Prana Biotechnology Limited announced the signing of a cross-relationship agreement with Massachusetts General Hospital. Prana has acquired additional technology and Jerrold Rosenbaum, Interim Chief of Psychiatry at Massachusetts General Hospital and Professor of Psychiatry at Harvard Medical School, will enter into a consulting agreement.

Under the terms of the agreement, Prana will: pay for a portion of the Alzheimer's disease-related research done in conjunction with and under the direction of Ashley Bush, a consultant to Prana who is an MGH psychiatrist and Associate Professor at Harvard Medical School; receive an exclusive license to the patent application for use of Pramipexole, a full dopamine agonist, being tested effectively in patients with symptoms of Parkinson's disease, for its effectiveness in combating the craving associated with cocaine use; and have Dr. Rosenbaum as a consultant to Prana in the areas of clinical trials, regulatory matters, especially with respect to the FDA, and opportunities in the area of diagnostic tools and treatments of neuro-degenerative disorders.

Executive Director Geoffrey Kempler of Prana commented, "We are very excited to broaden our relationship with Massachusetts General Hospital and work with the researchers to study therapeutic drugs used to treat central disease pathways. Our work together on Alzheimer's is reaching a very pivotal stage. Dr. Rosenbaum's industry and FDA experience will be instrumental in the progress of Prana's drug pipeline from research to commercialization."