Prospector
Profile
07.1067
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| Prana Biotechnology Limited |
NAICS |
541710 |
| Level 2 369 Royal Parade
Parkville, Victoria, Australia 3052 |
Description |
Biotechnology |
| 61-3-9349-4906 |
Employees |
14 |
| http://www.pranabio.com/ |
Revenue |
(mil) |
0.7620 |
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Income |
(mil) |
-11.5900 |
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Assets |
(mil) |
10.4210 |
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Liability |
(mil) |
2.6200 |
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(for the year ended 2006-06-30) |
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Category:
Audit Concerns
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Event:
Deloitte Touche Tohmatsu raised doubts on the ability of Prana Biotechnology Limited to continue as a going concern after auditing its financial statements. The auditor believes that the Company does not have sufficient cash resources to fund its current level of activities for the next 12 months. The Company has accumulated losses of $41,340,718, and has incurred negative cash flows from operations of $11,651,215 in the current year.
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Intellectual Property:
The Company is the exclusive licensee of an international patent application in the name of the General Hospital Corporation directed to a novel target for an Alzheimer’s disease vaccine. The Company's research has demonstrated that a mouse could generate antibodies that preferentially recognize dimerized ‘toxic linked’ forms of beta-amyloid and not the endogenous monomeric form of beta amyloid. Individual hybridoma cells will be cloned and tested to try to identify a mouse monoclonal antibody candidate for use in a prospective mouse passive vaccine trial during 2007. On February 8, 2000, the Company entered into a patent assignment agreement with The Biomolecular Research Institute for the assignment of various patent applications and patent rights. On July 28, 2004, it entered into a settlement agreement with P.N. Gerolymatos S.A. with respect to patent inventorship claims relating to the use of clioquinol (PBT-1) for use in Alzheimer’s disease. [SEC Filing 20-F 6-18-07]
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Description:
The Company engages in the research and development of therapeutic drugs in Australia.
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Officers:
Mr Geoffrey Kempler (Chair); Professor Colin (Dir.); Dr. George Mihaly (Dir.); Brian Meltzer (Dir.); Peter Marks (Dir.)
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Auditor:
Deloitte Touche Tohmatsu
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Securities:
Common Stock-Symbol PRAN; NasdaqCM;
128,144,260 common shares outstanding as of June 30, 2006.
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