Prana Biotechnology Limited (ASX: PBT)
Prana Biotechnology Limited (ASX: PBT), a company from the health care industry which is into the business of developing first-in-class therapies for orphan neurodegenerative diseases announced its securities purchase agreement for a lead investment with the Boston based Life Biosciences LLC to raise A$44.5 million. Investment by Life Biosciences LLC on Prana Biotechnology Ltd is an important endorsement which highlights the excellence of Prana Biotechnology Ltd in addressing neurodegenerative diseases. Life Biosciences LLC will initially invest around US$7.5 million as per the agreement which will enable Prana to raise US$2 million from other investors. Life Biosciences will invest another US$21.9 million and other investors on an exercise of short-term warrants. Through the investment, Prana would be able to advance towards the neurodegenerative treatments for a typical Parkinsonian disease. Simultaneously, Life Biosciences would be acquiring a substantial share of Prana.
The confidence of Life Biosciences LLC on Prana Biotechnology Limited created a positive influence on the investors and shareholders which led the share price increase by 21.429%. By the end of the trading on 28 December 2018, the closing price of the share was A$0.034 which is 0.006 points above the previous trading day’s closing price. An average volume of 139,596 shares traded on ASX today with the market capitalization of A$15.4 million.
Benitec Biopharma Limited (ASX: BLT)
Benitec Biopharma Limited (ASX: BLT), a company from health care which is into the business of developing a proprietary therapeutic technology platform that provides a sustained, long-lasting silencing of disease-causing genes through single administration where the platform combines RNA interference with gene therapy experienced an increase in the share price by 17.347%. The probable reason for the growth in the share price could be due to the S&P/ASX 200 Health Care (Sector) index increase by 1.18%. The opening price of the share on 28 December 2018 was A$0.098 which remains constant regarding day’s lowest price. It went as high as A$0.115. Finally, by the end the trading on 28 December 2018, the closing price of the share was A$0.115 with the market capitalization of A$25.19 million
On 21 December 2018, the company announced an update on the BB-401 Cancer Treatment program which highlights the undergoing phase II of the clinical trial for those patients who are diagnosed with an advanced disease that is unmanageable through the standard therapies.
The chart and the candlestick pattern highlight the ongoing uncertainty in the market. The narrowing of the Bollinger band highlighted an upcoming momentum in the share prices which could be one of the probable reason for the share prices to increase.
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