HALLE/SAALE, Germany, 19 November 2015 – Probiodrug AG (Euronext Amsterdam: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer’s disease (AD), today announces its third quarter business update for the period ending 30 September 2015, in the form of an interim management report.
The interim management report including the third quarter 2015 business update is available for download on the company website (http://www.probiodrug.de/investors/reports-and-presentations/).
OPERATIONAL HIGHLIGHTS
• The Company signed an agreement with Rentschler for the manufacture of its pGlu-Abeta targeting antibody PBD-C06
• Funding of the Brigham and Women’s Hospital Research for the further exploration of the potential of anti pGlu-Abeta antibodies against Alzheimer’s disease
• Presentation made at the International Conference on Brain Disorders and Therapeutics in London, UK
• License of TBA 2.1 Transgenic Alzheimer’s Disease Mouse Model granted to QPS Austria Neuropharmacology
• Expenditures and corresponding cash position in line with management expectations
• As at 30 September 2015, Probiodrug held EUR 12 million in cash and cash equivalents (excluding the proceeds from the private placement)
POST PERIOD HIGHLIGHTS
• Probiodrug announced a private placement raising EUR 13.5 million on 5 November 2015 at a price of EUR 20 per share
• Presented data on its pGlu-3 Abeta monoclonal Antibody in October at Neuroscience 2015, Chicago
• Probiodrug initiated a collaboration with the Paul-Flechsig-Institute for Brain Research, Leipzig University, Germany
Commenting on the third quarter, Dr Konrad Glund, Chief Executive Officer of Probiodrug said:
“We have achieved significant progress in the quarter and to date, both in the development of our programs as well as by the company. At the 45th annual meeting of the Society for Neuroscience (SfN) in Chicago we presented further data on PBD-C06, our anti-pGlu Abeta antibody, showing that this molecule not only reduces Abeta but also significantly improves cognitive deficits in aged Alzheimer’s mice, while not leading to increased microhemorrhages. Furthermore, the initiation of the manufacturing process of PBD-C06 with Rentschler marks an important milestone for this program. We see the successful private placement of 10% of the then outstanding shares to top tier investors as a further validation of the potential of our approach to fight Alzheimer’s disease.”
