Probiodrug Reports
Management Changes
HALLE (SAALE),
Germany, October 5th, 2018 - Probiodrug AG ("Probiodrug",
Euronext: PBD), a clinical stage biopharmaceutical company
developing novel therapeutic solutions to treat Alzheimer's
disease, announced today that effective October 31, 2018, and with
the contractual termination of her current agreement, Dr. Inge
Lues' term as Chief Development Officer will come to an end. She is
succeeded by Dr. Michael Schaeffer, who was promoted to Chief
Business Officer, effective October 1, 2018. Drawing on his
extensive experience in neurology projects across all stages of
development, Dr. Schaeffer will additionally take over Probiodug's
R&D division following the departure of Dr. Lues.
Erich Platzer,
Supervisory Board Chairman, "We regret that Dr. Lues has
decided to retire after a long, successful tenure with Probiodrug.
She was instrumental in bringing Probiodrug's assets, spearheaded
by the QC-inhibitor program, to preclinical and early clinical
development stages. We thank her for her many years of dedicated
service and wish her the best in the future. Going forward,
continued clinical competences will be upheld by the expertise of
Chief Medical Officer, Dr. Frank Weber, while the new
Management Team continues to focus on conserving and strengthening
the financial basis of the Company in preparation of a Phase 2b
(SAPHIR II) core program."
On her decision
to retire, Dr. Lues said, "I strongly believe in the concept of
QC inhibition to prevent the formation of highly synaptotoxic
pGlu-Abeta oligomers and whole heartedly hope that eventually
Alzheimer patients will benefit from this innovative approach. I
wish the new board members much success in leading the Company
through the next strategic stages of development into a prosperous
future. I extend my sincerest gratitude to my colleagues,
collaborators and external partners for a fruitful
cooperation."
Dr. Lues joined Probiodrug as an
R&D Advisor in 2008 and was appointed to the Management Board
in 2013. Under her leadership, Probiodrug's lead candidate PQ912
and a pGlu-Abeta specific antibody, were identified and developed.
She was responsible for the successful Phase 2a trial of PQ912 in
early AD patients which provided positive data, supporting the
therapeutic concept, and served as basis for the design of an
innovative Phase2b program outlined over the past several
months.
Dr. Schaeffer joined Probiodrug in
August as EVP Business & Strategy. Prior to joining Probiodrug,
Dr. Schaeffer was the Founder and Managing Director of biotech
companies, CRELUX GmbH and SiREEN AG. Under his leadership CRELUX
nearly doubled its revenues within one year. Following the
acquisition of CRELUX by WuXiAppTec in 2016, Dr. Schaeffer was
responsible for integrating CRELUX into the leading global CRO with
over 18,000 employees based in Shanghai. He received his PhD in
Molecular Biology from Ludwig-Maximilians-Universität in Munich,
Germany.
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For more information, please
contact:
Probiodrug
Dr. Ulrich Dauer, CEO
Email: contact@probiodrug.de
MC Services AG
Anne Hennecke, Susanne Kutter
Tel: +49 (0) 211 529 252 27
Email: probiodrug@mc-services.eu
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 clinical stage 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 development 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.
About
PQ912
PQ912, is a first in class, 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 resulting in >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. Results strongly support
(a) the hypothesis of pGlu-Abeta being synaptotoxic and (b) the
therapeutic concept pursued by Probiodrug. The study provides
important guidance how to move forward with 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, 50
million people live with dementia worldwide, and this number is
projected to treble to more than 152 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$ 1
trillion, and it will become 2 trillion dollar disease by 2030.
(World Alzheimer Report 2018).
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.