Phoenix300
3 years ago
ProMIS Neurosciences Completes US$7M (CDN$8.75M) Financing with Distinguished Group of Boston Based Investors
By Promis Neuro Admin on Mar 22, 2021 10:39 am
TORONTO, Ontario and CAMBRIDGE, Mass. — March 22, 2021— ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, is pleased to announce today the completion of an US$7M (CDN$8.75M) private placement of convertible unsecured debentures (the “Debentures“).
The investors include Mike Gordon of Fenway Sports Group, the Kraft Group, Henry McCance, co-founder of the Cure Alzheimer’s Fund, and Jeremy Sclar of WS Development Group. “After conducting diligence with a number of experts in the field, we are impressed with the tremendous potential of ProMIS Neurosciences and its unique platform of drug candidates to have a profound impact in the fight against Alzheimer’s and other neurodegenerative diseases. Our group is pleased to provide funding for the next phase of the company’s exciting future”, stated Mike Gordon of Fenway Sports Group.
“We are honored to have the support of such a distinguished group of investors, all of whom are accomplished leaders in the business and life sciences arenas” said Gene Williams, ProMIS Executive Chairman.
Debenture Terms
The Debentures are convertible into ProMIS common shares at the option of the holder at a conversion price of US$0.10 per share and accrue interest at 1% per annum, which is payable annually. At the company’s election, accrued interest may be paid in cash or common shares (such number of shares determined by dividing the interest due by the 5-day volume-weighted average trading price or “VWAP” of the common shares).
The Debenture mature on March 22, 2026. Prior to the maturity date, the Company may force conversion of the Debentures at the conversion price upon raising US$50M in equity and/or debt cumulatively. On the maturity date, the Company may redeem the outstanding principal amount of the Debentures in either cash or common shares (at the then 5-day VWAP less a 10% discount) or a combination thereof at its election. Amounts redeemed in common shares on the Maturity Date will be subject to TSX acceptance.
The investors were granted a right to participate, on a pro rata basis, in subsequent company offerings of equity securities for cash consideration pursuant to a public offering or a private placement.
The Debentures and any common shares issued on conversion are subject to a four-month hold period that expires on July 22, 2021. Net proceeds will be used for working capital and general corporate purposes.
ProMIS plans to accelerate progress toward a number of top priorities, including:
Advancing the PMN310 monoclonal antibody, our potential “best in class” next generation Alzheimer’s treatment, into clinical testing;
Enhancing our partnering prospects for programs under active discussion by allowing us to invest in additional validation data;
Expanding our portfolio of products and intellectual property into new target areas, using our proprietary discovery platform;
Advancing our partnered diagnostic programs;
Achieving NASDAQ listing;
Expanding our Board of Directors; and
Expanding our management team, capitalizing on the talent pool in Boston, to support a growing and ambitious scope of activity.
Retirement of our CEO
Finally, a note of great appreciation for our CEO, Dr. Elliot Goldstein. Elliot, who just turned 70, has announced his intention to retire from a full time role by the end of 2021. Even though Elliot is irreplaceable, ProMIS has initiated a search for a new CEO to help us achieve our potential. “Elliot has been a close friend and valued business partner for decades,” said Gene Williams, “without his significant contributions, we would not have been able to take ProMIS from just a great science idea to a company with a growing portfolio of therapies that have the potential to be life-altering for patients. On behalf of the entire ProMIS community, and patients who in the future may benefit from our therapies, I offer Elliot our sincere thanks and gratitude”.
“ProMIS Neurosciences was launched six years ago based on a world class scientific platform from our CSO and scientific founder, Dr. Neil Cashman. Playing a key role in this endeavor has been one of the most challenging yet rewarding experiences of my 40 odd years in pharmaceutical drug development. I am delighted for this exciting new phase of the Company”, stated Dr. Elliot Goldstein, ProMIS CEO.
Phoenix300
4 years ago
News.
ProMIS Neurosciences initiates Natural History Study of Blood-Based Biomarkers in Alzheimer’s Disease
By Promis Neuro Admin on Feb 26, 2020 07:30 am
Biomarkers offer opportunity to make go/no-go decisions for investigational therapies as early as Phase 1
TORONTO, Ontario and CAMBRIDGE, Mass. — February 26, 2020 — ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), with Toronto Memory Program, Canada’s largest and most experienced memory clinic and site for drug treatment trials in Alzheimer’s disease (AD) has initiated a pilot longitudinal study to assess the level of blood-based biomarkers in early AD with the support of Parexel, one of the world’s leading global clinical research organizations (CROs). ProMIS will leverage Parexel’s significant data management and central nervous system (CNS) expertise for the study, which it will use as the historical control arm for its anticipated Phase 1 study of PMN310, a novel antibody that selectively targets the toxic oligomeric species of amyloid beta, a root cause of AD. The dataset will help ProMIS detect a treatment signal as early as Phase 1, potentially allowing for rapid proof-of-concept at a fraction of the expense associated with traditional clinical trials. The dataset will be made available as a communal resource for Alzheimer’s researchers.
