Business
Prothena Reports Second Quarter 2023 Financial Results and Business Highlights
Net cash used in operating and investing activities was $45.7 million in the second quarter and $93.2 million for the first six months of 2023; quarter-end
About this update from Prothena Corporation Plc
[{"type":"text","content":"\n\nNet cash used in operating and investing activities was $45.7 million in the second quarter and $93.2 million for the first six months of 2023; quarter-end cash and restricted cash position was $661.3 million\n\n\n\nRevised year-end cash guidance to be approximately $600 million in cash, cash equivalents and restricted cash, representing an increase of $88 million from prior guidance of $512 million\n\n\n\nPresented research across multiple Alzheimer’s disease programs targeting amyloid-beta and tau at AAIC 2023, including data on PRX012, PRX005 and PRX123\n\n\n\nBristol Myers Squibb (BMS) obtained the $55 million exclusive worldwide license to PRX005 in July, expanding on the exclusive U.S. license from July 2021\n\n\n\nPublished Phase 3 VITAL clinical trial results in Blood, the peer-reviewed journal of ASH; data showed a significant survival benefit for birtamimab in patients with Mayo Stage IV AL amyloidosis, as well as significant improvements across key secondary endpoints\n\n\n\nBilly Dunn, M.D., founding and former Director of the Office of Neuroscience, CDER, at the FDA, joined Prothena’s Board of Directors\n\n\n\n DUBLIN--(BUSINESS WIRE)--\nProthena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today reported financial results for the second quarter and first six months of 2023 and provided business highlights.\n\n\n“We continue to make significant progress across our pipeline, further enabling Prothena to deliver transformative medicines for people living with devastating diseases caused by protein dysregulation. From our Alzheimer’s disease portfolio, we presented at the AD/PD and AAIC 2023 conferences new data that showcases the differentiating profiles of PRX012, PRX005 and PRX123. From our peripheral diseases pipeline, we published peer-reviewed results from the Phase 3 VITAL amyloidosis trial that highlights evidence of the important role that birtamimab may have in improving outcomes for patients with Mayo Stage IV AL amyloidosis. Our collaborations also continue to advance and add value as Bristol Myers Squibb recently exercised their option to acquire exclusive worldwide rights to PRX005, Roche completed enrollment for the Phase 2b PADOVA study evaluating prasinezumab in Parkinson’s...