Probiodrug IPO raises €22.5 million to fund Alzheimer’s candidates
Probiodrug has successfully completed an Initial Public Offering (IPO) and will begin trading on Euronext Amsterdam on Monday 27 October at a share price of €15.25.
The flotation raises €22.5 million in gross proceeds, which Germany-headquartered Probiodrug will use to develop its novel therapeutic solutions for Alzheimer's Disease.
If a Greenshoe option is exercised to stabilise the price following listing, the company will issue additional new shares at the offer price from its authorised capital. Total gross proceeds would then amount to €23.2 million, with net proceeds amounting to approximately €20.9 million. The company's existing shareholders purchased offer shares for approximately €15.7 million.
Konrad Glund, CEO of Probiodrug said that the funds raised would be used to further the clinical development of the company's lead candidate PQ912 in early Alzheimer's patients, as well as its other candidates PBD-C06 and PQ1565. The company is targeting pyroglutamate-Abeta (pGlu-Abeta) as a therapeutic strategy to fight the initiation and progression of the disease.
"Alzheimer's Disease is a large underserved market open for new drug approaches. We believe our differentiated approach presents a significant opportunity for patients, and will also generate significant value for our shareholders. We would like to welcome our new investors and look forward on our progress as we continue to grow the company," Glund stated.
Founded in 1997, Probiodrug originally developed a novel therapeutic concept for diabetes – the DP4 inhibitors, which provided the basis for a new class of antidiabetics – the gliptins. The company has expertise in the elucidation of the structure and function of enzymes involved in the modification of proteins and peptides, which play a central role in pathological conditions.
There is a trend towards IPOs among European biotechs currently, with Molecular Partners, AC Immune, Novimmune and OSE Pharma planning or considering them
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