Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized

0001144204-17-010785.txt : 201702240001144204-17-010785.hdr.sgml : 2017022420170224060735ACCESSION NUMBER:0001144204-17-010785CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:4CONFORMED PERIOD OF REPORT:20170224FILED AS OF DATE:20170224DATE AS OF CHANGE:20170224

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:PRANA BIOTECHNOLOGY LTDCENTRAL INDEX KEY:0001131343STANDARD INDUSTRIAL CLASSIFICATION:PHARMACEUTICAL PREPARATIONS [2834]IRS NUMBER:000000000FISCAL YEAR END:0630

FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:000-49843FILM NUMBER:17634678

BUSINESS ADDRESS:STREET 1:LEVEL 2STREET 2:369 ROYAL PARADECITY:PARKVILLE, VICTORIASTATE:C3ZIP:3052BUSINESS PHONE:61-3-9349-4906

MAIL ADDRESS:STREET 1:LEVEL 2STREET 2:369 ROYAL PARADECITY:PARKVILLE, VICTORIASTATE:C3ZIP:3052

6-K1v460379_6k.htm6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANTTO RULE 13a-16 OR

15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month ofFebruary 2017

PranaBiotechnology Limited

(Name of Registrant)

Level 2, 369 Royal Parade ParkvilleVictoria 3052 Australia

(Address of Principal Executive Office)

Indicate by check mark whether the registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-FxForm 40-F

Indicate by check mark if the registrantis submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):__

Indicate by check mark if the registrantis submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):__

Indicate by check mark whether by furnishingthe information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant toRule 12g3-2(b) under the Securities Exchange Act of 1934.

YesNox

If Yes is marked, indicatebelow the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____

This Form 6-K is not being incorporated by referenceinto the Registrants Registration Statements on Form F-3 (File No. 333-199783) and Form S-8 (File No. 333-153669).

PRANA BIOTECHNOLOGY LIMITED

6-K Items

1.

Appendix 4D

SIGNATURES

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

PRANA BIOTECHNOLOGY LIMITED

(Registrant)

By: /s/ Geoffrey Kempler

Geoffrey Kempler,

Executive Chairman

February 24, 2017

Prana Biotechnology Limited

Appendix 4D

31 December 2016


Appendix 4D

Half-year Report

31 December 2016

1.Company Information

Name of entity: Prana Biotechnology Limited

ABN: 37 080 699 065

Current Reporting Period: Half year ended 31 December 2016

Previous Corresponding Period: Half year ended 31 December 2015

This report is to be read in conjunction with the 30 June 2016 AnnualReport and is given in compliance with Listing Rule 4.2A.

2.Results for announcementto the market

A$

Revenue from continuing operations Down 5.7% to 72,883

Loss after tax attributable to members Up 27.9% to 3,651,845

Net loss for the period attributable to members Up 27.9% to 3,651,845

Comments

Prana Biotechnology Limited recorded revenue of$72,883 for the period ended 31 December 2016 (2015: $77,328), which is interest received on company bank accounts. The increasein interest received is due to increased amounts of cash being carried in interest bearing accounts.

Prana Biotechnology Limited has incurred a lossfor the half year of $3,651,845 (2015: $2,854,825). This loss has increased compare due to a decrease in other income related tothe R&D Tax Incentive, and a reduction in foreign exchange gain as a result of less fluctuation between U.S dollars and Australiandollars during the period.

Refer to the Directors report - Review of Operationsfor further information.

3.Net tangibleassetpersecurity

31 December 30 June

2016 2016

A$ A$

Net tangible assets 27,561,006 31,367,213

Weighted average number of ordinary shares used as the denominator in calculating basic loss per share 533,891,470 533,891,470

Net tangible assets per shares (cents) 5.16 5.88


Appendix 4D


(continued)

4. Changes in controlledentities

Notapplicable

5. Distributions

Franked

Amount per amount per

security security

Interim dividend (per share) - -

Final dividend (per share) - -

Previous corresponding period - -

6.Dividend reinvestment plan

Not applicable

7.Details of associatesand joint venture entities

Not applicable

8.Foreign entities

Not applicable

9.Audit

These accounts were subject to a review by the auditors and the reviewreport is attached as part of the Interim Financial Report.

