Halle (Saale) and Munich , Germany // Probiodrug AG
Privately held Probiodrug AG of Halle/Saale, Germany, announced today the closing of its Series C Financing Round raising a total of EUR 10.6 million (US$ 13.4 million). This financing brings the total funds available to Probiodrug to over EUR 19 million (US$ 24 million). The proceeds will allow Probiodrug to fund the development of its strong and innovative product pipeline. In particular, projects in CNS (i.e. Alzheimer’s Disease) and autoimmune disorders will be further progressed in preclinical and clinical studies.
The Series C Round was led by IBG Beteiligungsgesellschaft Sachsen-Anhalt, Magdeburg. Additional investors include CFH GmbH – Sachsen LB Group (acting as co-lead investor), DNS Beteiligungs-gesellschaft and Probiodrug`s management.
Hans-Ulrich Demuth, CEO and CSO of Probiodrug AG commented: “The joint investment of almost all existing share holders in the company reflects vision and willingness to achieve ambitious company goals within the upcoming years. Probiodrug`s programs in CNS and in autoimmune disorders are innovative, address unmet medical need and bear enormous market potential. The financing round enables the company to further progress development candidates into preclinical and to initiate clinical development stages. The complex tasks require also further completion of the existing management team. Hence, programs, people and capital market goals make the company a highly attractive investment case also for additional potential investors.”
Arnd Christ, Chief Financial Officer of Probiodrug AG, complemented: “This financing underlines and demonstrates the trust of Probiodrug`s investors in the value created by the company since its foundation. It reinforces our ambition and commitment to reach the challenging goals of our shareholders and investors. This strong financial position, supported by a strong product pipeline, allows Probiodrug to pursue a variety of strategic options in the near future.”
In connection with this Series C Financing Round, Hendrik Liebers, Head of life science at IBG, joins Probiodrug`s Board of Directors and replaces Dr. Konrad Glund, Co-Founder of Probiodrug and COO of OSI Prosidion Ltd., UK, who steps down from the board.
Hendrik Liebers commented: “The investors are convinced by Probiodrug’s proven track record, its established research and development capabilities and the potential of its pipeline. In our opinion this makes the company one of the most interesting biotech enterprises in Germany.”
Prof. Dr. Frank, Chairman, stated: “The closing of this Series C Financing puts Probiodrug in a position to further develop innovative therapies in areas of high unmet medical need providing potential benefits to patients and stakeholders.”
Probiodrug is a drug discovery company with a focus on distinct proteins as drug targets. The company endeavors to identify new orally active compounds for selectively modifying enzymatic activity in order to derive therapeutic effects in gastrointestinal, neuronal and autoimmune disorders. Probiodrug actively pursues patent protection for its lead and back-up compounds as well as for fundamental treatment technologies in various indications. The company was the pioneer in the field of DP 4 – inhibition for treatment of Typ 2 Diabetes. Probiodrug successfully commercialized its DP 4 approach with Merck & Co., USA, Ferring Pharmaceuticals and Ortho-McNeil, Inc., Novartis Pharma and OSI Prosidion Ltd., respectively.
Prof. Dr. Hans-Ulrich Demuth
D-06120 Halle (Saale)
Tel.: +49 345 55599-00
Fax: +49 345 55599-01