Probiodrug reports First Quarter 2016 Business Update
Probiodrug to Attend and Present at International Conferences in June 2016
HALLE (SAALE), Germany, 20 May 2016 – Probiodrug AG (Euronext Amsterdam: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer’s disease (AD), announces that its Ordinary General Meeting of shareholders was held on 19 May 2016.
Dr Erich Platzer, Dr Dinnies von der Osten, Dr Jörg Neermann and Dr Olivier Litzka were re-elected as Supervisory Board Members. In addition, all resolutions proposed by the Company’s Management were approved at the meeting including:
- Adoption of a resolution on the approval of the actions of the management board members for the financial year 2015
- Adoption of a resolution on the approval of the actions of the supervisory board members for the financial year 2015
- Election of the financial statements auditor for the financial year 2016
- Elections to the supervisory board
- Remuneration of the supervisory board
- Adoption of a resolution on the increase of the Authorized Capital 2014 as well as the corresponding amendments to the articles of association
- Adoption of a resolution on the adjustment of the Stock Option Program 2014 and the Conditional Capital 2014/I as well as the corresponding amendments to the articles of association
- Adoption of a resolution on the extension of the exercise periods for the Option Programs 2007/2008 and 2010
Dr Konrad Glund, Chief Executive Officer of Probiodrug AG, said: “2015 was a successful year for Probiodrug. We made significant progress and look forward to an exciting 2016. On behalf of the entire Company, I would like to thank our employees, advisors and consultants, members of the supervisory board, partners and shareholders for their trust, contribution and support. We believe that together we can achieve further progress in bringing new treatment options to Alzheimer’s patients in need.”
63,9 % of the voting shares were represented at the 2016 Probiodrug AG AGM.
For more information, please contact:
Dr Konrad Glund, CEO
Supriya Mathur, Eva Haas, Alexia Faure
Tel: +44 (0) 20 7862 6475
The Trout Group
Tel: +1 (646) 378-2953
Notes to Editors:
About Probiodrug AG
Headquartered in Halle (Saale), Germany, Probiodrug AG (Euronext Amsterdam: PBD) 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.
Probiodrug’s lead product candidate, PQ912, is a highly specific and potent inhibitor of Glutaminyl Cyclase (QC), which has shown therapeutic effects in Alzheimer’s animal models. PQ912 is currently in a Phase 2a study, the SAPHIR trial. In a preceding Phase 1 study with healthy young and elderly volunteers, PQ912 has shown to be safe and well tolerated and also revealed high QC-inhibition.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 46 million people worldwide currently live with the condition and this number is expected to increase to 132 million by 2050. Alzheimer’s also has an estimated, global societal cost of US$ 818 billion (World Alzheimer Report 2015).
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.