Probiodrug (PBD)

Business description

Probiodrug is a biopharma company developing its clinical pipeline for the treatment of Alzheimer’s. Lead product candidate, PQ912, has entered Ph IIa. PQ912 is a small molecule inhibitor of QC, which is essential for the formation of pGlu-Abeta. Two further products are in preclinical stages.

Stock data

Market cap.€142m
Last close€17.34
High / Low (52 weeks)€23.8 / €15.1
Stock market listingEU
Forecast net cash (€m)10.7
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual14.0(4.2)(20.8)
Relative *14.3(9.1)(29.9)

* % Relative to local index

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Company news

Probiodrug AG to Publish its Full Year 2016 Results on 30 March 2017

Thu, 23 Mar 2017 06:00:00 GMT

Probiodrug AG to Publish its Third Quarter 2016 Business Update on 10 November ...

Thu, 03 Nov 2016 06:00:00 GMT

Probiodrug AG Raises Additional EUR 15 Million to Advance Its Clinical Program

Wed, 04 Jan 2012 04:52:30 GMT

German Alzheimer's drug developer Probiodrug plans Amsterdam IPO

Thu, 25 Sep 2014 07:52:30 GMT

Probiodrug announces completion of recruitment for the SAPHIR Phase 2a study ...

Mon, 09 Jan 2017 06:00:00 GMT

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) (10.5) (128.47) N/A N/A
2018E 0.0 (8.6) (8.7) (105.76) N/A N/A

Last updated on 12/04/2017

Investment summary

Probiodrug’s new preclinical data showed that PQ912 demonstrated efficacy in Huntington’s disease (HD) in an animal model. Subject to further preclinical work, PQ912 could be fast-tracked to the clinic, which would diversify Probiodrug’s R&D pipeline with a new indication. Much will depend on the outcome of the company’s milestone clinical Phase IIa SAPHIR trial with PQ912 for Alzheimer’s disease (AD) with the data readout shortly. PQ912 is a first-in-class small molecule glutaminyl cyclase (QC) inhibitor and represents a differentiated approach in the AD field. We value Probiodrug at €345m or €42.1/share.

Last updated on 12/04/2017

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 04/04/2017

Key management

Dr Konrad Glund, CEO
Dr Hendrik Libers, CFO

Company address

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