Prana Biotechnology announced that it has secured a key patent protecting its clinical drug asset PBT2, with the European Patent Office issuing a notice of decision to grant in Europe.

The patent entitled '8-Hydroxyquinoline derivatives' covers the composition of matter of selected families of 8-Hydroxyquinoline compounds, including PBT2 and the uses of such compounds for the treatment of neurological diseases, including Alzheimer's disease and Huntington's disease.

The European patent has a twenty year term expiring on July 16, 2023, with a possible extension of term of up to 5 years under supplementary protection provisions.

Prana's lead Alzheimer's disease compound, PBT2, has already completed a phase IIa study in early Alzheimer's disease patients and has demonstrated safety and tolerability. In addition, PBT2 showed improvement in executive function, an important aspect of cognitive performance, and reduced the levels of Abeta in the spinal fluid of patients.

The trial results were published in The Lancet Neurology journal as well as presented at this year's International Conference on Alzheimer's disease.

PBT2 has been designed to be a disease modifying drug that prevents the formation of toxic forms of the Abeta protein in the synapses of the brain and to improve neurotransmission, resulting in improved cognition.

Geoffrey Kempler, Prana's CEO, said "The decision of the European Office to grant this patent further protects Prana's valuable clinical asset PBT2, and well positions us to enter larger clinical trials and advance towards commercialization with the aim of having the first disease modifying drug and provide hope to millions of Alzheimer's sufferers and their families."

Prana Biotechnology was established to commercialise research into Alzheimer's disease and other major age-related neurodegenerative disorders. The company was incorporated in 1997 and listed on the Australian Stock Exchange in March 2000 and listed on NASDAQ in September 2002.