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.
Further information & source: www.probiodrug.de