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.
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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.
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.