Probiodrug AG:
Loss announcement according to §92 paragraph 1 of the German Stock
Corporation Act
HALLE (SAALE),
Germany, 15 October 2018 - The management board of Probiodrug
AG ("Probiodrug", Euronext: PBD), a clinical stage
biopharmaceutical company developing novel therapeutic solutions to
treat Alzheimer's disease, notifies today in accordance with
Section 92 (1) of the German Stock Corporation Act that according
to its best judgment a cumulative loss of more than half of the
nominal share capital of the company must be assumed. This is
mainly attributable to budgeted operating losses. These result
primarily from ordinary business operations of the company as a
developing biotechnology company with a first-in-class Alzheimer's
disease treatment approach about to enter into a Phase 2b core
program, but currently without its own revenue.
The company's current financial
resources are expected to be sufficient to fund operations until
the end of Q3/2019. The new management team continues to prioritize
strengthening the financial basis of the company.
Pursuant to Sec. 92 par. 1 German
Stock Corporation Act ("Aktiengesetz"), a loss amounting to half of
the nominal share capital triggers the statutory obligation to
summon a general meeting of shareholders without undue delay. In
this meeting, the management board will notify the loss of half of
the nominal share capital and outline the situation of the company.
An invitation including an agenda to the extraordinary general
meeting will be provided in due time and form.
###
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
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.