Probiodrug announces completion of recruitment for

  Probiodrug announces completion of recruitment for the SAPHIR Phase 2a study of Glutaminyl Cyclase Inhibitor PQ912 in early Alzheimer's disease patients

HALLE (SAALE), Germany, 09 January 2017 - Probiodrug AG ("Probiodrug", Euronext: PBD), a biopharmaceutical company developing novel therapeutic solutions to treat Alzheimer's disease (AD), announces that recruitment for the Phase 2a SAPHIR study has been completed in mid-December 2016. A total of 120 patients have been randomised, surpassing the 110 patients planned in the study protocol.

The SAPHIR study is a randomized, double blind study comparing PQ912 to placebo in treatment naïve patients with early AD. PQ912 targets inhibition of the Glutaminyl Cyclase (QC) enzyme which reduces production of highly neurotoxic pGlu-Abeta and related oligomers implicated in AD. PQ912 has been extensively investigated in a Phase 1 SAD/MAD study showing good tolerability and a dose dependent QC-inhibition in the spinal fluid.

The primary objective of the SAPHIR study is to investigate the safety of PQ912 in the target population and the secondary objective is to assess the pharmacodynamics profile through various readouts.

In this study Mini-Mental State Examination (MMSE) and the Cogstate neuro-psychological tests are monitored blindly every 30 patients to ensure consistency and reliability of ratings. First blinded results at baseline show that the mean MMSE scores from the 120 randomised patients is 25.3, the mean age is 73 years and gender distribution is 64 female and 56 male. Current results indicate a low variability and therefore the high quality of the assessments being used.

Full unblinded results of the SAPHIR study are expected in the second quarter of 2017.

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For more information, please contact:

Probiodrug Dr Konrad Glund, CEO Email: contact@probiodrug.de

Hume Brophy Conor Griffin, Alexia Faure, Alex Protsenko Tel: +44 (0) 20 7862 6381 Email: probiodrug@humebrophy.com

The Trout Group Tricia Truehart Tel: +1 (646) 378-2953 Email: ttruehart@troutgroup.com

MC Services AG Anne Hennecke, Caroline Bergmann Tel: +49 (0) 211 529 252 20 Email: probiodrug@mc-services.eu

Notes to Editors: About Probiodrug AG Headquartered in Halle (Saale), Germany, Probiodrug AG (Euronext Amsterdam: PBD) is a biopharmaceutical company focused on the development of new therapeutic products for the treatment of Alzheimer's disease.

Founded in 1997, the company successfully developed a novel therapeutic concept for diabetes - the DP4 inhibitors - which provided the basis for a novel class of antidiabetics - the gliptins. Its core capabilities are based on its long-standing expertise in the elucidation of the structure and function of enzymes involved in the modification of proteins and peptides, which play a central role in pathological conditions.

Today Probiodrug's aim is to become a leading company in the development of Alzheimer's disease treatments and to thereby provide a better life for Alzheimer's disease 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 Glutaminyl Cyclase (QC) and anti-pGlu-Abeta- specific monoclonal antibodies, providing it, in the Company's view, with a leading position in this field of research.

Probiodrug's lead product candidate, PQ912, is a highly specific and potent inhibitor of Glutaminyl Cyclase (QC), which has shown therapeutic effects in Alzheimer's animal models. PQ912 is currently in a Phase 2a study, the SAPHIR trial. In a preceding Phase 1 study with healthy young and elderly volunteers, PQ912 has shown to be safe and well tolerated and also revealed high QC-inhibition.

www.probiodrug.de

About Alzheimer's disease Alzheimer's disease is a neurological disorder, which is the most common form of dementia, and ultimately leads to death. Because Alzheimer's disease cannot be cured and is degenerative, the affected patients must increasingly rely on others for assistance. . Today, 47 million people live with dementia worldwide, and this number is projected to treble to more than 131 million by 2050, as populations age. Dementia also has a huge economic impact. Alzheimer's has an estimated, global societal cost of US$ 818 billion, and it will become a trillion dollar disease by 2018. (World Alzheimer Report 2016).

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.