Probiodrug

EU: PBD

€14m market cap

€1.7 last close

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.

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)
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 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
Last updated on 24/01/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
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