MELBOURNE, AUSTRALIA--(MARKET WIRE)--Aug 16, 2007 -- Prana Biotechnology Limited (NasdaqCM:PRAN - News) (ASX:PBT.AX - News) today announced that Professor Colin Masters, MD, PhD, a member of Prana’s Scientific Advisory Board and a Director of the company from 2000-2007, was awarded the State of Victoria’s most prestigious science award, the Victoria Prize, at Government House in Melbourne last night.