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Prothena Reports Second Quarter 2013 Financial Results

Stocks in this article: PRTA

DUBLIN, Ireland, Aug. 12, 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 second quarter and six months ended June 30, 2013 and provided an update on research and development.

Prothena reported a net loss of $11.3 million and $20.3 million for the second quarter and first six months of 2013, respectively, as compared to a net loss of $9.7 million and $20.5 million for the second quarter and first six months of 2012, respectively. Net loss per share for the second quarter and first six months of 2013 was $0.64 and $1.15, respectively, as compared to a net loss per share of $0.67 and $1.42 for the second quarter and first six months of 2012, respectively. As of June 30, 2013, Prothena had $112.5 million in cash and cash equivalents and no outstanding debt. These figures should be read in connection with "Second Quarter and First Six Months of 2013 Financial Results and 2013 Guidance" below.

"Prothena targets proteins in novel ways to resolve unmet clinical needs in patients. We were productive in the second quarter as we continued to advance our pipeline of novel therapeutic antibodies," said Dale Schenk, PhD, President and Chief Executive Officer of Prothena. "Our lead candidate for amyloidosis, NEOD001, entered the clinic during the quarter. We are pleased with patient enrollment to date and remain on track to announce results from our Phase 1 trial of NEOD001 in AL amyloidosis during 2014. Our Parkinson's disease candidate, PRX002, is also moving forward as planned with IND enabling toxicology studies initiated in the quarter."

"Our strong balance sheet continues to provide the financial resources to progress on all three of our lead programs, NEOD001, PRX002, and PRX003-which targets inflammatory disease and metastatic cancers," added Dr. Schenk.

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