Shares in Prana Biotechnology Limited (ASX:PBT, NASDAQ:PRAN) have plunged 75 per cent in morning trade after releasing results after the market closed yesterday.
The dual-listed drug developer says its flagship drug candidate PBT2 failed to meet its primary endpoint for the phase 2 study of Alzheimer's disease patients.
CEO Geoffrey Kempler says while the results did not meet the company’s hopes it has not deterred the company from the future development of PBT2. Mr Kempler says there is a strong body of evidence for the efficacy of PBT2 in Alzheimer's disease.
The company’s management will now consult with experts to further assess the latest results and consider what steps to take next.
Shares in Prana Biotechnology had plunged 75 per cent to $0.26 this morning.
Prana Biotechnology reported a net loss of $7.9 million in the first half of the 2014 financial year.
