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.€96m
Last close€11.70
High / Low (52 weeks)€18.0 / €10.6
Stock market listingEU
Forecast net cash (€m)9.6
Forecast gearing ratio (%)N/A
SectorPharmaceutical & healthcare

Price performance

Relative *(6.8)4.9(26.7)

* % 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)
2015A 0.0 (13.3) (13.5) (196.10) N/A N/A
2016A 0.0 (13.7) (13.8) (181.30) N/A N/A
2017E 0.0 (10.5) (9.6) (104.25) N/A N/A
2018E 0.0 (8.6) (8.7) (105.76) N/A N/A

Last updated on 16/02/2018

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 started preparations for the Phase IIb development. 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 02/03/2018

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 02/03/2018

Key management

Dr Konrad Glund, CEO
Dr Hendrik Libers, CFO
Lues Inge , Chief Development Officer

Company address

Weinbergweg 22
06120 Halle/Saale
+49 345 555 9900
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