HALLE/SAALE, Germany, Jan. 4, 2012 /PRNewswire/ -- Probiodrug AG today announced it has secured EUR 15 million additional financing for the ongoing development of its glutaminyl cyclase (QC) inhibitor program. The lead compound, PQ912, its first QC inhibitor, is in clinical development for the treatment of Alzheimer's disease.
The financing was supported by the existing investors BB Biotech, Edmond de Rothschild Investment Partners, Life Sciences Partners, Biogen Idec New Ventures, TVM Capital, HBM BioVentures, Goodvent/ IBG as well as private investors. Funds advised by Wellington Management Company, a Boston-based asset manager with approximately $619 billion under management, joined the company as a new shareholder.
"Researchers are beginning to understand the pathogenic mechanisms underlying the development and progression of Alzheimer's disease," said Konrad Glund, Ph.D., Chief Executive Officer of Probiodrug. "Probiodrug's proprietary therapeutic target has been validated preclinically and the lead candidate has been shown to be safe and well tolerated in a Phase I clinical study. This capital raise further strengthens our financial position and will help us advance the compound in the clinic towards proof of concept."
Olivier Litzka, member of the Probiodrug board of directors and Partner at Edmond de Rothschild Investment Partners, added, "Probiodrug has made significant progress and created high value during the last two years with its innovative programs, culminating in the successful phase 1 study with the first QC inhibitor PQ912. We are delighted to welcome Wellington Management to our already distinguished list of venture investors. We look forward to working with Wellington Management as Probiodrug continues to aggressively move its clinical and preclinical programs forward in development."
About Probiodrug AG
Probiodrug is a biopharmaceutical company dedicated to the discovery and development of small molecule drugs against novel molecular targets for the treatment of neuronal- and inflammatory diseases. The Company has a dominant position in the area of glutaminyl cyclase inhibition. Glutaminyl cyclase, a novel enzyme target discovered and patented by Probiodrug, has a crucial role in the pathogenesis of Alzheimer's disease (AD) as well as various peripheral inflammatory diseases.
Probiodrug is backed by institutions such as BB Biotech, Edmond de Rothschild Investment Partners, Goodvent/IBG, HBM, TVM, Life Sciences Partners, Biogen Idec Ventures, CFH Group and private investors.
Probiodrug's core capabilities are based on its long-standing expertise in the elucidation of the structure and function of enzymes which play a central role in the maturation of hormones. The Company has pioneered the field of dipeptidyl peptidase 4 (DP4)-inhibition for the treatment of type 2 diabetes. Compounds and technology patents of its DP4 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 and inflammatory diseases.
The Company was founded in 1997 by Prof Dr Hans-Ulrich Demuth and Dr Konrad Glund. Probiodrug has so far raised EUR 71 mio for its QC program. For more information, please visit www.probiodrug.de.
Kumar Srinivasan, Ph.D.
+49 345 55599-00
+1 610 628 0238 (USA)
Robert Flamm, Ph.D. or David Schull
SOURCE Probiodrug AG