Probiodrug AG, a Halle (Saale), Germany-based biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases with a particular focus on Alzheimer’s disease, closed a Series B financing round, bringing the total round amounts to more than €36m (approximately $54m).
Investors in the round include new co-leader shareholders BB Biotech and Edmond de Rothschild Investment Partners (EdRIP) as well as LSP Life Science Partners (LSP) and Biogen Idec New Ventures. Existing institutional shareholders – IBG Fonds (managed by Goodvent), TVM Capital, HBM BioVentures, CFH Group as well as private investors strongly support the company in this round.
In conjunction with the investment, 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.
Probiodrug is focused on the development of innovative small molecule drugs for the treatment of neuronal and inflammatory diseases. In these areas, the company is validating new targets with the prospect of first and best in class therapeutics. The Company has a dominant position in the area of glutaminyl cyclase (QC) inhibition, an enzyme emerging with a crucial role in the pathogenesis of Alzheimer’s disease (AD) and various additional inflammatory conditions. In addition, the Company is pursuing further novel approaches in the area of inflammatory diseases.
As stated by Hendrik Liebers, CFO of Probiodrug, “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”.