Probiodrug loss announcement a non-event, says analyst

15 October 2018

Germany’s Probiodrug (AMS: PBD) announced to the stock market that a cumulative loss of more than half of the nominal share capital of the company has been incurred, due to operating losses resulting from ordinary business operations.

Management will therefore need to summon an extraordinary general meeting (EGM) without undue delay.

Analysts at Goetzpartners Securities Research note that this is a technicality required to comply with the German Stock Corporation Act and has no further consequences beyond the calling of an EGM. It does not affect Probiodrug's financial position or financing ability. Management reiterated that the company has sufficient resources to fund operations until the end of third-quarter 2019E and continues to explore financing options.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK