Probiodrug reports full year 2014 financial results
Transformational year for Probiodrug
IPO at Euronext Amsterdam completed
Phase 2a study of novel treatment for Alzheimer's disease ready for initiation in early 2015
First patient enrolled in March 2015
HALLE/SAALE, Germany, 31 March 2015 - Probiodrug AG (Euronext Amsterdam: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer's disease (AD), today announced its financial results for the twelve-month period ending 31 December 2014 prepared in accordance with German GAAP ("HGB") and, on a voluntary basis, in accordance with IFRS as endorsed by the European Union. The Annual Reports are available on the company website (http://www.probiodrug.de/investors/reports-and-presentations/).
" Successful initial public offering (IPO) on Euronext, Amsterdam in October 2014 raising total gross proceeds of EUR 23.2 million. Proceeds to be used to develop novel treatments for Alzheimer's disease
" Cash and cash equivalents of EUR 20.9 million as of 31 December 2014
" Net loss of EUR 11.4 million compared with EUR 9.8 million in 2013 - in line with company expectations
" Lead product for treating Alzheimer's disease, PQ912, prepared for start of clinical Phase 2a "SAPHIR" study
" Strengthened Management Board with appointment of Inge Lues PhD as Chief Development Officer. Dr Lues served as key advisor to Probiodrug and was instrumental in bringing the program from early discovery to Phase 2
" Hubert Birner PhD appointed to the Supervisory Board, replacing Axel Polack, MD, who resigned from the Supervisory Board
POST PERIOD HIGHLIGHTS
" Enrolment of first patient in Phase 2a "SAPHIR" study at leading Alzheimer Center in Amsterdam
" Additional data on Glutaminyl Cyclases (QCs) in its relation to Alzheimer's disease published in Acta Neuropathologica
Probiodrug will host a conference call open to the public today at 15:00 Central European Time (CET); the presentation will also be posted to the website. The conference will be held in English.
A Question and Answer session will follow the presentation of results.
Commenting on the results, Dr Konrad Glund, Chief Executive Officer of Probiodrug said: "This has been a transformational year for Probiodrug. The successful listing on Euronext Amsterdam was a major achievement for the company. It would not have been possible without the support of our shareholders and, in particular, the commitment and dedication of our employees, advisors and partners - many thanks to all of them for this achievement. We are very pleased to commence the Phase 2 "SAPHIR" study of our lead product PQ912 for treating Alzheimer's disease. We believe our clearly differentiated approach presents a major opportunity for AD patients and will generate significant value for our shareholders."
Please also find the complete announcement here: http://www.probiodrug.de/category/news-and-events/
For more information please contact:
Dr Konrad Glund, CEO,
Mary Clark, Supriya Mathur, Hollie Vile
Tel: +44 (203) 440-5653
Notes to Editors:
About Probiodrug AG
Headquartered in Halle, Germany, Probiodrug AG is a biopharmaceutical company focused on the development of new therapeutic products for the treatment of Alzheimer's disease.
Founded in 1997, the company successfully developed a novel therapeutic concept for diabetes - the DP4 inhibitors - which provided the basis for a novel class of antidiabetics - the gliptins. Its core capabilities are based on its long-standing expertise in the elucidation of the structure and function of enzymes involved in the modification of proteins and peptides, which play a central role in pathological conditions.
Today Probiodrug's aim is to become a leading company in the development of Alzheimer's disease treatments and to thereby provide a better life for Alzheimer's disease patients. It has identified a new therapeutic concept linked to disease initiation and progression. The development approaches are targeting pyroglutamate-Abeta (pGlu-Abeta) as a therapeutic strategy to fight Alzheimer's disease. The Company has medical use and composition of matter patents related to the inhibition of Glutaminyl Cyclase (QC) and anti-pGlu-Abeta- specific monoclonal antibodies, providing it, in the Company's view, with a leading position in this field of research. www.probiodrug.de
About Alzheimer's disease
Alzheimer's disease is a neurological disorder, which is the most common form of dementia, and ultimately leads to death. Because Alzheimer's disease cannot be cured and is degenerative, the affected patients must increasingly rely on others for assistance. Today, over 35 million people worldwide currently live with the condition and this number is expected to double by 2030 and to more than triple by 2050 to 115 million (World Alzheimer Report 2013).
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.