10. Attachments

Interim Financial Report for the half year ended 31 December 2016 forPrana Biotechnology Limited.

/s/ Geoffrey Kempler

Mr. Geoffrey Kempler

Executive Chairman and Chief Executive Officer

Prana Biotechnology Limited

Melbourne

24February 2017


ABN 37 080 699 065

Interim report

for the half-year 31 December 2016

Prana BiotechnologyLimitedABN37 080 699 065

Interim report - 31 December2016

Contents

Page

Corporate directory

Directors report 4

Interim financial statements

Consolidated statement of profit or loss and other comprehensive income 7

Consolidated statement of financial position 8

Consolidated statement of changes in equity 9

Consolidated statement of cash flows 10

Notes to the consolidated financial statements 11

Directors declaration 18

Independent auditors review report to the members 19

This interim financial report does not includeall the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunctionwith the annual report for the year ended 30 June 2016 and any public announcements made by Prana Biotechnology Limited duringthe interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

2

Directors Mr. Geoffrey Kempler

Executive Chairman

Mr. Brian Meltzer

Non-Executive Independent Director

Dr. George Mihaly


Mr. Peter Marks


Mr. Lawrence Gozlan


Prof. Ira Shoulson

Non-Executive Director

Secretary Mr. Phillip Hains

Principal registered office in Australia Suite 1, 1233 High Street

Armadale Victoria 3143

Australia

+61 3 9824 5254

Share and debenture register Computershare Investor Services Pty Ltd

Yarra Falls, 452 Johnston Street

Abbotsford, Victoria 3067

1300 85 05 05 (within Australia) & +61 3 9415 4000

(overseas)

Auditor PricewaterhouseCoopers

2 Riverside Quay

Southbank Victoria 3006

Solicitors Quinert Rodda & Associates

Suite 1, Level 6, 50 Queen Street

Melbourne Victoria 3000

Website www.pranabio.com

3


Directors report

31December 2016


Your directors present their report on the consolidatedentity (referred to hereafter as the group) consisting of Prana Biotechnology Limited and the entities it controlled at the endof, or during, the half-year 31 December 2016.

Directors

The following persons held office as directors of Prana BiotechnologyLimited during the financial period:

Mr. Geoffrey Kempler, Executive Chairman

Mr. Brian Meltzer, Non-Executive Independent Director

Dr. George Mihaly, Non-Executive Independent Director

Mr. Peter Marks, Non-Executive Independent Director

Mr. Lawrence Gozlan, Non-Executive Independent Director

Prof. Ira Shoulson, Non-Executive Director

Review of operations

Results

The Group reported a loss for the half-year of $3,651,845 (2015: $2,854,825).The loss is after fully expensing all research and development costs.

Cash

The Groups cash on hand as at 31 December2016 totalled $28,341,761 (30 June 2016: $28,593,538). In addition, the Group has recorded at 31 December 2016 a total of of $1,846,562in receivables, including $1,830,734 from the Australian Tax Office, in respect of its 2017 R&D tax incentive claim up to 31December 2016. The Group expects to receive these amounts during the 12 months ended 30 June 2018.

Operations

Detailed below is an update on the status of the Groups researchand development projects and overall operations for the half-year ended 31 December 2016.

The Groups 30 June 2016 Annual Report containsdetailed background information relating to its operations including its research and development projects and collaboration partnersand should be read in conjunction with this report.

PBT2 Huntington disease clinical development update

In February 2015 we reported that the U.S. Foodand Drug Administration (FDA) had placed PBT2 on Partial Clinical Hold (PCH) based on particular non-clinical neurotoxicology findingsin a dog study which limit the dose of PBT2 that we can use in future trials. A Complete Response was filed presenting strong clinicalsafety information and rationale to continue development into Phase 3. The FDA has maintained its partial clinical hold with theFDA seeking information and data from additional prospective non-clinical investigations in dogs to further characterize the neurotoxicityfindings in the dog study. In November 2016 we met with two regulatory authorities in Europe, the Medical and Healthcare RegulatoryAgency in London and the Medicinal Products Agency in Stockholm to discuss the steps required to initiate a Phase 3 program. Aspreviously reported, both agencies encouraged Prana to continue with its development program in Huntington disease in view of thevery large unmet need in this debilitating disease. Similar to the FDA, both agencies recommended further non-clinical investigationsto further characterize the neurotoxicity and reversibility of the neurotoxic findings in the dog study.

