Quintiles to Invest $2m in Prana Biotechnology

The biopharmaceutical services provider, Quintiles have announced that it will be investing up to $2m in the Australia-based Prana Biotechnology.

Quintiles has been involved with Prana’s work since the company was established in 1997. However, recently Quintiles has subscribed to Prana’s newly subscribed shares in a bid to help support a planned definitive Phase II study with PBT2 (Prana’s lead compound for Alzheimer’s disease).

Speaking of the investment, a spokesperson from Prana stated the company was “delighted to have secured an organisation of the calibre and influence of Quintiles as a significant shareholder and supporter of Prada’s therapeutic goals”.

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