Probiodrug Closes Series B Financing Round exceeding EUR 36 Million (US$54 Million)
Successful PSP2010 Conference Hosted by Probiodrug More than 150 scientists discussed role of three key enzymes in human (patho-) physiology
Appointment of Claus Braestrup as Chairman of the Supervisory Board
Halle/Saale, June 14, 2010 — Probiodrug AG (Probiodrug), a biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases, with a particular focus on Alzheimer’s disease, today announced that Dr Claus Braestrup, former President and CEO of H. Lundbeck A/S, has been appointed as new member of the Supervisory Board and has been elected as its new Chairman. Claus Braestrup will take over from Dr Christoph Schroeder of TVM Capital who will be leaving the board subsequent to the completed handover.
“I am very much looking forward to join Probiodrug as Chairman of the Board. The pioneering research conducted at Probiodrug opens an avenue to new therapies in the treatment of Alzheimer’s disease. The enzyme Glutaminyl Cyclase (QC) is probably the best target presently available for genuine disease-modifying drugs, which are so badly needed”, said Dr Claus Braestrup. “Moreover, it is noteworthy that Probiodrug already has development candidates toward this target approaching clinical phase I studies in man.”
“It has been very exciting working with Probiodrug over the last 3 years. I am impressed by the company’s tremendous progress with its novel approach for a causative cure of Alzheimer’s Diseases”. said Christoph Schroeder. “With its current development status and the solid financing status it was the next logical step to hand over Probiodrug’s chairmanship to an experienced and well recognized industry expert, which Claus undoubtedly is.”
Konrad Glund, CEO of Probiodrug, added: “We would like to thank Christoph Schroeder for his advice and support during the past years. As a company pioneering an innovative approach in the therapy of Alzheimer’s and other inflammatory diseases, Probiodrug has reached a stage where it will increasingly address the pharma industry. Therefore, we are pleased about the appointment of Claus Braestrup, a renowned pharma industry expert with long-standing expertise in the CNS field.”
Dr Claus Braestrup is a member of the Board of the University of Copenhagen, of Bavarian Nordic A/S, of Evolva Holding SA and of Santaris Pharma. He has a background in academic CNS research and has subsequently served as head of Discovery and head of Research and Development in international Pharmaceutical companies, including Novo Nordisk A/S, Schering AG and H. Lundbeck A/S. From 2003 to 2008, he served as President and CEO of Lundbeck. Claus Braestrup holds a Master’s degree in Chemical Engineering and a Master of Science in Biochemistry. He is Doctor of Medical Science and former Adjunct Professor in Neuroscience at the University of Copenhagen.
Axel Polack, General Partner of TVM, will join the board. He is a member of the Board of Directors of Noxxon Pharma AG, Genetix Pharmaceuticals Inc. and Invendo Medical GmbH and represents the interests of TVM Capital with f-star GmbH. Before joining TVM Capital, Dr Polack was General Manager of Innovative Technologies Neuherberg GmbH (ITN – now Ascenion GmbH) and prior to this deputy head of an Institute at a Helmholtz Center. He holds a doctorate and a postdoctoral lecture qualification (“Habilitation”) in medicine.
About Probiodrug AG
Probiodrug is a biopharmaceutical company focused on the development of innovative small molecule drugs for the treatment of neuronal and inflammatory diseases. In these areas, Probiodrug is validating new targets with the prospect of first and best in class therapeutics. The Company has a dominant position in the area of glutaminyl cyclase (QC) inhibition, an enzyme emerging with a crucial role in the pathogenesis of Alzheimer’s disease (AD) and various additional inflammatory conditions. In addition, the Company is pursuing further novel approaches in the area of inflammatory diseases.
Probiodrug’s core expertise is based on its long-standing, unique experience with the structure and function elucidation of enzymes which play a central role in the maturation of hormones. The Company has pioneered the field of DP4-inhibition for the treatment of type 2 diabetes. Compounds and technology patents of its DP4 (dipeptidyl peptidase 4) program in diabetes were licensed to various pharmaceutical companies. In 2004, all metabolic assets were sold to (OSI) Pharmaceuticals Ltd. The first drug based on Probiodrug`s technologies reached the market in late 2006. Proceeds of the various transactions have been reinvested to fund the novel approach for the treatment of AD.
The Company was founded in 1997 by Prof Dr Hans-Ulrich Demuth and Dr Konrad Glund. Probiodrug has raised EUR 56 mio for its QC program so far, with the last round being closed end of 2009. In 2007, the company acquired Ingenium Pharmaceuticals AG; Hendrik Liebers joined the company as CFO the same year. Probiodrug is located in Halle (Saale), Germany, and operates a subsidiary in Martinsried/Munich, Germany. For more information, please visit www.probiodrug.de.
Company Contact:
Dr Konrad Glund, CEO
Probiodrug AG
Weinbergweg 22
D-06120 Halle/ Saale
Germany
Tel.: +49 345 55599-00
Fax: +49 345 55599-01
Mail: konrad.glund@probiodrug.de
Media Contact:
Dr Ludger Weß
akampion
Saseler Loge 6b
D-22393 Hamburg
Germany
Tel.: +49 40 88 16 59 64
Fax: +49 40 88 16 59 65
Mail: ludger@akampion.com