LSP’S PORTFOLIO COMPANY PROBIODRUG LISTED ON EURONEXT AMSTERDAM

 

Munich/Amsterdam, 24 October 2014. It is with great pleasure that today, LSP – the specialist European healthcare investment firm – announces that its portfolio company Probiodrug successfully completed its initial public offering (IPO), which was launched on 10 October 2014. Probiodrug’s shares will be listed on Euronext Amsterdam and begin trading on an “if-and-when-delivered” basis on Monday 27 October 2014 under the symbol “PBD”. The offering was priced at € 15.25 per share with total gross proceeds of € 22.5 million. In addition, a greenshoe option might be exercised within 35 days following commencement of trading. The market capitalization of Probiodrug at listing will be approximately € 102.4 million.  

 

LSP financed and actively supported Probiodrug since 2009, when LSP co-led the company’s Series B financing round. Since that investment, the company has transformed from an early stage research and development company into a clinical-stage product company, focused on the development of highly innovative Alzheimer’s Disease (AD) treatment to provide a better life for AD 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 QC and anti-pGlu-Abeta- specific monoclonal antibodies, providing it with a leading position in this field of research. The €22.5 million fund raising will enable the company to advance the clinical development of their lead product candidate PQ912 into phase II in early Alzheimer’s patients and support the further development of other product candidates like PBD-C06 and PQ1565.

 

The Probiodrug investment further validates LSP’s long-term approach of identifying break-through technologies, building companies around them and playing an active role all along. Jörg Neermann has represented LSP on the company’s Board and has worked closely with management and other Board members to steer Probiodrug towards this important event in the history of the company.

 

The IPO of Probiodrug further enriches LSP’s track record, which was already validated by several recent trade sales such as Sapiens to Medtronic, Activaero to Vectura, Okairos to GSK, Movetis to Shire, U3 Pharma to Daiichi Sankyo, Syntaxin to Ipsen, Pasteuria to Syngenta, Flowcardia to Bard, BMEYE to Edwards, Kudos to AstraZeneca, Jerini to Shire and DNage to Pharming, as well as the IPOs of Affimed, arGEN-X, Celladon, Prosensa and Zealand Pharma. In the majority of these cases, LSP was lead or founding investor. These exits have allowed the growth of LSP as a firm.

 

About LSP:

LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing for private and public life-science companies. Since the late 1980s, LSP’s management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. With over USD 1 billion of investment capital raised to date and offices in Amsterdam, Munich and Boston, LSP is one of Europe’s largest and most experienced specialist life-science investors.
For more information, please visit www.lspvc.com

 

Jörg Neermann

Partner

+ 49 89 330 666 0

warreznaa@yfcip.pbz