Probiodrug (PBD)

Business description

Probiodrug is a German biopharmaceutical company developing drugs for AD. Lead product PQ912 has just completed a Phase IIa study with encouraging results. PQ912 is a small molecule inhibitor of glutaminyl cyclase (QC), which is essential for the formation of pGlu-Abeta. Two further products are in preclinical stages.

Stock data

Market cap.€39.6m
Last close€4.83
High / Low (52 weeks)€17.6 / €4.8
Stock market listingEU
Forecast net cash (€m)2.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(55.1)(61.2)(71.1)
Relative *(56.5)(63.7)(73.1)

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (13.7) (13.8) (181.30) N/A N/A
2017A 0.0 (9.9) (9.0) (96.67) N/A N/A
2018E 0.0 (7.8) (7.8) (94.91) N/A N/A
2019E 0.0 (7.9) (7.9) (96.64) N/A N/A

Last updated on 25/04/2018

Investment summary

Probiodrug is developing a clinical pipeline focusing on the novel target of pGlu-Abeta, a toxic variant of amyloid-beta (Abeta) that has been implicated in the initiation and sustainment of the pathological cascade that leads to Alzheimer’s disease (AD). Lead candidate PQ912 is an inhibitor of the enzyme glutaminyl cyclase, which is essential for the formation of pGlu-Abeta. Initial results from the Phase IIa study, SAPHIR, were reported on 12 June 2017. While primarily safety/tolerability study, several secondary endpoints especially piqued our interest, with CSF biomarker, EEG and a couple of cognitive tests pointing to a positive overall picture of the dataset. Probiodrug has presented detailed Phase IIb development with the next trial planned to start by end-2018. Preclinical data also showed that PQ912 could be effective in Huntington’s disease in an animal model. Subject to further preclinical work, PQ912 could be fast-tracked to the clinic in this indication.

Last updated on 27/04/2018

Industry outlook

There are 44m dementia sufferers worldwide, 60% of whom have AD. The lack of disease-modifying therapies leaves a vast unmet clinical need. This, combined with increasing understanding of the disease process and the development of biomarkers, has led to increased optimism that a disease-modifying therapy may be found.

Last updated on 27/04/2018

Key management

Dr Ulrich Dauer, CEO
Dr. Inge Lues, Chief Development Officer

Company address

Weinbergweg 22
06120 Halle/Saale
Germany
+49 345 555 9900
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