Comprehensive loss for Probiodrug in the third quarter of 2016

Probiodrug AG (Euronext Amsterdam: PBD), a biopharmaceutical company developing therapeutic solutions to treat Alzheimer’s disease, has finished the third quarter 2016 with comprehensive loss of €2,383M.

In third quarter of 2016 the research and development expenses were with €1,776 below the corresponding numbers of 2015 with €2,416M, reflecting mainly shifts and not real reductions. In line with the business planning the general and administrative expenses further decreased to €588M vs. €713M in the third quarter of 2015, reflecting the implementation of the post listing requirements mainly accomplished in 2015. Correspondingly, the resulting comprehensive loss of the reporting period was €2,383M, below the comprehensive loss of the third quarter of 2015 (€3,148M).

The company says that all numbers are in line with management expectations.

Commenting on the third quarter, Dr Konrad Glund, Chief Executive Officer of Probiodrug, said: “In the third quarter 2016 we have achieved significant progress, both in the development of our programs as well as of the company. In a combination therapy study with PQ912 and PBD-C06, we showed clear additive effects in reducing pGlu-Abeta as well as total Abeta in an Alzheimer-mouse model. Our results are very exciting as they indicate the potential of a combination therapy by either increasing the effect size on lowering toxic pGlu-Abeta and total Abeta as shown here, or potentially by lowering a single agent’s dose.

“Furthermore, we see the successful placement of 10% of the then outstanding shares at the beginning of October as a further validation of the potential of our approach to fight Alzheimer’s disease. We are glad to welcome further top tier investors from Europe and the US as shareholders of our company and would like to thank our existing and new investors for their trust and commitment.”

Probiodrug has also seen changes to the Supervisory Board and Executive Management in this period. Olivier Litzka, partner at Edmond de Rothschild Investment Partners (EdRIP) and member of the Supervisory Board since October 2009, stepped down in September 2016 as part of a natural transition. Mark Booth, Chief Business Officer, left the company for personal reasons in August 2016 and his responsibilities have been taken over by Dr Konrad Glund, CEO.