DM 14 million were invested mainly by the existing shareholders / Probiodrug closes private investment
Probiodrug Gesellschaft für Arzneimittelforschung mbH has achieved the third milestone finishing preclinical development of its drug P32/98 for IGT and NIDDM treatment, with respect to starting a clinical phase I trial.
€ 6.7 mio were invested by new financial shareholders Probiodrug closes 3rd round of investment
Halle (Saale), Germany //
Probiodrug closed a private investment, effective January 1st, 2000, summing up to DM 14 million. The capital was invested mainly by the existing shareholders in addition to silent engagements of German federal and institutional investors (tbg, DtA, IBG) and grant money of the federal government (BioChance-program, department of science and technology). The closing of this second round of financing enables probiodrug to continue with its prestigious and aggressive development of P32/98 as a new antidiabetic drug, now in phase II, and to further broaden the development pipeline.