Feb 18 (Reuters) - Prana Biotechnology Ltd said its experimental drug to treat a hereditary degenerative brain disorder met the main goals of safety and tolerability in a mid-stage study, sending its shares up about 42 percent in premarket trade.
The trial tested two doses of the drug, PBT2, in 109 patients with Huntington’s disease, which is characterized by a loss in coordination and cognitive decline due to a degeneration of nerve cells in certain parts of the brain.
The company said a higher dose of the drug also improved executive function of the brain, which includes a person’s ability to plan activities.
Prana said there were no substantial differences in adverse events in patients treated with the drug, and those on placebo.
Only one of the ten serious adverse events was related to the treatment, the company said.
Prana said it would start a late-stage study of the drug to treat Huntington’s disease. The company is also testing the drug in a mid-stage study for Alzheimer’s disease.
The Australia-based company’s shares closed at $7.25 on the Nasdaq on Friday. (Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)