned Definitive Phase II Clinical Trial into Alzheimer's Disease.
The company added that Quintiles has agreed to support the future activities of Prana via the acquisition of 7.1 million new ordinary shares in Prana at an issue price of AUD$0.1624 or 16.24 cents per share raising AUD1.15 million. An agreement to subscribe for up to a further US$1 million of new Prana shares in the private placement being conducted by Southern Cross Equities.
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