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Prana Biotechnology Up 17 Percent on Positive Data (PRAN)

Shares of Prana Biotechnology (NASDAQ: PRAN) are up 17 percent Monday after the company announced two favorable developments with its PBT2 compounded for the treatment of Huntington and Alzheimer’s Disease.

First, it announced that the first patient has been dosed in a continuation of a 12-month Phase 2 study of PBT2 in patients with mild or prodromal Alzheimer’s disease. Results from the original trial, called the IMAGINE trial, will be reported in March of 2014.

Second, it said that it had completed its Reach2HD, phase 2 trial in patients with early to mid-stage Huntington disease. Reach2HD is a randomized, double-blind, placebo-controlled Phase 2 trial testing the safety and efficacy of PBT2.

“We have been extremely pleased with the conduct of the trial, at all levels including recruitment and patient retention,” said Dr. Ray Dorsey, Principal Investigator of the Reach2HD study and Director of the Huntington Study Group Coordination Center.

[stock-tools exchange="NASDAQ" symbol="PRAN" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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