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Prana Biotechnology in Melbourne has received $5.8 million for clinical research for neurological diseases

Melbourne company Prana Biotechnology has announced it has received a R&D Tax Incentive of A$2.5 million to support its scientific focus upon neurological diseases, particularly Alzheimer‘s, Parkinson‘s and Huntington‘s diseases. The payment is part of approximately A$5.8 million which is expected to be received for the 2011-12 and 2012-13 financial years.

“This Australian Government funded program is commendable because it provides significant amounts of non-dilutive cash to support our ongoing research activities.” commented Geoffrey Kempler, Prana’s Chairman and CEO.