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Prothena Reports Fourth Quarter And Full Year 2012 Financial Results And Provides Research And Development Update

Stocks in this article: PRTA

Company Advances Pipeline With Strong Capital Position Following 2012 Spin-Off

NEOD001 to Enter Clinic in Early 2013

DUBLIN, Ireland, March 28, 2013 (GLOBE NEWSWIRE) -- Prothena Corporation plc (Nasdaq:PRTA), a biotechnology company focused on the discovery and development of novel antibodies for the potential treatment of a broad range of diseases, today reported financial results for the fourth quarter and full year ended December 31, 2012 and provided an update on research and development.

"Prothena targets proteins in novel ways to resolve unmet clinical need in patients. We achieved significant milestones in 2012; the FDA accepted our IND for NEOD001, and we established Prothena as an independent company. We expect to continue our positive momentum in 2013 by initiating a Phase 1 clinical trial for NEOD001 and advancing our research pipeline toward the clinic," said Dale Schenk, PhD, President and Chief Executive Officer of Prothena.

"Our research and clinical progress has been supported by our success in building a seasoned board and solid management team," continued Dr. Schenk. "We have a strong capital position to advance our lead assets further in clinical development including NEOD001 through Phase 2 proof of concept data, and PRX002 and PRX003 through Phase 1 clinical trials. We look forward to continued progress toward these goals in 2013."

2012 Highlights

  • Completed separation from Elan and listing on Nasdaq as a public company; capitalized with $125 million in cash
  • NEOD001 was granted orphan drug designation for both AL and AA amyloidoses by U.S. Food and Drug Administration (FDA)
  • NEOD001 Investigational New Drug (IND) application for both AL and AA amyloidoses filed and accepted by FDA
  • PRX002 (formerly NEOD002) pre-clinical proof of concept and clinical supply manufacturing efforts progressed
  • PRX003 established pre-clinical proof of concept

Research and Development Pipeline Highlights

Prothena's research and development pipeline includes three lead therapeutic antibody programs that the company plans to advance aggressively in 2013 and several discovery programs staged for future value.

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