Further analysis on the nature of the cognitiveimprovement observed in the Phase 2 Reach2HD study was presented in July 2016 at the International Movement DisordersConference in Berlin, Germany and at the American Neurological Association Annual meeting in Baltimore, Maryland in the UnitedStates. This analysis reviewed the Patient Reported Outcomes from the Phase 2 Huntington disease trial HD-PROP andshowed that self-reported improvement was strongly associated with PBT2 administration.

4



31December 2016

(continued)

Review of operations (continued)

PBT434 Movement Disorder clinical candidate update

It has been previously reported that PBT434 isneuroprotective having demonstrated significant preservation of the substantia nigra, a brain region containing dopaminergic neuronsresponsible for motor coordination. This has translated into improved motor function, coordination and cognition in multiple mousemodels of Parkinsons disease. In addition to exploring Parkinsonian Movement Disorders, Prana has advanced this programwith proof of concept mouse models of atypical Parkinsonian conditions. Specifically, in synucleinopathies or tauopathiesincluding conditions such as Multiple System Atrophy, Dementia with Lewy Bodies, Corticobasal Degeneration and Progressive SupranuclearPalsy. PBT434 has been shown to decrease insoluble forms of -synuclein, prevent the phosphorylation of tau protein and promoteneuronal preservation with consequent improvement in motor and cognitive function.

A comprehensive International Council for Harmonisationof Technical Requirements for Human Use (ICH) compliant IND-enabling non-clinical program has been conducted to evaluate PBT434spharmacologic, pharmacokinetic and toxicological profile. PBT434 has been shown to be well tolerated with limited toxicity. A pre-INDdossier was submitted to the FDA to obtain preliminary advice from the Agency on the suitability of the non-clinical package andmanufacturing of PBT434 to support Phase I studies. The written response from FDA did not identify any substantive issues aheadof us submitting our full non-clinical and manufacturing package for approval to enable Phase 1 studies.

Pipeline development from Translational Biology Program

New development candidates from Pranas Metal-ProteinAttenuating Compounds (MPACs) have emerged over the reporting period. These MPACs have demonstrated a number of key attributesrequired to tackle neurodegenerative processes including: the ability to reduce metal mediated oxidative and nitrosative stress,inhibit target protein oligomer aggregation and restore neuronal interconnections. The new candidates arose from novel discoverychemistry to create new chemical entities within new generation MPAC chemical scaffolds that are orally bioavailable and brainpenetrable.

Prana actively continues to review other potentially suitable opportunitiesthat may be highly attractive and can add significant shareholder value in the medium to longer term.

Auditors independence declaration

A copy of the auditors independence declaration as required under section307C of the Corporations Act 2001 is set out on page 6.

This report is made in accordance with a resolution of the Board ofDirectors.



Director

Melbourne

24 February 2017

5

6


Consolidated statement of profit or loss and othercomprehensive income

For the half-year 31 December 2016

31 December 31 December

2016 2015

Notes A$ A$

Revenue from ordinary activities 5 72,883 77,328

Other income 5 1,830,734 2,779,394

Intellectual property expenses (108,402) (120,170)

General and administration expenses 6 (2,029,682) (1,959,153)

Research and development expenses 6 (3,832,414) (4,918,889)

Other operating expenses (80,983) (32,334)

Other gains and losses 6 496,019 1,318,999

Loss before income tax (3,651,845) (2,854,825)

Income tax expense - -

Loss for the period (3,651,845) (2,854,825)

Other comprehensive loss for the period, net of tax - -

Total comprehensive loss for the period (3,651,845) (2,854,825)

Cents Cents

Loss per share for profit attributable to the ordinary equity holders of the company:

Basic loss per share 4 0.68 0.53

Diluted loss per share 4 0.68 0.53

The above consolidated statement of profit or loss and other comprehensiveincome should be read in conjunction with the accompanying notes.

