VC-backed Probiodrug to list on Euronext

The company plans to raise new funds to continue the advancement of its product pipeline, including its lead product PQ912, which is currently entering phase 2 of clinical development, as well as an antibody and inhibitor in the preclinical stage.

According to unquote" data, Probiodrug has raised eight funding rounds since inception in 1997. Initial investors were Deutsche Venture Capital (DVC), Goodvent and TBG Technologie, who committed just over €8m in June of that year. DVC took a 33% stake as part of the deal. The trio committed to a further two rounds, in June 1999 and January 2000, raising just less than €14m.

The fourth and fifth funding rounds, in October 2000 and June 2006, raised €17.3m from Goodvent and new investor CFH Beteiligungsgesellschaft. DVC divested its stake before a new round of funding a year later, when the two previous investors were rejoined by TBG.

New backers Bayern Kapital, HBM Partners and TVM Capital also took part in the sixth funding round, which raised more than €20m.

BB Biotech and Edmond de Rothschild Investment Partners (EdRip) co-led a €36m round in November 2009, along with new investors Life Sciences Partners (LSP) and Biogen Idec New Ventures, as well as Goodvent, TVM Capital, HBM BioVentures and CFH Group.

The latest €15m funding round in January 2012 saw BB and EdRip co-lead with LSP, with commitments from all previous investors.

The neurological disorder Alzheimer's is the most common form of dementia and currently has no known cure. The degenerative disease results in patients relying on others for assistance. According to the 2013 World Alzheimer Report, more than 35 million people currently live with the disease. The number is expected to double by 2030; by 2050, more than 115 million are forecast to develop the condition.

Headquartered in Halle, Probiodrug developed a therapeutic treatment for diabetes, upon which a new class of antidiabetics – the gliptins – were based. Probiodrug investigates the structure and function of enzymes involved in pathological conditions.

The company now works to develop therapeutic treatment of Alzheimer's. Its approach targets toxic pyroglutamate-Abetas which are said to cause the early pathological changes related to the disease. In 2004, Probiodrug discovered that Abeta peptides require a specific enzyme to function and is developing small molecule inhibitors to prevent this activity.

Kempen is acting as sole global coordinator and co-bookrunner with Petercam for the IPO. Close Brothers Seydler Bank has been appointed as selling agent.

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