PRANA Biotechnology Reports Increase in Percent of Major Shareholder Ownership

MELBOURNE, AUSTRALIA--(Marketwire - March 17, 2008) - Prana Biotechnology Limited (NASDAQ: PRAN) (ASX: PBT) today announced that Balyasny Asset Management L.P. (BAM), an institutional investment firm, has purchased additional shares resulting in ownership of over five percent of Prana’s publicly traded stock.

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