Business
Prothena Reports First Quarter 2020 Financial Results and Provides R&D Update and Updated Financial Guidance
Net cash used in operating and investing activities was $23.2 million in the first quarter; quarter-end cash and restricted cash position of $355.4 million
About this update from Prothena Corporation Plc
[{"type":"text","content":"Net cash used in operating and investing activities was $23.2 million in the first quarter; quarter-end cash and restricted cash position of $355.4 million provides funding to advance a broad pipeline DUBLIN, Ireland, May 06, 2020 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a clinical-stage neuroscience company with expertise in protein misfolding, today reported financial results for the first quarter of 2020. In addition, the Company provided an update on its R&D programs and 2020 financial guidance. “While the COVID-19 pandemic has brought significant challenges to people around the world and to our industry, Prothena has acted to protect the health of patients and our employees and the continuity of our programs,” said Gene Kinney, Ph.D., President and Chief Executive Officer of Prothena. “The situation is fluid and continues to evolve and as such we have identified potential disruptions and activated mitigation plans designed to advance our programs even under these challenging circumstances. Our team continues to manage critical activities, exhibiting extraordinary resilience, focus and commitment to advancing our pipeline of novel therapeutics for devastating diseases. We were fortunate that COVID-19 related disruptions began after patients in the Phase 2 prasinezumab study (PASADENA) and the Phase 1 PRX004 study had completed assessments that comprise the primary objective in each study.” First Quarter 2020 and Recent Developments The Company continues to monitor the potential impacts of the COVID-19 pandemic to its business. Adaptations to the work environment have been implemented and the Company’s laboratories have remained productive. The known and potential impact to active clinical studies is described in more detail below. Prothena has drug supply for its ongoing studies and currently does not expect delays to its programs due to manufacturing or supply chain issues.As part of Roche’s first quarter earnings announcement, an update was provided on Part 1 of the Phase 2 PASADENA study of prasinezumab in patients with early Parkinson’s disease. As updated by Roche, the study did not meet the primary objective, but showed signals of efficacy. These signals were observed on multiple prespecified secondary and exploratory clinical endpoints. Roche has begun further clinical development planning activitie...