MELBOURNE, AUSTRALIA--(Marketwired - April 04, 2013) - 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 neurological indications.
"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 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.
For further information please visit the Company's web site at www.pranabio.com.
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-looking statements as a prediction of actual future results.