Benzinga | May 11, 2021 06:57AM EDT

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

* Prothena Corporation plc (NASDAQ: 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 (OTC: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.