7

Prana BiotechnologyLimited

Consolidatedstatement of financialposition

As at 31 December 2016

31 December 30 June

2016 2016

Notes A$ A$

ASSETS

Current assets

Cash and cash equivalents 28,341,761 28,593,538

Trade and other receivables 1,846,562 4,786,765

Other current assets 142,808 276,504

Total current assets 30,331,131 33,656,807

Non-current assets

Property, plant and equipment 35,867 24,224

Other non-current assets 43,988 43,988

Total non-current assets 79,855 68,212

Total assets 30,410,986 33,725,019

LIABILITIES

Current liabilities

Trade and other payables 2,119,795 1,748,566

Provisions 729,722 608,771

Total current liabilities 2,849,517 2,357,337

Non-current liabilities

Provisions 463 469

Total non-current liabilities 463 469

Total liabilities 2,849,980 2,357,806

Net assets 27,561,006 31,367,213

EQUITY

Contributed equity 8 146,724,852 146,879,214

Reserves 9 9,363,181 9,363,181

Retained earnings (128,527,027) (124,875,182)

Total equity 27,561,006 31,367,213

The above consolidated statement of financial position should beread in conjunction with the accompanying notes.

8

Prana BiotechnologyLimited

Consolidatedstatement of changes in equity


Attributable to owners of

Prana Biotechnology Limited

Accumulated

Share capital Other reserves losses Total

Notes A$ A$ A$ A$

Balance at 1 July 2015 146,895,714 9,363,181 (117,145,631) 39,113,264

Loss for the period - - (2,854,825) (2,854,825)

Total comprehensive income for the period 146,895,714 9,363,181 (120,000,456) 36,258,439

Transactions with owners in their

capacity as owners:

Reversal of equity to be issued 8 (16,500) - - (16,500)

Balance at 31 December 2015 146,879,214 9,363,181 (120,000,456) 36,241,939

Balance at 1 July 2016 146,879,214 9,363,181 (124,875,182) 31,367,213

Loss for the period - - (3,651,845) (3,651,845)

Total comprehensive income for the period 146,879,214 9,363,181 (128,527,027) 27,715,368

Transactions with owners in their

capacity as owners:

Transactions costs 8 (154,362) - - (154,362)

Balance at 31 December 2016 146,724,852 9,363,181 (128,527,027) 27,561,006

The above consolidated statement of changes in equity should be readin conjunction with the accompanying notes.

9


Consolidated statement of cash flows



2016 2015

Notes A$ A$

Cash flows from operating activities

Payments to suppliers and employees (5,456,038) (7,507,761)

Interest received 81,439 73,221

R&D tax refund 4,753,646 -

Grants - 56,000

Net cash (outflow) from operating activities 11 (620,953) (7,378,540)

Cash flows from investing activities

Payments for property, plant and equipment (22,159) (1,736)

Net cash (outflow) from investing activities (22,159) (1,736)

Cash flows from financing activities

Transaction costs relating to issue of equity (154,362) -

Net cash (outflow) from financing activities (154,362) -

Net (decrease) in cash and cash equivalents (797,474) (7,380,276)

Cash and cash equivalents at the beginning of the financial year 28,593,538 34,909,574

Effects of exchange rate changes on cash and cash equivalents 545,697 1,377,245

Redemption of security deposit - 152,603

Cash and cash equivalents at end of period 28,341,761 29,059,146

The above consolidated statement of cash flows should be read inconjunction with the accompanying notes.

10


Notes to the consolidated financial statements

31December 2016

1Basis of preparationof half-year report

This condensed consolidated interim report forthe half-year reporting period ended 31 December 2016 has been prepared in accordance with Accounting Standard AASB 134 InterimFinancial Reporting and the Corporations Act 2001. This interim financial report also complies with International FinancialReporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

This condensed consolidated interim report doesnot include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read inconjunction with the annual report for the year ended 30 June 2016 and any public announcements made by Prana Biotechnology Limitedduring the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies adopted are consistentwith those of the previous financial year and corresponding interim reporting period. There were no new accounting standards orinterpretations adopted by the Group during this reporting period.

