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Prothena Reports First Quarter Financial Results

Stocks in this article: PRTA

DUBLIN, Ireland, May 14, 2013 (GLOBE NEWSWIRE) -- Prothena Corporation plc. (Nasdaq:PRTA), a clinical stage 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 first quarter ended March 31, 2013 and provided an update on research and development.

Prothena reported a net loss of $9.0 million for the first quarter of 2013 as compared to a net loss of $10.8 million for the first quarter of 2012. Net loss per share for the first quarter of 2013 was $0.51 as compared to a net loss per share of $0.75 for the first quarter of 2012. As of March 31, 2013, Prothena had $119.6 million in cash and cash equivalents and no outstanding debt. These figures should be read in connection with "First Quarter 2013 Financial Results and Guidance" below.

"Prothena targets proteins in novel ways to resolve unmet clinical needs in patients. We continue to advance our pipeline of novel antibodies, and have already moved NEOD001 into the clinic for AL amyloidosis," said Dale Schenk, PhD, President and Chief Executive Officer of Prothena. "In April 2013, we announced the successful first patient dosing in our Phase 1 clinical trial. Patients with amyloidosis currently have limited treatment options and we believe we have an opportunity to develop a first-in-class therapy for this orphan disease."

"Prothena's strong balance sheet provides the financial resources for significant clinical progress with all three of our lead programs, NEOD001, PRX002 in Parkinson's disease and PRX003 in inflammatory disease and metastatic cancers," added Dr. Schenk.

First Quarter 2013 Highlights

  • NEOD001 granted orphan drug status for the potential treatment of amyloid light-chain (AL) amyloidosis by the European Medicines Agency (EMA)
  • Board strengthened through the appointment of Christopher Henney, PhD, who joined existing directors Lars Ekman, MD, PhD, Dale Schenk, PhD, Richard Collier and Shane Cooke
  • Solidified leadership team with appointments of Chief Medical Officer, Martin Koller, MD, MPH and Chief Financial Officer, Tran Nguyen

Research and Development 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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