PRANA Biotechnology Secures Key PBT2 Patents in the United States and Europe

MELBOURNE, AUSTRALIA--(Marketwire - August 24, 2010) - Prana Biotechnology (NASDAQ: PRAN) (ASX: PBT) today announced that it has secured key PBT2 patents in Europe and the United States.

The United States Patent and Trademark Office (USPTO) has Granted a composition of matter patent for selected 8-hydroxyquinoline compounds, including its lead clinical asset, PBT2, in the United States. The patent titled ‘8-Hydroxyquinoline derivatives’ also covers pharmaceutical compositions containing PBT2 and selected 8-hydroxyquinoline compounds.

The USPTO has additionally extended the term of this patent by approximately 2.5 years resulting in an expiry date calculated to be 21 December 2025. This expiry date may in the future be further extended by the application of pharmaceutical extension of term provisions in that country.

Since previously announcing the grant of the related European case, the company is also pleased to confirm the expiry of the mandatory 9 month post-grant opposition period whereby third parties can register objections. Absent any third party opposition, the European case has now been placed on the Register of European patents.

The European patent has a twenty year term expiring on 16 July 2023, with a possible extension of term of up to 5 years under supplementary protection provisions.

Prana has announced new results highlighting the therapeutic opportunity for PBT2 in Huntington’s disease in addition to Alzheimer’s disease. The announcement was made during a Hot Topic session at the ICAD meeting in Honolulu in July 2010.

Geoffrey Kempler, Prana’s Executive Chairman, said, “The grant and extension of PBT2 patent rights in the United States together with securing European patent rights marks a critical milestone in our commercialization plans, offering opportunity in both Huntington’s disease and Alzheimer’s disease.”

About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise research into Alzheimer’s Disease and other major age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Stock 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.