Prana Raises $5 million

08-Sep-2003

Melbourne: Prana Biotechnology Limited is pleased to announce that it has reached agreement for the private placement of up to 7.15 million new shares in the capital of the Company at a subscription price of 70 cents per share. The securities have been placed to institutions and eligible sophisticated investors who are clients of Peregrine Corporate Limited ("PCL") and the placement will raise up to $5 million before allowing for costs associated with the issue. Funds raised will be predominantly applied towards accelerating the Company's development objectives, specifically the commencement of toxicology and clinical trials relating to Prana's proprietary suite of metal protein attenuating compounds ("MPAC's") and for working capital purposes.

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