2Significant estimatesand assumptions

Estimates and judgements are continually evaluatedand are based on historical experience and other factors, including expectations of future events that may have a financial impacton the entity and that are believed to be reasonable under the circumstances.

The group makes estimates and assumptions concerningthe future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates andassumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities withinthe next financial period are discussed below.

(a) Going concern

The Group is a development stage medical biotechnologycompany and as such expects to be utilising cash until the results of its research activities have become marketable. For the sixmonths ended 31 December 2016, the Group incurred an operating loss of $3,651,845 (2015: $2,854,825) and an operating cash outflowof $620,953 (2015: $7,378,540). As at 31 December 2016 the net assets of the Group stood at $27,561,006 (30 June 2016: $31,367,213)and the cash position has decreased to $28,341,761 from $28,593,538 at 30 June 2016.

Cash on hand at 31 December 2016 plus projectedoperating inflows are considered sufficient to meet the Groups forecast cash outflows for at least 12 months from the date ofthis report. While there is an inherent uncertainty in the Groups cash flow forecast in relation to the proposed expenditure onresearch and development which may impact the forecast cash position, the Directors believe the Group will be able to maintainsufficient cash reserves through a range of options, including:

The Group continues to pursue raising additional funds through alternative funding structuresand has a strong history of raising capital. The Group had an existing at the market (ATM) facility through whichit could raise additional funds of up to US$44.5 million by the sale of American Depositary Receipts (ADRs). This facility,established through the filing of a shelf registration statement on Form F-3 with the United States Securities and Exchange Commissionin November, 2014 has been a successful source of raising funds. In prior reporting periods, the Group has raised A$46.5 million(US$42.5 million) under this and a previous ATM facility.

The Group has on issue a total of 19.4 million unlisted, unexercised options. The options haveexercise prices ranging from A$0.25 to A$1.12. If all unlisted options were exercised, the Group would receive consideration ofA$7.5 million in total. Although the exercise of options may be available, it is not in the Groups control to receive thisconsideration.

Notwithstanding, in the event that the Group will not have sufficient funds to effect its currentplans through the above mentioned methods, the Group has the ability to scale down its operations and prioritise its research anddevelopment programs.

11



31December 2016

(continued)

2Significant estimatesand assumptions (continued)

(a) Going concern (continued)

Additionally, the Group has recorded a 2017 receivableat 31 December 2016 in the amount of $1,830,734 from the Australian Tax Office in respect of its 2016 research and developmenttax incentive claim. The Group expects to receive this amount during the next 12 months.

On this basis, the Directors are satisfied thatthe Group is a going concern and at this time and are of the opinion that no asset is likely to be realised for an amount lessthan the amount at which it is recorded in the Consolidated Statement of Financial Position as at 31 December 2016.

Therefore, no adjustments have been made to thefinancial report relating to the recoverability and classification of the asset carrying amounts or the classification of liabilitiesthat might be necessary should the Group not continue as a going concern.

(b) R&D Tax Incentives

The Australian Government replaced the researchand development tax concession with the research and development tax incentive from 1 July 2011. The provisions provide refundableor non-refundable tax offsets. The research and development tax incentive applies to expenditure incurred and the use of depreciatingassets in an income year commencing on or after 1 July 2011. A refundable research and development tax incentive offset of 43.5%,equivalent to a deduction of 150%, will be available to eligible small companies with an annual aggregate turnover of less than$20 million. Eligible companies can receive a refundable research and development tax incentive offset of 43.5% of their researchand development spending.

The Groups research and development activitiesare eligible under an Australian Government tax incentive for eligible expenditure from 1 July 2011. Management has assessed theseactivities and expenditure to determine which are likely to be eligible under the incentive scheme. For the period to 31 December2016 the Group has recorded an item in other income of $1,830,734 (2015: $2,779,343) to recognise this amount which relates tothis period.

