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LSP participates in 36 Million Series B Financing of Probiodrug AG
- AMSTERDAMS BIOTECH-INVESTERINGSBEDRIJF LEIDT INTERNATIONAAL SYNDICAAT
30-11-2009 - Onderzoek
LSP (Life Sciences Partners) today announced that it has participated in a 36 million Series B financing round of Probiodrug AG, Halle/Saale (Germany). Probiodrug is a biotech company developing novel concepts and products for the treatment of neurodegenerative and inflammatory diseases with a special focus on Alzheimers disease.
LSP invested alongside BB Biotech, Edmond de Rothschild Investment Partners (EdRIP) and Biogen Idec New Ventures, all joining as new investors. The round found also strong support from all existing institutional shareholders - IBG Fonds, TVM Capital, HBM BioVentures, CFH Group as well as private investors.
Elhan Kosar from BB Biotech and Olivier Litzka from EdRIP will join the Company\'s Supervisory Board, Joerg Neermann from LSP, Rossella Medori from Biogen Idec New Ventures and Dallas Webb from BB Biotech will take observer seats.
The funds will be used to further progress our innovative approaches, in particular of inhibiting the enzyme glutaminyl cyclase, and thereby keeping and further expanding our headstart in this emerging therapeutic approach, stated Hendrik Liebers, CFO of Probiodrug. This treatment concept had required significant efforts by Probiodrug to establish an integrated package consisting of advanced small-molecule drug candidates, new animal models reflecting the AD-hallmarks, neuronal loss and neuroinflammation, much better than existing models and a unique set of pharmacodynamic and biomarkers, which are needed to successfully develop into regulatory phases now, added Hans-Ulrich Demuth, CSO. The novel concept has generated significant interest in academia and in the healthcare industry. Hence, we are glad to have assembled this blue chip consortium including our existing shareholders, which further underlines Probiodrug\'s unique positioning as a leading & promising Neurology & Immunology company, summarized Konrad Glund, CEO.
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