Probiodrug AG (EPA: PBD) has appointed Dr Michael Schaeffer to the position of executive vice president for business and strategy, effective August 2018, the clinical stage biopharmaceutical company announced on Tuesday.

Dr Schaeffer brings over 15 years of experience across pharma and biotech in strategic business development, scientific project and alliance management to Probiodrug.

His previous roles saw him serve as the founder and managing director of the biotech companies CRELUX GmbH and SiREEN AG.

Under his leadership, CRELUX nearly doubled its revenues in one year. When CRELUX was acquired by WuXiAppTec (SHA: 603259) in 2016, it was Dr Schaeffer's responsibility to integrate CRELUX into the global CRO with more than 18,000 employees based in Shanghai.

Probiodrug's CEO, Dr Ulrich Dauer, commented that Dr Schaeffer's experience and skill sets would help the company define its business strategies and tackle the next developmental stages for its lead candidate PQ912 as the company prepares for the upcoming global Phase 2b studies.