“Alzheimer’s patients and their families have endured far too many late-stage therapy failures,” said Sharon Cohen, MD, FRCPC, Medical Director of Toronto Memory Program and Principal Investigator of the study. “A new generation of blood-based biomarkers offers researchers the opportunity to measure treatment success much earlier than with traditional methods. As both a clinician and researcher, being able to detect a treatment signal in Phase 1 allows me to proceed with confidence knowing I’m focused on a validated therapy candidate with credible potential for success with my patients.”
Parexel will support ProMIS on the assimilation and management of this large data set, aimed at helping the industry derive important insights to drive the development of future therapies.
“As a truly patient-focused CRO, it’s an incredibly exciting time to be involved in Alzheimer’s disease therapy research as we await FDA’s decision regarding the first disease-modifying therapy, aducanumab,” shared Sy Pretorius, MD, Executive Vice President and Chief Medical and Scientific Officer, Parexel. “Harnessing the power of biomarker data holds great potential in helping to reach the next generation of innovation with the ultimate goal of bringing more therapies to market for Alzheimer’s patients, their caregivers and their families.”
“The U.S. Food and Drug Administration (FDA) has indicated it will accelerate approval of potential Alzheimer’s disease therapies if researchers can demonstrate meaningful biomarker changes,” said James Kupiec, MD, Chief Medical Officer for ProMIS Neurosciences, the study sponsor. “The Alzheimer’s research community has desperately needed a reliable, reproducible way to measure a drug’s effectiveness earlier than Phase 2 or 3 at which time so much money, patient hardship and time have been expended. The expected dataset could help facilitate the detection of a meaningful signal as early as Phase 1. This is really critical as it may enable us to advance only the best candidates with the highest potential for success. We look forward to using these data to advance PMN310 quickly. In addition, we will offer the biomarker dataset to the research community to help advance additional therapies.”
Several highly sensitive biomarkers are currently in development that could measure neuronal injury more accurately and/or more conveniently than current standards. Significantly, this new generation of blood-based biomarkers may afford drug developers a convenient means to measure the effectiveness of potential disease-modifying therapies as early as Phase 1, sparing patients, investors and researchers the time, expense and anguish associated with late-stage clinical trial failures.
Toronto Memory Program will lead this non-interventional natural history study which will measure the concentrations of neurofilament light chain (NfL) and other blood-based biomarkers on a monthly basis for a period of six months in AD patients with early stage disease. Designed to support multiple centers and up to 100 patients, the study will evaluate the plasma concentration of these biomarkers over the course of the study as well as visit-to-visit variability. The monthly data collection mirrors the design of a Phase 1 interventional trial where monthly blood draws to evaluate plasma biomarker levels coincide with monthly treatments/infusions.
The depth of the biomarker data from the natural history study will offer a powerful historical reference group with multiple monthly data points per patient.
Phoenix300
4 years ago
ProMIS Neurosciences Data for Alzheimer’s Disease Program Targeting Tau Accepted for Presentation at Tau2020
January 29, 2020 News
Dual targeting of neurotoxic tau and amyloid beta is a promising area of therapy development for Alzheimer’s; ProMIS to present data on novel antibodies for toxic tau
TORONTO, Ontario and CAMBRIDGE, Mass. — January 29, 2020 — ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, announced today that data supporting its Alzheimer’s disease program targeting neurotoxic tau has been accepted for presentation at Tau2020 Global Conference, an international conference sponsored by the Alzheimer’s Association, Rainwater Foundation and CurePSP. ProMIS will present data showing the ability of its novel antibody candidates to bind and neutralize the seeding activity of toxic tau species, which—along with the protein amyloid-beta—are considered the most promising targets for potential Alzheimer’s disease (AD) therapy.
ProMIS Chief Development Officer Dr. Johanne Kaplan will present the poster, “Selective Targeting of Pathogenic Tau Aggregates with Rationally Designed Antibodies,” as well as a short Lightning Round oral presentation on the first day of the conference, Wednesday, February 12, from 1:45-2:45. The antibodies were generated using ProMIS’ proprietary drug discovery and development platform. The tau antibodies join ProMIS’ lead candidate for AD, PMN310, which targets the toxic oligomer of amyloid beta (AßO), giving ProMIS a pipeline that offers a critical “one-two punch” for potential Alzheimer’s disease therapies.
“Published data from the team led by Nobel Laureate Stanley B. Prusiner M.D., show that Alzheimer’s disease is driven by self-propagating prion-like aggregates of amyloid and tau,” said Dr. Johanne Kaplan, chief development officer of ProMIS Neurosciences. “We created ProMIS to discover and advance new antibody candidates that can selectively target the toxic forms of misfolded proteins, including amyloid and tau, for potential therapies for a range of neurodegenerative diseases. We’re pleased to share our findings for tau with the larger community and to have our data recognized by such an accomplished program committee.”
