LSP participates in ? 36 Million (US$ 54 Million) Series B Financing of Probiodrug AG
Amsterdam, November 5th, 2009
LSP (Life Sciences Partners) today announced that it has participated in a ? 36 million Series B financing round of Probiodrug AG, Halle/Saale (Germany). Probiodrug is a biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases with a special focus on Alzheimers disease.
LSP invested alongside BB Biotech, Edmond de Rothschild Investment Partners (EdRIP) and Biogen Idec New Ventures, all joining as new investors. The round found also strong support from all existing institutional shareholders - IBG Fonds, 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.
'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 & promising Neurology & Immunology company,' summarized Konrad Glund, CEO.
About Probiodrug AG
Probiodrug is a biopharmaceutical company focused on the development of innovative small molecule drugs for the treatment of neuronal and inflammatory diseases. In these areas, Probiodrug 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.
Probiodrug's core expertise is based on its long-standing, unique experience with the structure and function elucidation of enzymes which play a central role in the maturation of hormones. The Company has pioneered the field of DP4-inhibition for the treatment of type 2 diabetes. Compounds and technology patents of its DP4 (dipeptidyl peptidase 4) program in diabetes were licensed to various pharmaceutical companies. In 2004, all metabolic assets were sold to (OSI) Pharmaceuticals Ltd. The first drug based on Probiodrug`s technologies reached the market in late 2006. Proceeds of the various transactions have been reinvested to fund the novel approach for the treatment of AD.
The Company was founded in 1997 by Hans-Ulrich Demuth and Konrad Glund. It had previously raised a total of US$52 million, excluding the current round, and achieved attractive financial returns to investors. In 2007, the company acquired Ingenium Pharmaceuticals AG; Hendrik Liebers joined the company as CFO the same year. Probiodrug is located in Halle (Saale), Germany, and operates a subsidiary in Martinsried/Munich, Germany. For more information, please visit www.probiodrug.de.
About LSP
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced life-science investors.
For further information please contact:
Dr. Jörg Neermann
Partner LSP
jneermann@lspvc.com
Tel: +49 (0) 89 3306660
www.lspvc.com
LSP (Life Sciences Partners) today announced that it has participated in a ? 36 million Series B financing round of Probiodrug AG, Halle/Saale (Germany). Probiodrug is a biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases with a special focus on Alzheimers disease.
LSP invested alongside BB Biotech, Edmond de Rothschild Investment Partners (EdRIP) and Biogen Idec New Ventures, all joining as new investors. The round found also strong support from all existing institutional shareholders - IBG Fonds, 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.
'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 & promising Neurology & Immunology company,' summarized Konrad Glund, CEO.
About Probiodrug AG
Probiodrug is a biopharmaceutical company focused on the development of innovative small molecule drugs for the treatment of neuronal and inflammatory diseases. In these areas, Probiodrug 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.
Probiodrug's core expertise is based on its long-standing, unique experience with the structure and function elucidation of enzymes which play a central role in the maturation of hormones. The Company has pioneered the field of DP4-inhibition for the treatment of type 2 diabetes. Compounds and technology patents of its DP4 (dipeptidyl peptidase 4) program in diabetes were licensed to various pharmaceutical companies. In 2004, all metabolic assets were sold to (OSI) Pharmaceuticals Ltd. The first drug based on Probiodrug`s technologies reached the market in late 2006. Proceeds of the various transactions have been reinvested to fund the novel approach for the treatment of AD.
The Company was founded in 1997 by Hans-Ulrich Demuth and Konrad Glund. It had previously raised a total of US$52 million, excluding the current round, and achieved attractive financial returns to investors. In 2007, the company acquired Ingenium Pharmaceuticals AG; Hendrik Liebers joined the company as CFO the same year. Probiodrug is located in Halle (Saale), Germany, and operates a subsidiary in Martinsried/Munich, Germany. For more information, please visit www.probiodrug.de.
About LSP
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced life-science investors.
For further information please contact:
Dr. Jörg Neermann
Partner LSP
jneermann@lspvc.com
Tel: +49 (0) 89 3306660
www.lspvc.com
Subscribe to our newsletter
Stay tuned and get our news in your inbox: subscribe here.
Keep me informed
