Australia's Prana allowed key patent for PBT2 in the USA

Melbourne, Australia-based Prana Biotechnology has received a Notice of Allowance from the US Patent and Trade Mark Office, protecting its clinical asset, PBT2, in the USA. The patent entitled, '8-Hydroxyquinoline derivatives' covers the composition of matter of selected families of 8-Hydroxyquinoline compounds, including PBT2 and pharmaceutical compositions containing these compounds.

The USA patent is expected to formally proceed to Grant by December 2009. Prana has also secured the Grant of related patents in Russia, Singapore, South Africa, New Zealand and has a Notice of Acceptance in Australia. Previously Prana has announced receiving a notice of Decision to Grant in Europe. Each of the granted patents have a twenty year term expiring on July 16, 2023, with extensions of term possible under the legal provisions of some of these countries, including USA and Europe.

Prana chief executive Geoffrey Kempler said: "The Notice of Allowance from the USPTO and the grant of patents in other key jurisdictions gives Prana exclusive rights to develop and market PBT2, Prana's lead Alzheimer's disease drug, with the aim of PBT2 becoming the first disease modifying drug for the treatment of Alzheimer's disease."