Prana says drug fails Alzheimer's disease study

March 31 Mon Mar 31, 2014 6:26am EDT

March 31 (Reuters) - Prana Biotechnology Ltd said its experimental drug to treat Alzheimer's disease failed to meet the main goal of a mid-stage study in patients with a mild form of the condition.

The company's shares fell about 38 percent to $6.13 in premarket trade on Monday.

Prana said the drug did not show a statistically significant reduction in the levels of beta-amyloid plaques in the brain, which are considered a major cause of the disease's progression. (Reporting by Vrinda Manocha in Bangalore; Editing by Saumyadeb Chakrabarty)