Increase in share capital
Probiodrug announces the exercise of the Greenshoe Option, increasing the gross proceeds of the Offer to EUR 23.2 million
HALLE/SAALE, Germany, 31 October 2014 – Probiodrug AG (“Probiodrug”, Euronext: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer’s Disease, announces that on September 30, 2014, the Supervisory Board of Probiodrug appointed Dr Inge Lues as member of the Management Board as Chief Development Officer effective November 1, 2014.
Dr Lues joined Probiodrug as R&D advisor in 2008 and has acted as Chief Development Officer since 2013. As a member of the Management Board she will be responsible for all research and development activities of Probiodrug.
Dr Erich Platzer, Chairman of the Supervisory Board of Probiodrug said; “We are very pleased to welcome Dr Lues to our Management Board. Dr Lues has directed Probiodrug’s efforts to transfer a novel concept for the treatment of Alzheimer’s Disease from research into pre-clinical and clinical testing. She has also been instrumental in Probiodrug’s recent IPO on Euronext Amsterdam. We are glad to announce that we have succeeded in securing the continuation of our long-standing and successful collaboration with Dr Lues through this appointment.”
From 2002 until early 2007, Dr Lues was Head of Global Drug Discovery and Non-Clinical Development Pharma at Merck KGaA and was a member of the Pharma Board. During Dr Lues’s leadership, she intensified oncology research, re-started diabetes research, established biomarker research in R&D and consolidated research sites including the integration of a U.S. biotech company. Between 1998 and 2002 she led Merck’s Business Area in CNS achieving the strategic goal of out-licensing the CNS assets under development. Dr Lues received her Ph.D. in Physiology in 1978 and conducted postdoctoral training in pharmacology from 1980 – 1984.
For more information please contact:
Dr Konrad Glund, CEO, Probiodrug
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 QC and anti-pGlu-Abeta- specific monoclonal antibodies, providing it, in the Company’s view, with a leading position in this field of research.
Probiodrug AG recently listed on Euronext Amsterdam under the symbol PBD.
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).