Probiodrug Closes Series B Financing Round exceeding EUR 36 Million
News Nov 06, 2009
Probiodrug AG, a biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases with a particular focus on Alzheimer's disease, has announced the successful closing of a Series B financing round. The total round amounts to more than €36 million.
New shareholders include BB Biotech and Edmond de Rothschild Investment Partners (EdRIP) (acting as co-lead investors), LSP Life Science Partners (LSP) and Biogen Idec New Ventures. The round found strong support from all existing institutional shareholders - IBG Fonds (managed by Goodvent), TVM Capital, HBM BioVentures, CFH Group as well as private investors.
Elhan Kosar from BB Biotech and Olivier Litzka from EdRIP will join the Company's Supervisory Board, Joerg Neermann from LSP, Rossella Medori from Biogen Idec New Ventures and Dallas Webb from BB Biotech will take observer seats.
Elhan Kosar from BB Biotech stated: "We are very pleased to announce our significant investment in Probiodrug, and commitment to a long-term partnership with the Company. Following the earlier scientific and commercial success of Probiodrug in the DP4 area, we are impressed with the Company’s innovation and expertise in drug discovery and development applied to a novel target, glutaminyl cyclase (QC). The role of QC in Alzheimer’s disease (AD) and other inflammatory diseases was discovered and comprehensively IP protected by Probiodrug. We believe that Probiodrug’s pioneering scientific approach targeting QC in Alzheimer’s disease has potential to bring a breakthrough treatment to this therapeutic area of great unmet need.”
Olivier Litzka, Partner at EdRIP added, ”Probiodrug has impressed us by its combination of extraordinary biological knowledge of protein processing pathways and a real chemistry approach and experience. The resulting QC inhibitors addressing Alzheimer’s disease and inflammation could become disease changing drugs with significant medical and market potential.”
"The funds will be used to further progress our innovative approaches, in particular of inhibiting the enzyme glutaminyl cyclase, and thereby keeping and further expanding our headstart in this emerging therapeutic approach,” stated Hendrik Liebers, CFO of Probiodrug. “This treatment concept had required significant efforts by Probiodrug to establish an integrated package consisting of advanced small-molecule drug candidates, new animal models reflecting the AD-hallmarks, neuronal loss and neuroinflammation, much better than existing models and a unique set of pharmacodynamic and biomarkers, which are needed to successfully develop into regulatory phases now,” added Hans-Ulrich Demuth, CSO.
“The novel concept has generated significant interest in academia and in the healthcare industry. Hence, we are glad to have assembled this blue chip consortium including our existing shareholders, which further underlines Probiodrug’s unique positioning as a leading and promising Neurology and Immunology company,” summarized Konrad Glund, CEO.