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Prothena Reports First Quarter 2021 Financial Results and Provides Updated Financial Guidance and R&D Update
Net cash used in operating and investing activities was $33.7 million in the first quarter; quarter-end cash and restricted cash position of $345.7 million
About this update from Prothena Corporation Plc
[{"type":"text","content":"Net cash used in operating and investing activities was $33.7 million in the first quarter; quarter-end cash and restricted cash position of $345.7 million provides funding to advance the R&D pipeline Announced confirmatory Phase 3 AFFIRM-AL study of birtamimab in Mayo Stage IV patients with AL amyloidosis under SPA agreement with FDAAchieved $60 million milestone from Roche for first patient dosed in Phase 2b PADOVA study of prasinezumab in patients with early Parkinson’s diseaseHighlighted data in oral presentations at AD/PD in March and AAN in April for three programs in our neurodegenerative and rare peripheral amyloid pipeline DUBLIN, Ireland, May 11, 2021 (GLOBE NEWSWIRE) -- Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical company with a robust pipeline of novel investigational therapeutics built on protein dysregulation expertise, today reported financial results for the first quarter of 2021. In addition, the Company provided an update on its R&D programs and 2021 financial guidance. “We recently welcomed Hideki Garren to Prothena as Chief Medical Officer and look forward to his expertise contributing to our transition to a fully integrated research, development and commercial biotechnology company,” said Gene Kinney, Ph.D., President and Chief Executive Officer of Prothena. “The oral presentations at AD/PD and AAN highlight the continued translation of our differentiated protein dysregulation scientific platform from preclinical findings to clinical benefit for patients across multiple programs in our portfolio. We remain on track for significant news flow this year with the planned initiation of three late-stage clinical studies for birtamimab, prasinezumab and PRX004. We will advance two programs in our Alzheimer’s portfolio towards the clinic over the next 12 months, with IND filings for our anti-tau PRX005 and anti-abeta PRX012 programs, designed to be best-in-class treatments for Alzheimer’s disease. Additionally, our cash position was strengthened by our public offering in March and will be further bolstered when we receive the $60 million milestone earned from Roche. Together this enhances our ability to fund the company through multiple key clinical milestones.” First Quarter and Recent Highlights: Birtamimab, a potential treatment for AL amyloidosis, is a humanized monoclonal antibody designed to d...