On May 16, 2019 Probiodrug AG (Euronext Amsterdam: PBD), reported its first quarter business update for the period ending March 31, 2019 (Press release, Vivoryon Therapeutics, MAY 16, 2019, View Source [SID1234537747]).

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The first quarter 2019 report is available for download on the company website (View Source).

KEY HIGHLIGHTS
In March, Probiodrug and Alzheimer’s Disease Cooperative Study (ADCS) announced the awarding of a 15 million USD grant from the National Institutes of Health (NIH) for U.S. Phase 2b core program for its lead compound PQ912
In April, Probiodrug raised EUR 8.2 million from a consortium of strategic investors in a successful capital increase primarily intended to initiate the European Phase 2b clinical study of PQ912
Expenditure and corresponding liquidity position of EUR 2.5 million on March 31, 2019, in line with management expectations

CORPORATE REVIEW

Financial Review (According to IFRS)

In the first quarter of 2019, research and development expenses amounted to EUR 443k, reduced significantly compared to the first quarter of 2018 (EUR 1.026k). General and administrative expenses declined to EUR 410k (Q1 2018: EUR 513k). The Company did not generate any revenue in the reporting period, in line with corporate planning. Correspondingly, the net loss of the period was EUR 859k, compared to EUR 1,511k in the first quarter of 2018.

All results are in line with management expectations.

Probiodrug held EUR 2.5 million in cash and cash equivalents as of March 31, 2019.

OPERATIONAL REVIEW

NIH grant awarded for lead compound PQ912 – a first-in-class highly specific and potent Glutaminyl Cyclase (QC) inhibitor

The Company announced on March 20, 2019, that Probiodrug and the Alzheimer’s Disease Cooperative Study (ADCS) will receive 15 million USD from the National Institutes of Health (NIH) for part funding of a US Phase 2b clinical trial to evaluate the efficacy and safety of Probiodrug’s PQ912 in patients with mild cognitive impairment (MCI) or mild dementia due to Alzheimer’s disease (AD).

POST PERIOD HIGHLIGHTS

Probiodrug AG mandated ODDO SEYDLER BANK AG as Designated Sponsor

Probiodrug announced on April 4, 2019, that shares in Probiodrug AG, which have been trading in the Open Market of the Frankfurt Stock Exchange, are now also listed on XETRA. Probiodrug AG has mandated ODDO SEYDLER BANK AG as its Designated Sponsor to ensure continuous liquidity in share trading on XETRA.

Raise of EUR 8.2 million from investors in successful private placement of new shares

Probiodrug announced on April 9, 2019, the successful execution of a capital increase by issuing 4,093,367 new shares against cash contributions. Of those new shares, 3.1 million were sold to a consortium of investors led by Mr. Claus Christiansen founder and chairman of the board of Nordic Bioscience, Denmark, who has a strategic interest in the Company and intends to support the Probiodrug’s further development on a long-term basis . The Company will use the proceeds to initiate the European Phase 2b clinical study of lead compound PQ912 in Alzheimer’s Disease and to advance Probiodrug’s new program for immune checkpoint inhibition.

Invitation to Probiodrug’s Ordinary General Meeting of Shareholders on May 29, 2019

On April 18, 2019 Probiodrug invited its shareholders to its ordinary general meeting of shareholders to be held on Wednesday, May 29, 2019 at 10:00 am (CEST), at the registered office, Weinbergweg 22, 06120 Halle (Saale), Germany. The relevant documents can be found at: www.probiodrug.de/investors/ordinary-general-meeting-of-shareholders-2019/.

For more information, please contact:

Probiodrug
Dr. Ulrich Dauer, CEO
Email: [email protected]

MC Services AG
Anne Hennecke, Susanne Kutter
Tel: +49 (0) 211 529 252 27
Email: [email protected]