Probiodrug AG today announced it has secured EUR 15 million additional financing for the ongoing development of its glutaminyl cyclase (QC) inhibitor program. The lead compound, PQ912, its first QC inhibitor, is in clinical development for the treatment of Alzheimer's disease.
The financing was supported by the 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 Wellington Management Company, a Boston-based asset manager with approximately $619 billion under management, joined the company as a new shareholder.
"Researchers are beginning to understand the pathogenic mechanisms underlying the development and progression of Alzheimer's disease," said Konrad Glund, Ph.D., Chief Executive Officer of Probiodrug. "Probiodrug's proprietary therapeutic target has been validated preclinically and the lead candidate has been shown to be safe and well tolerated in a Phase I clinical study. This capital raise further strengthens our financial position and will help us advance the compound in the clinic towards proof of concept."
Olivier Litzka, member of the Probiodrug board of directors and Partner at Edmond de Rothschild Investment Partners, added, "Probiodrug has made significant progress and created high value during the last two years with its innovative programs, culminating in the successful phase 1 study with the first QC inhibitor PQ912. We are delighted to welcome Wellington Management to our already distinguished list of venture investors. We look forward to working with Wellington Management as Probiodrug continues to aggressively move its clinical and preclinical programs forward in development."