Shares of Prana Tumble +71.5% After PBT2 Misses Endpoints

Shares of Prana Biotechnology Limited PRAN fell more than 71.5% following a miss in preliminary results of Phase 2 IMAGINE trial of PBT2 in Alzheimer's Disease. In a press release on Monday morning, Prana Biotechnology reported, "Prana's PBT2 did not meet its primary endpoint of a statistically significant reduction in the levels of beta-amyloid plaques in the brains of prodromal/mild Alzheimer's disease patients, as measured using PiB-PET Standardized Uptake Value Ratio (SUVR). Whilst there was a reduction in the overall levels of the PiB PET signal in patients treated with PBT2, the results were confounded by an atypical reduction of levels of the PiB PET signal in the placebo group as well." The company noted that "No improvement was observed on the secondary endpoints of brain metabolic activity, cognition and function". Despite this disappointment in results, the trial saw a trend "preserving hippocampal brain volume" in the PBT2 group. In addition, PBT2 was well tolerated and shown to be safe with the adverse event profile equal between the placebo and treated groups. CEO of Prana Biotechnology Geoffrey Kempler commented, "Whilst not meeting all of our hopes, this result does not deter us from the future development of PBT2, a safe and well tolerated drug candidate for Alzheimer's disease. Our scientists and those from other institutes have developed a strong body of evidence for the efficacy of PBT2 in Alzheimer's disease. The suggestion of beneficial effect of PBT2 on brain volumes first seen in the Reach2HD Huntington disease trial and now in this Alzheimer's disease IMAGINE trial is intriguing. We are consulting with experts in the field to further assess these results and to consider how best to progress PBT2 in Alzheimer's disease. Indeed, the IMAGINE Extension trial is continuing, and data from this trial is likely to inform the next steps for an AD program." Prana Biotechnology Limited closed at $9.86 on Friday. Shares are currently down 71.40% at $2.82.