NOT FOR PUBLICATION OR DISTRIBUTION
IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA
Probiodrug
announces pricing of a EUR 14.9 million accelerated bookbuild
offering of new shares
HALLE/SAALE,
Germany, 6 October 2016 - Probiodrug AG (the "Company") (Euronext Amsterdam: PBD), a
biopharmaceutical company developing novel therapeutic solutions to
treat Alzheimer's disease (AD), announced today that it has
priced 744,248 new shares, with a notional par value of EUR 1.00
per share, issued through an accelerated bookbuild offering, at an
aggregate value of EUR 14.9 million. As a result, the management
board of the Company has resolved, with approval of the Company's
supervisory board, to increase its share capital by EUR 744,248,
from EUR 7,442,487 to EUR 8,186,735, by issuing 744,248 new shares
with a notional par value of EUR 1.00 per share (the "New
Shares").
The order book was well covered
based on strong demand from European and US investors. The new
shares have been placed with selected qualified institutional
investors at a price of EUR 20.00 per share. The issued shares
represent approximately 10% of the Company's currently issued share
capital.
Following allocation of shares to
investors participating in the offering, such investors will
receive listed existing shares that are lent by a major shareholder
in the Company. This shareholder will receive the New Shares in
exchange for the listed existing shares lent by him. Investors
participating in the transaction will be able to trade on Euronext
Amsterdam any shares allocated to them as of 6 October 2016 with
settlement expected to take place on 10 October 2016.
The net proceeds from the
transaction will be used primarily to support preparations of
further clinical development of lead product PQ912 beyond the
ongoing Phase 2a (SAPHIR) trial, in particular a long-term
treatment (Phase 2b); support further development of PBD-C06 and
PQ1565 and exploration of other mechanism-related indications;
support exploration of business opportunities, in particular
support a transaction based upon the data of the SAPHIR study; and
strengthen the financial position of the Company.
In relation to the accelerated
bookbuild offering, the Company has agreed with the Joint
Bookrunners to a market customary 90-day standstill period on
future share issuances, waivable by the Joint Bookrunners.
Kempen & Co acted as Global
Coordinator and together with Bank am Bellevue and RBC Capital
Markets as Joint Bookrunners in the offering.
###
For more
information, please contact:
Probiodrug
Dr Konrad Glund, CEO
Email: contact@probiodrug.de
Hume
Brophy
Mary Clark, Supriya Mathur, Eva Haas
Tel: +44 (0) 203 440 5657
Email: probiodrug@humebrophy.com
Notes to Editors:
About Probiodrug
AG
Headquartered in Halle, Germany, Probiodrug AG (Euronext Amsterdam:
PBD) is a biopharmaceutical company focused on the development of
new therapeutic products for the treatment of Alzheimer's
disease.
Founded in 1997, the company
successfully developed a novel therapeutic concept for diabetes -
the DP4 inhibitors - which provided the basis for a novel class of
antidiabetics - the gliptins. Its core capabilities are based on
its long-standing 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.
Today Probiodrug's aim is to
become a leading company in the development of Alzheimer's disease
treatments and to thereby provide a better life for Alzheimer's
disease patients. It has identified a new therapeutic concept
linked to disease initiation and progression. The development
approaches are targeting pyroglutamate-Abeta (pGlu-Abeta) as a
therapeutic strategy to fight Alzheimer's disease. The Company has
medical use and composition of matter patents related to the
inhibition of Glutaminyl Cyclase (QC) and anti-pGlu-Abeta- specific
monoclonal antibodies, providing it, in the Company's view, with a
leading position in this field of research.
Probiodrug's lead product
candidate, PQ912, is a highly specific and potent inhibitor of
Glutaminyl Cyclase (QC), which has shown therapeutic effects in
Alzheimer's animal models. PQ912 is currently in a Phase 2a study,
the SAPHIR trial. In a preceding Phase 1 study with healthy young
and elderly volunteers, PQ912 has shown to be safe and well
tolerated and also revealed high QC-inhibition.
www.probiodrug.de
About Alzheimer's
disease
Alzheimer's disease is a neurological disorder, which is the most
common form of dementia, and ultimately leads to death. Because
Alzheimer's disease cannot be cured and is degenerative, the
affected patients must increasingly rely on others for assistance.
Today, 47 million people live with dementia worldwide, and this
number is projected to treble to more than 131 million by 2050, as
populations age. Dementia also has a huge economic impact.
Alzheimer's also has an estimated, global societal cost of US$ 818
billion, and it will become a trillion dollar disease by 2018.
(World Alzheimer Report 2016).
Forward Looking
Statements
Information set forth in this press release
contains forward-looking statements, which involve a number of
risks and uncertainties. The forward-looking statements contained
herein represent the judgment of Probiodrug AG as of the date of
this press release. Such forward-looking statements are neither
promises nor guarantees, but are subject to a variety of risks and
uncertainties, many of which are beyond our control, and which
could cause actual results to differ materially from those
contemplated in these forward-looking statements. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any such statements to reflect any change
in our expectations or any change in events, conditions or
circumstances on which any such statement is based.
These materials are not for distribution, directly or
indirectly, in or into the United States (including its territories
and dependencies, any State of the United States and the District
of Columbia). These materials do not constitute or form a part of
any offer or solicitation to purchase or subscribe for securities.
The existing and the new shares in Probiodrug AG (together the
"Shares") mentioned herein may not be offered or sold in the United
States absent registration or an exemption from registration under
the U.S. Securities Act of 1933, as amended (the "Securities Act").
The Shares have not been, and will not be, registered under the
Securities Act and will not be offered or sold in the United
States, except on the basis of applicable exemptions from
registration. There will be no public offering of the Shares in the
United States or anywhere.