Health and Healthcare
BioHealth Daily: Forgetting Alzheimers (PRAN, PFE, NVS, FRX)
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It’s the BioHeath Daily for key developments in drugs, biotech, and medical developments. Prana Biotechnology Ltd. (NASDAQ: PRAN) is often overlooked here in the U.S. as it has such a small market cap. That may be about to change after yesterday’s move and after a continuation move so far this morning. Yesterday came word from the company that new data is being published on its ability of PBT2 to repair the damage in an Alzheimer’s affected brain. The claim is that it facilitates the restoration of cognition in Alzheimer’s Disease.
The data is published in the science journal PLoS ONE is entitled “Metal Ionophore Treatment Restores Dendritic Spine Density and Synaptic Protein Levels in a Mouse Model of Alzheimer’s Disease.” The company noted that the findings help explain the rapid improvement in cognition previously reported in transgenic Alzheimer’s mice and in patients in a Phase IIa clinical trial with PBT2. The article describes the biochemical and anatomical changes occurring in the brains of transgenic Alzheimer’s mice treated with PBT2.
Prana shares soared on Monday with some 9.55 million shares and the stock gaining to $2.70 after a $1.47 close on Friday. What is amazing is that even after yesterday’s gain the market cap was a mere $65.3 million based upon the $2.70 close.
In pre-market trading the stock was up another 17% ay $3.17 on about 1.3 million shares as of 9:25 AM EST. At 9:33 AM EST we have shares trading up 31% at $3.55 on 2.45 million shares (with a market cap around $85 million). Today should be another very active day and the 52-week trading range is $1.09 to $3.64.
Some of the Alzheimer’s Disease medications are as follows, all aimed at various stages or aspects around the disease: Aricept was developed by Eisai Inc. and it was FDA approved in the 1990’s; currently co-promoted by Eisai Inc. and Pfizer Inc. (NYSE: PFE). Exelon is manufactured by Novartis (NYSE: NVS) and Razadyne is manufactured by Ortho-McNeil Neurologics. Forest Laboratories Inc. (NYSE: FRX) has Namenda.
If Prana has a REAL Alzheimer’s (and Parkinson’s) treatment on its hands, an $85 million market cap is very small.
JON C. OGG
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