Probiodrug AG, a Halle/Saale, Germany-based biopharmaceutical company dedicated to the discovery and development of small molecule drugs against novel molecular targets for the treatment of neuronal- and inflammatory diseases, has raised €15m additional financing.
Backers include existing investors BB Biotech, Edmond de Rothschild Investment Partners, Life Sciences Partners, Biogen Idec New Ventures, TVM Capital, HBM BioVentures, Goodvent/ IBG as well as private investors.
Funds advised by Boston-based asset manager Wellington Management Company joined the company as a new shareholder.
The company intends to use the capital for the ongoing development of its glutaminyl cyclase (QC) inhibitor program. Probiodrug’s lead compound, PQ912, its first QC inhibitor, is in clinical development for the treatment of Alzheimer’s disease.
Founded in 1997 by Prof Dr Hans-Ulrich Demuth and CEO Dr Konrad Glund, Ph.D., the company has a leading position in the area of glutaminyl cyclase inhibition.
Its Glutaminyl cyclase is a novel enzyme target that has a crucial role in the pathogenesis of Alzheimer’s disease (AD) as well as various peripheral inflammatory diseases.