(c) Share-based payments

The value attributed to share options and remunerationshares issued is an estimate calculated using an appropriate mathematical formula based on an option-pricing model. The choiceof models and the resultant option value require assumptions to be made in relation to the likelihood and timing of the conversionof the options to shares and the value and volatility of the price of the underlying shares.

3Segment information

Operating segments are reported in a manner consistentwith the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsiblefor allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officerof Prana Biotechnology Limited. For the current and previous reporting periods, the Group operated in one segment, being researchinto Alzheimers disease, Huntington disease and other neurodegenerative disorders.

4Loss per share

(a) Basic loss per share


2016 2015

Cents Cents

From continuing operations attributable to the ordinary equity holders of the Group 0.68 0.53

12



31December 2016

(continued)

4Loss per share(continued)

(b) Diluted loss per share


2016 2015

Cents Cents

From continuing operations attributable to the ordinary equity holders of the Group 0.68 0.53

(c)Reconciliation of earnings used in calculating lossper share


2016 2015

A$ A$

Basic earnings per share

Loss attributable to the ordinary equity holders of the Group used in calculating basic loss per share: 3,651,845 2,854,825

Diluted earnings per share

Loss attributable to the ordinary equity holders of the Group used in calculating diluted loss per share 3,651,845 2,854,825

Adjustments - -

Loss attributable to the ordinary equity holders of the Group used in calculating diluted loss per share 3,651,845 2,854,825

(d) Weighted average number of shares used asdenominator

2016 2015

Number Number


Options that are considered to be potential ordinaryshares are excluded from the weighted average number of ordinary shares used in the calculation of basic loss per share. Wheredilutive, potential ordinary shares are included in the calculation of diluted loss per share. All the options on issue do nothave the effect to dilute the loss per share. Therefore, they have been excluded from the calculation of diluted loss per share.

13

PranaBiotechnology Limited



(continued)

5Revenue and other income


2016 2015

A$ A$

Revenue from ordinary activities

Interest income 72,883 77,328

72,883 77,328

Other income

R&D Tax Incentive 1,830,734 2,779,343

Other grants - 51

1,830,734 2,779,394

6Loss forthe period


2016 2015

A$ A$

Profit before income tax includes the following specific expenses:

General and administration expenses

Depreciation on fixed assets 10,516 12,764

Employee expenses (non R&D related) 578,134 490,946

Consultant and director expenses 383,963 361,170

Audit, internal control and other assurance expenses 107,240 108,226

Corporate compliance expenses 212,316 209,267

Office rental 99,150 98,227

Other administrative and office expenses 638,363 678,553

2,029,682 1,959,153

Research and development expenses

Employee expenses 849,366 867,033

Other research and development expenses 2,983,048 4,051,856

3,832,414 4,918,889

Other gains and losses

Foreign exchange gain (496,019) (1,318,999)

14




(continued)

7Nettangibleassets

31 December 30 June

2016 2016

A$ A$

Net tangible assets 27,561,006 31,367,213


Net tangible assets per shares (cents) 5.16 5.88

8Contributed equity

31 December 30 June 31 December 30 June

2016 2016 2016 2016

Shares Shares A$ A$

533,891,470 (30 June 2016: 533,891,470) fully paid ordinary shares 533,891,470 533,891,470 144,023,208 144,177,570

Nil (30 June 2016 : Nil) options over fully paid ordinary shares - - 2,701,644 2,701,644

533,891,470 533,891,470 146,724,852 146,879,214

(a)Fully paid ordinary shares


2016 2016 2016 2016

Shares Shares A$ A$

Opening balance 533,891,470 533,891,470 144,177,570 144,177,570

Capital raising costs - - (154,362) -

533,891,470 533,891,470 144,023,208 144,177,570

(b)Optionsover fully paid ordinary shares


2016 2016 2016 2016

Options Options A$ A$

Opening balance - - 2,701,644 2,701,644

Movement during the period - - - -

- - 2,701,644 2,701,644

15




(continued)

