Prothena Receives $60M Milestone Payment After Parkinson's Candidate Moves Forward In Mid-Stage Study With Dosing

Prothena Corporation plc PRTA has dosed the first patient in the Phase 2b PADOVA study evaluating prasinezumab in patients with early Parkinson's disease.
Prasinezumab is an anti-alpha synuclein antibody.
The event has triggered a $60 million milestone to Prothena from its worldwide collaboration with Roche Holding AG RHHBY.
Prothena has previously received $75 million in payments from Roche as part of this collaboration.
PADOVA is a Phase 2b, randomized, double-blind, placebo-controlled, multicenter study designed to evaluate the efficacy and safety of prasinezumab in patients with early Parkinson's disease who are on stable symptomatic medication.
The study will enroll approximately 575 patients. The primary endpoint is time to meaningful progression on motor signs of the disease, as assessed by over 5 point increase from baseline in the Parkinson's Disease score.
Price Action: PRTA shares closed 5% lower at $23.39 on Monday.