Market Cap€14m

Last Close €1.7

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.

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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. Probiodrug has presented detailed Phase IIb development with the next trial planned to start by end-2018, depending on financing. Preclinical data also showed that PQ912 could be effective in Huntington’s disease in an animal model. Backup candidates are in pre-clinical stage: PBD-C06 (monoclonal antibody that targets pGlu-Abeta), and PQ1565 (small molecule QC enzyme inhibitor).

Y/E Dec
Revenue (€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 N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A
Content on Probiodrug
Probiodrug – Support for Abeta theory from Biogen/Eisai
Healthcare | research Outlook | 1 November 2018
Probiodrug – Emerging details of PQ912 late-stage development
Healthcare | research Update | 13 April 2018
Probiodrug – Focusing on further PQ912 development strategy
Healthcare | research Update | 18 September 2017
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (37.0) (40.1) (88.3)
Relative* (41.0) (40.4) (87.0)
52-week high/low €14.4/€1.6
*% relative to local index
Key management
Dr Ulrich Dauer CEO
Michael Schaeffer Executive Vice President