9Reserves

31 December 30 June

2016 2016

A$ A$

19,395,582 (30 June 2016: 19,395,582) options over fully paid ordinary shares 7,394,184 7,394,184

Nil (30 June 2016: nil) options over ADRs 1,515,434 1,515,434

Nil (30 June 2016: nil) warrants over ADRs 453,563 453,563

9,363,181 9,363,181

(a)Options over fully paid ordinary shares

31 December 30 June

2016 2016

A$ A$

Movements:

Opening balance 7,394,184 7,394,184

Movement during the period - -

7,394,184 7,394,184

(b)Options over ADRs

31 December 30 June

2016 2016

A$ A$

Movements:

Opening balance 1,515,434 1,515,434


1,515,434 1,515,434

(c)Warrants over ADRs

31 December 30 June

2016 2016

A$ A$

Movements:

Opening balance 453,563 453,563


453,563 453,563

16


Notes to the consolidated financialstatements

31December 2016

(continued)

10Financial instrumentsmeasured at fair value

The financial instruments recognised at fair valuein the Statement of Financial Position have been analysed and classified using a fair value hierarchy reflecting the significanceof the inputs used in making the measurements. The fair value hierarchy consists of the following levels:

quoted prices in active markets for identical assets or liabilities (Level 1);

inputs other than quoted prices included within Level 1 that are observable for the asset orliability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

inputs for the asset or liability that are not based on observable market data (unobservableinputs) (Level 3).

During the period, none of the Groups assetsand liabilities had their fair value determined using the fair value hierarchy. No transfers between the levels of the fair valuehierarchy occurred during the current or previous periods.

11Reconciliation of profitafter income tax to net cash flow from operating activities


2016 2015

A$ A$

Profit for the period (3,651,845) (2,854,825)

Depreciation and amortisation 10,516 13,186

Gain on fair value of financial liabilities - (11,487)

Non-cash employee benefits expense - share-based payments - (16,500)

Net loss on sale of plant & equipment - 71

Net gain loss from foreign exchange differences (545,697) (1,377,245)

Change in operating assets and liabilities:

Increase in other provisions 120,945 23,035

Decrease/(increase) in trade debtors 2,940,203 (2,727,764)

Decrease/(increase) in other current assets 133,696 (46,202)

Increase/(decrease) in trade creditors 371,229 (380,809)

Net cash inflow (outflow) from operating activities (620,953) (7,378,540)

12Related party transactions

Prof. Ira Shoulson provides consulting servicesto Prana Biotechnology Limited in a separate capacity to his position as Non-Executive Director. Prof. Ira Shoulson was appointedas Non-Executive Director on 13 May, 2014. Total cash compensation of $146,755 was paid to Prof. Ira Shoulson for the period 1July 2016 to 31 December 2016 (2015: $133,082) in his capacity as a consultant to the Group.

There were no other related party transactions other than those relatedto Director and Key Management Personnel remuneration and equity and transactions by the parent with its subsidiaries.

13Events occurring afterthe reporting period

No matter or circumstance has occurred subsequentto period end that has significantly affected, or may significantly affect, the operations of the group, the results of those operationsor the state of affairs of the group or economic entity in subsequent financial periods.

17


Directors declaration

31December 2016

In the directors opinion:

(a)the interim financial statements and notes set out on pages7 to 17 are in accordance with the Corporations Act 2001, including:

(i)complying with Accounting Standards, the CorporationsRegulations 2001 and other mandatory professional reporting requirements, and

(ii)giving a true and fair view of the consolidated entitysfinancial position as at 31 December 2016 and of its performance for the half-year on that date, and

(b)there are reasonable grounds to believe that the companywill be able to pay its debts as and when they become due and payable, and

(c)at the date of this declaration, there are reasonable groundsto believe that the members of the extended closed group identified in note 7 will be able to meet any obligations or liabilitiesto which they are, or may become, subject by virtue of the deed of cross guarantee described in note 7.

The directors have been given the declarations by the chief executiveofficer and chief financial officer required by section 295A of the Corporations Act 2001.

This declaration is made in accordance with a resolution of directors.



Director

Melbourne

24February 2017

18

19

20

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized