Ordinary General Meeting of Shareholders of Probiodrug AG
All proposed resolutions approved with large majority
HALLE (SAALE), Germany, 29 May 2019 - Probiodrug AG (Euronext Amsterdam: PBD), announces that its shareholders approved all resolutions proposed by the Company's Management and Supervisory Board at the Company's Annual General Meeting which took place on Wednesday, May 29, 2019, including:
- The discharge of the members of the Management and Supervisory Boards with respect to the 2018 financial year
- The appointment of KPMG AG Wirtschaftsprüfungsgesellschaft as auditor for the 2019 financial year
- Resolution on the Change of the Name of the Company to "Vivoryon Therapeutics AG" and the Corresponding Amendment to the Articles of Association. The change of the company name will take effective on the day of entry into the commercial register.
- Resolutions on the Increase of the Share Capital of the Company for Cash Contributions
- Adoption of a Resolution on the Creation of the Authorized Capital 2019 as well as the Corresponding Amendments to the Articles of Association
42.15 % of the voting shares were represented at the 2019 Probiodrug AG AGM.
All resolutions proposed by the Company's Management and Supervisory Board were approved at the meeting with a large majority. The voting results can be found on the company Homepage: https://www.probiodrug.de/investors/ordinary-general-meeting-of-shareholders-2019/.
Dr. Ulrich Dauer, Chief Executive Officer of Probiodrug AG, said: "We would like to take this opportunity to thank all of our employees, advisors and consultants, as well as the members of the supervisory board, partners and shareholders for their commitment, trust and support."
For more information, please contact:
Dr. Ulrich Dauer, CEO
MC Services AG
Anne Hennecke, Susanne Kutter
Tel: +49 (0) 211 529 252 27
Notes to Editors:
About Probiodrug AG
Headquartered in Halle (Saale), Germany, Probiodrug AG (Euronext Amsterdam: PBD) is a clinical stage biopharmaceutical company focused on the development of novel inhibitors for disease relevant enzymes. The company has a successful track record in bringing drugs targeted to post-translational modifying enzymes to the market. Current projects are focusing on the two isoenzymes of Glutaminyl Cyclase, QPCT and QPCTL. QPCT is the crucial enzyme for the generation of highly neurotoxic pyroglutamate species of Abeta. Its inhibition by Probiodrug's lead molecule PQ912 is currently investigated in clinical Phase 2 trials (SAPHIR) for the treatment of Alzheimer's disease (AD). Whereas QPCTL has been identified as a potential target in cancer therapy. Blocking the enzymatic function of QPTCL by small molecule inhibitors is a novel therapeutic approach in cancer immunotherapy. Probiodrug has a unique and exceptionally strong patent position on QPCT and QPCTL inhibitors.
PQ912, is a first in class, highly specific and potent inhibitor of Glutaminyl Cyclase (QPCT), - the enzyme that catalyses the formation of highly neurotoxic pGlu species. PQ912 has shown therapeutic effects in AD animal models. A Phase-1 study in healthy young and elderly volunteers revealed a dose dependent exposure and showed good safety and tolerability up to the highest dose resulting in >90% target occupancy in the spinal fluid. In June 2017, Probiodrug announced top-line data of the Phase-2a SAPHIR trial of PQ912 and presented the study results at CTAD 2017. Results strongly support that pGlu species of Abeta are especially neurotoxic and correlate with AD disease progression. The SAPHIR study provides important guidance how to move forward with the development of PQ912 as a disease-modifying drug for AD. Altogether, the results make the program highly attractive for further development; the company has initiated the preparation of a Phase 2b core program.
About Alzheimer's disease
Alzheimer's disease is a neurological disorder, which is the most common form of dementia. Today, 50 million people live with dementia worldwide, and this number is projected to treble to more than 152 million by 2050. Dementia also has a huge economic impact. Alzheimer's has an estimated, global societal cost of US$ 1 trillion, and it will become 2 trillion-dollar disease by 2030. (World Alzheimer Report 2018).
Glutaminyl-peptide cyclotransferase-like protein (QPCTL)
Glutaminyl-peptide cyclotransferase-like protein (QPCTL) is a posttranslational modifying enzyme that is responsible for the pyroglutamate formation on crucial proteins in the immune response to cancer.
Cancer immune checkpoint inhibitors
Checkpoint inhibitor therapy is a novel kind of cancer immunotherapy. The therapy targets immune checkpoints, key regulators of the immune system that stimulate or inhibit its actions, which tumors can use to protect themselves from attacks by the immune system. QPCTL inhibitor therapy can block inhibitory cancer checkpoints and thereby restore beneficial immune system functions.
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.
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