Probiodrug
Appoints Dr. Ulrich Dauer as Chief Executive Officer
-
Dr. Ulrich Dauer to team up
with Chief Development Officer, Dr. Inge Lues, effective May 1,
2018; Dr. Konrad Glund and Dr. Hendrik Liebers to continue in
advisory roles
HALLE (SAALE),
Germany, 23 April 2018 Probiodrug AG (Euronext Amsterdam: PBD),
a clinical stage biopharmaceutical company developing novel
therapeutic solutions to treat Alzheimer's disease (AD), today
announced that effective May 1st, 2018, Dr.
Ulrich Dauer will be appointed the position of Chief Executive
Officer. He will team up with long-serving Chief Development
Officer, Dr. Inge Lues, who has borne key responsibility for
development of Probiodrug's pipeline. Dr. Dauer brings more than 20
years of biopharmaceutical industry experience to Probiodrug
The chairman of Probiodrug's
Supervisory Board, Dr. Erich Platzer, said: "We are very happy to
appoint Dr. Dauer to chair the new two member Management
Board. He brings to Probiodrug many years of successful
leadership and execution experience in substantial biotech
financing transactions including IPO, as well as in partnering and
M&A transactions."
Dr. Dauer
said: "I am excited to join Probiodrug and complement Dr. Inge
Lues in advancing Probiodrug's unique drug candidate PQ912, towards
Phase 2b, i.e. clinical proof of concept. For this, a clinical
trial design was chosen specifically to make use of newly issued
FDA draft guidelines for Alzheimer's, which, with good results, may
open an avenue to Phase 2b conditional approval.
Previously, Probiodrug's lead drug, in the recently reported
Phase 2a trial, has shown substantial promise with a new molecular
approach to treating Alzheimer Disease; thus, PQ912 provides a
unique opportunity to help reduce a heavy disease burden
worldwide."
As one of the founders, Dr. Dauer
previously worked 14 years as CEO of 4SC AG, attracting multiple
private and, upon the company's IPO in 2005, public investors.
Under his leadership, 4SC closed multiple industry partnerships
with international biopharmaceutical companies. In subsequent
leadership positions, he executed in 2014 the €130 M trade
sale of Activaero, and later took up CEO positions in a number of
privately held biotech companies.
Probiodrug's current CEO and
co-founder of the company, Dr. Konrad Glund, will retire effective
April 30, 2018, but will continue to serve the company in an
advisory role. Probiodrug's current CFO, Dr. Hendrik Liebers,
by mutual agreement will resign from the Management Board effective
April 30, 2018, and he will also continue in an advisory role. Drs.
Glund and Liebers have served on Probiodrug's Management
Board for many years, including the IPO year 2014, and the
Supervisory Board and Company thank them for their many valuable
contributions.
###
For more information, please
contact:
Probiodrug
Dr. Erich Platzer, Chairman of the Supervisory Board
Phone: +41 61 312 1736
Email: ep_5@gmx.ch
Optimum Strategic
Communications
Mary Clark, Supriya Mathur, Hollie Vile
Tel: +44 (0) 203 714 1787
Email: probiodrug@optimumcomms.com
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 (AD). Probiodrug has identified a new
therapeutic concept linked to disease initiation and progression.
The approaches are targeting a key neuro/synaptotoxic component of
the pathology, pyroglutamate-Abeta (pGlu-Abeta) as a therapeutic
strategy. Its lead product, PQ912, has successfully completed a
Phase 2a (SAPHIR) study. The company's pipeline also includes
PBD-C06, an anti-pGlu-Abeta-specific monoclonal antibody, in
preclinical development. Probiodrug has medical use and composition
of matter patents related to the inhibition of QC and
anti-pGlu-Abeta-specific monoclonal antibodies, and has, in the
Company's view, a leading position in this field of research.
Founded in 1997 by Hans-Ulrich
Demuth and Konrad Glund, 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. Today, Probiodrug aims to become a leading company in the
development of AD treatments and to thereby provide a better life
for Alzheimer's disease patients.
About
PQ912
Probiodrug's lead product candidate, PQ912, is a highly specific
and potent inhibitor of Glutaminyl Cyclase (QC), the enzyme
catalyzing the formation of synaptotoxic pGlu-Abeta. PQ912 has
shown therapeutic effects in AD animal models. A Phase-1 study
in healthy young and elderly volunteers revealed a dose
dependent exposure and showed good safety and tolerability up
to the highest dose with >90% target occupancy in the
spinal fluid. In June 2017, Probiodrug announced top-line data of
the Phase-2a SAPHIR trial of PQ912 and presented the study results
at CTAD 2017. The positive effects seen on secondary exploratory
efficacy markers strongly support (a) the hypothesis of pGlu-Abeta
being synaptotoxic and (b) the therapeutic concept pursued by
Probiodrug. The study revealed a positive benefit risk ratio of
PQ912 and provides important guidance how to move forward in the
development of PQ912 as a disease-modifying drug for AD.
Altogether, the results make the program highly attractive for
further development; the company has initiated the preparation of a
Phase 2b core program.
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. Today, 47
million people live with dementia worldwide, and this number is
projected to treble to more than 131 million by 2050, as the global
population ages. Dementia also has a huge economic impact.
Alzheimer's has an estimated, global societal cost of US$ 818
billion, and it will become a trillion dollar disease by 2018.
(World Alzheimer Report 2016).
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.