Probiodrug raises EUR 8.2 million in successful private placement of new shares
- Consortium of strategic investors led by Dr. Claus Christiansen founder and chairman of the board of Nordic Bioscience, Denmark, invests EUR 6.2 million
- Proceeds used to initiate the European Phase 2b clinical study of lead compound PQ912 in Alzheimer's Disease and to advance Probiodrug's new program for immune checkpoint inhibition
HALLE (SAALE), Germany, 15 April 2019 - Probiodrug AG (Euronext Amsterdam: PBD, ISIN: DE0007921835), announces the successful completion of a capital increase by way of private placement, raising gross proceeds in the amount of EUR 8.2 million.
The new investor consortium has a clear strategic vision for Probiodrug and intends to support its growth strategy on a long-term basis.
"Probiodrug is a technology leader with an experienced management team and a very solid know-how and IP position on novel inhibitors for disease relevant enzymes. The Company has a convincing approach to block of Glutaminyl Cyclase as therapeutic target in Alzheimer's Disease and Cancer Immunotherapy. The new investor consortium recognizes the significance of Probiodrug's scientific approach and the diligent clinical work the team has performed in preparation of the Phase 2b program for its lead compound PQ912.", commented Dr. Claus Christiansen, Leader of the consortium and Chairman of the Board of Nordic Bioscience.
"Past clinical trial failures from major industry players all indicate that in Alzheimer's Disease treatments beyond the amyloid hypothesis are urgently needed. Probiodrug will not give-up in its quest to find a disease modifying therapy for patients in need. With PQ912 we have a unique, first-in-class approach. We are very proud that we have gained the support of such a seasoned consortium of life sciences specialists whose long-term commitment will enable the clinical Phase 2b program in Europe.", added Dr. Ulrich Dauer, CEO of Probiodrug.
For more information, please contact:
Dr. Ulrich Dauer, CEO
MC Services AG
Anne Hennecke, Susanne Kutter
Tel: +49 (0) 211 529 252 27
Notes to Editors:
About Probiodrug AG
Headquartered in Halle (Saale), Germany, Probiodrug AG (Euronext Amsterdam: PBD) is a clinical stage biopharmaceutical company focused on the development of novel inhibitors for disease relevant enzymes. The company has a successful track record in bringing drugs targeted to post-translational modifying enzymes to the market. Current projects are focusing on the two isoenzymes of Glutaminyl Cyclase, QPCT and QPCTL. QPCT is the crucial enzyme for the generation of highly neurotoxic pyroglutamate species of Abeta. Its inhibition by Probiodrug's lead molecule PQ912 is currently investigated in clinical Phase 2 trials (SAPHIR) for the treatment of Alzheimer's disease (AD). Whereas QPCTL has been identified as a potential target in cancer therapy. Blocking the enzymatic function of QPTCL by small molecule inhibitors is a novel therapeutic approach in cancer immunotherapy. Probiodrug has a unique and exceptionally strong patent position on QPCT and QPCTL inhibitors. www.probiodrug.com
PQ912, is a first in class, highly specific and potent inhibitor of Glutaminyl Cyclase (QPCT), - the enzyme that catalyses the formation of highly neurotoxic pGlu species. PQ912 has shown therapeutic effects in AD animal models. A Phase-1 study in healthy young and elderly volunteers revealed a dose dependent exposure and showed good safety and tolerability up to the highest dose resulting in >90% target occupancy in the spinal fluid. In June 2017, Probiodrug announced top-line data of the Phase-2a SAPHIR trial of PQ912 and presented the study results at CTAD 2017. Results strongly support that pGlu species of Abeta are especially neurotoxic and correlate with AD disease progression. The SAPHIR study provides important guidance how to move forward with the development of PQ912 as a disease-modifying drug for AD. Altogether, the results make the program highly attractive for further development; the company has initiated the preparation of a Phase 2b core program.
About Alzheimer's disease
Alzheimer's disease is a neurological disorder, which is the most common form of dementia. Today, 50 million people live with dementia worldwide, and this number is projected to treble to more than 152 million by 2050. Dementia also has a huge economic impact. Alzheimer's has an estimated, global societal cost of US$ 1 trillion, and it will become 2 trillion-dollar disease by 2030. (World Alzheimer Report 2018).
Glutaminyl-peptide cyclotransferase-like protein (QPCTL)
Glutaminyl-peptide cyclotransferase-like protein (QPCTL) is a posttranslational modifying enzyme that is responsible for the pyroglutamate formation on crucial proteins in the immune response to cancer.
Cancer immune checkpoint inhibitors
Checkpoint inhibitor therapy is a novel kind of cancer immunotherapy. The therapy targets immune checkpoints, key regulators of the immune system that stimulate or inhibit its actions, which tumors can use to protect themselves from attacks by the immune system. QPCTL inhibitor therapy can block inhibitory cancer checkpoints and thereby restore beneficial immune system functions.
Forward Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgment of Probiodrug AG as of the date of this press release. Such forward-looking statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.
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