Ordinary General Meeting of Shareholders of Probiodrug AG
All proposed resolutions approved with large majority
HALLE (SAALE), Germany, 14 June 2017 - Probiodrug AG (Euronext Amsterdam: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer's disease (AD), announces that its Ordinary General Meeting of shareholders was held on 13 June 2017.
All resolutions proposed by the Company's Management and Supervisory Board were approved at the meeting with a large majority:
- Adoption of a resolution on the approval of the actions of the management board members for the financial year 2016
- Adoption of a resolution on the approval of the actions of the supervisory board members for the financial year 2016
- Election of the financial statements auditor for the financial year 2017
- Elections to the supervisory board
- Resolution on the creation of the Authorized Capital 2017 concurrently cancelling the Authorized Capital 2014 as well as the corresponding amendments to the Articles of Association
- Resolution on the specification of the number of the Supervisory Board members as well as the corresponding amendment to the Articles of Association
Regarding the elections to the Supervisory Board - Dr Erich Platzer, Dr Dinnies von der Osten and Dr Jörg Neermann were re-elected as Supervisory Board Members. In its first meeting after the Ordinary General Meeting of Shareholders the Supervisory Board re-elected Dr Erich Platzer as Chairman and Dr Dinnies von der Osten as Vice-Chairman and Chairman of the Audit Committee.
Dr Konrad Glund, Chief Executive Officer of Probiodrug AG, said: "We were glad to report a very successful year 2016 - and, with the release of the promising top line data of our phase 2a trial, the SAPHIR trial, also a very encouraging development in 2017 so far. We would like to take the opportunity to thank all our employees, advisors and consultants, members of the supervisory board, partners and shareholders for their commitment, trust and support. It has been an exciting journey so far and, with the encouraging phase 2a data of PQ912 in our hands, we look forward to the further development of the anti pGlu Abeta approach."
68,15 % of the voting shares were represented at the 2017 Probiodrug AG AGM.
For more information, please contact:
Dr Konrad Glund, CEO
Conor Griffin, Alexander Protsenko, Jonothan Blackbourn
Tel: +44 (0) 20 7862 6381
The Trout Group
Tel: +1 (646) 378-2953
MC Services AG
Anne Hennecke, Caroline Bergmann
Tel: +49 (0) 211 529 252 20
Notes to Editors:
About Probiodrug AG
Headquartered in Halle (Saale), 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. In a Phase 1 study with healthy young and elderly volunteers, PQ912 was shown to be safe and well tolerated and also revealed a high QC-inhibition. PQ912 was evaluated in a Phase 2a study, the SAPHIR trial, where the compound showed encouraging effects pointing to a direct effect on pGlu-Abeta with beneficial effects on synaptic function.
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 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.