Prana hiring to help bring PBT2 to market

Prana Biotechnology (ASX:PBT) has announced the first in a series of planned appointments aimed at driving the clinical development of Alzheimer’s and Huntington’s candidate PBT2.

The company has selected Dr Peter Smith to help advance PBT2 into late-stage and pre-market clinical development.

Smith was CEO of Alchemia (ASX:ACL) from 2006 until earlier this year, when he was replaced by Charles Walker following a failed attempt at spinning off its oncology business.

Smith has also had roles including CEO and managing director of Amrad and chairman and CEO of Cerylid Biosciences.

Prana executive chairman Geoffrey Kempler said the company plans to follow up this hire with senior appointments in toxicology, manufacturing and clinical operations.

“Prana is entering an exciting period of its history as we near reporting on our two phase II trials of PBT2,” he said. “These appointments are essential as we plan for [phase III].”

The results of a phase II trial in Huntington’s disease are expected in October, while the Alzheimer’s trial results are scheduled to be released in March 2014.

Prana Biotechnology shares were trading unchanged at $0.38 as of around 1.30 pm on Tuesday.