Prothena Corporation plc (Nasdaq: PRTA)

Discussion in 'Men's Economics' started by Michael Scally MD, Jun 24, 2014.

  1. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    They have enough money to last years, yet they are making another offering for more cash!!! And, they are a possible candidate for tax inversion being based in Ireland. I did not like Elan and I am not familiar with their science, but they are now CASH HEAVY.

    Prothena Corporation plc (Nasdaq: PRTA) is a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel antibodies that are directed towards diseases that involve protein misfolding or cell adhesion.

    Prior to December 2012, the Prothena Business operated as part of Elan Corporation, plc (Elan), and not as a separate stand-alone entity. Prothena’s business consists of a substantial portion of Elan’s former drug discovery business platform, including Neotope Biosciences Limited and Onclave Therapeutics Limited, each former wholly owned subsidiaries of Elan. After the separation from Elan and the related distribution of our ordinary shares to Elan’s stockholders, our ordinary shares began trading on The NASDAQ Global Market under the symbol “PRTA” on December 21, 2012.

    Prothena Announces Proposed Offering of Ordinary Shares

    DUBLIN, Ireland, June 23, 2014 (GLOBE NEWSWIRE) -- Prothena Corporation plc (Nasdaq:pRTA), a clinical stage biotechnology company focused on the discovery, development and commercialization of novel antibodies for the potential treatment of diseases that involve protein misfolding or cell adhesion, announced today that it has commenced an underwritten public offering of $100 million of its ordinary shares. All of the ordinary shares in the offering are to be sold by Prothena. In addition, Prothena has granted the underwriters a 30-day option to purchase up to an additional $15 million of its ordinary shares.
    Last edited: Jun 24, 2014
  2. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  3. Voltrader

    Voltrader Member

    From April 15th to the 30th went from 24.08 to 41.33 back to 20.79. The raise on a abstract that was released on NEOD001 and the fall right in front of Phase 1 results.

    As far as I see plenty of insider manipulation going on here in this stock always makes me weary.

    I don't now Doc this Prothena is definitely a corporate inversion for Elan. If you don't like Elan I wouldn't like PRTA.

    Now the chart is looking like a buy though but it should see 21 again.

    They do have plenty of cash why raise more.....bumps in the road for Phase II/III??????

    Too much uncertainty here I threw it up on my board but for now I will watch.

    The reason I want to watch is being with the movement in here on data..... this is a great buy the rumor sell the news candidate.
  4. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    Woodford makes $50M Prothena investment as new fund takes shape

    Neil Woodford's new fund started trading last week and the man Bloombergdubbed the "savior" of biotech in the United Kingdom has already taken an interest in drug development stocks. Ireland-headquartered biotech Prothena ($PRTA) is an early target, with Woodford committing to buying around half of a new $100 million (€73 million) offering of ordinary shares.

    Prothena spun off from Elan in December 2012, snagging monoclonal antibody assets, a San Francisco-based R&D team and $125 million from its former parent company to get itself started. In December the biotech struck a $600 million biobuck deal with Roche ($RHHBY) to co-develop antibodies against Parkinson's, but in recent months Phase I data on its in-house treatment for amyloidosis and persistent organ dysfunction has dampened investor enthusiasm. The last data dump caused Prothena's stock to drop almost 42% in two days.

    Despite the setback--or perhaps because of the fall in share price it caused--Woodford sees value in the company. Prothena has begun an offering of 4.75 million ordinary shares valued at around $100 million, with Woodford Investment Management (WIM) agreeing to buy a little less than half the stock. Prothena is already relatively cash rich by biotech standards, with the initial investment from Elan and subsequent $45 million in upfront and milestone payments from Roche leaving it with $195.1 million at the end of the first quarter.

    Prothena will use the cash to fund clinical trials of PRX003--a drug it is developing for cancer and inflammatory diseases--and other R&D activities. Phase I trials of PRX003 are due to start next year. The drug builds on cell adhesion work done by Elan in the discovery and development of Tysabri. By blocking certain adhesion processes--which allow cells to stick to blood vessel walls and spread into tissues--Prothena thinks it can tackle a variety of diseases. Rheumatoid arthritis, psoriasis, multiple sclerosis and metastatic cancers have all been linked to the adhesion molecule targeted by Prothena.