ProMIS Neurosciences’ drug discovery and development platform produces antibody candidates that meet a key success factor for an AD therapy: the ability to selectively target the toxic form of a misfolded protein, while sparing its normal, physiologically important form. This continues to challenge Alzheimer’s drug development, evidenced most recently by aducanumab’s limited selectivity for AßOs: in the phase 3 EMERGE trial, aducanumab’s off-target binding to plaque caused adverse and dose-limiting ARIA-E (brain swelling) in 35% of participants. ProMIS’ platform not only generates high-quality antibody candidates with precision selectivity for only the toxic species, it also delivers powerful, confirmed candidates in months versus years. Used in combination with new biomarkers for AD, it gives researchers a unique opportunity to dramatically improve the success and speed of drug development efforts.
Tau2020 will take place February 12-13 in at the Marriott Marquis in Washington, D.C. To learn more about AD therapy development efforts, listen to the podcast, Saving Minds, at iTunes or Spotify.
Phoenix300
4 years ago
ProMIS Neurosciences issues Chairman’s Update detailing positive outlook for Alzheimer’s disease therapy, pipeline in 2020
By Promis Neuro Admin on Jan 08, 2020 07:30 am
Anticipated approval of first amyloid-beta-targeting therapy to pave the way for next-generation therapies; PMN310 positioned as best-in-class against amyloid toxicity
TORONTO, Ontario and CAMBRIDGE, Mass. —January 8, 2020— ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, issued today a Chairman’s Update, which discusses the outlook for the company’s pipeline in light of anticipated regulatory approval for the first disease modifying therapy for Alzheimer’s disease (AD). Accumulating data continue to validate the need for a drug candidate with improved selectivity for amyloid-beta oligomers (AßO). Compared to Aß-directed antibodies in development, ProMIS’ lead therapeutic antibody candidate, PMN310 demonstrates superior selectivity for toxic AßOs, and great potential as a next-generation, disease-modifying therapy candidate for AD.
“We are finally turning the corner in Alzheimer’s disease,” said ProMIS Neurosciences’ Executive Chairman Eugene Williams, who authored the Chairman’s Update. “In this decade, physicians and researchers alike will gain access to new non-invasive biomarkers that will allow them to diagnose Alzheimer’s earlier, monitor disease progression and significantly, develop next-generation therapies faster and with greater efficiency and lower costs than traditional clinical trials have allowed. I believe this will enable drug developers to usher not one but a portfolio of Alzheimer’s therapies to this patient community in dire need of effective treatment.”
Mr. Williams continued: “ProMIS is in a unique position to contribute to and benefit from this unprecedented momentum. Our diverse portfolio includes differentiated antibodies selectively targeting toxic forms of Aß and tau along with robust discovery efforts to target additional misfolded proteins involved in neuroinflammation and neuroprotection. At the precipice of what is poised to be a radical phase of progress in addressing this devastating disease, we are invigorated by the promise of our path and steadfast in our commitment to patients, our investors and the research community at large.”
To access the Chairman’s Update, please visit www.promisneurosciences.com or visit http://bit.ly/ProMIS010820
To learn more about the search for therapies for Alzheimer’s, Parkinson’s and other neurodegenerative diseases, listen to Saving Minds at iTunes or Spotify.
About PMN310
PMN310 is a next generation drug candidate that offers more precise selectivity for AßOs, which is expected to provide greater clinical benefit and safety. Created using a novel drug discovery and development platform that can uniquely and precisely target the toxic forms of otherwise normal proteins, PMN310 demonstrates a high degree of binding to toxic oligomers without binding to non-toxic forms of amyloid-beta,. Data also demonstrate PMN310’s potential for greater therapeutic potency versus other Aß-directed antibodies. For more information about PMN310, please visit www.promisneurosciences.com.
About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery platform is based on the use of two complementary thermodynamic, computational discovery engines – ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique precision approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn
For media inquiries, please contact:
Shanti Skiffington
shanti.skiffington@gmail.com
Tel. 617 921-0808
For Investor Relations please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
noretreat
4 years ago
ProMIS Neurosciences Completes Second Closing of Private Placement
By Promis Neuro Admin on Dec 31, 2019 02:09 pm
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, December 31, 2019 – ProMIS Neurosciences, Inc. (“ProMIS” or the “Company”) (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases is pleased to announce that further to its news releases dated November 13, 2019 and November 18, 2019, it completed, on December 31, 2019 the second closing of its private placement. In the second closing, the Company issued 3,724,998 units (each a “Unit”) for gross proceeds of approximately CDN$745,000. The total gross proceeds raised to date under the private placement are $2,800,333.
In connection with the two closings insiders of the Company have subscribed for a total of 633,332 Units under the private placement representing approximately $126,666 of the private placement.
Each Unit issued in the second closing consisted of one common share of the Company (each a “Share”) and one share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share (“a “Warrant Share”) at an exercise price of $0.35 per Warrant Share at any time for five years from the date of issuance.
All securities issued in the second closing will be subject to a four-month statutory hold period in accordance with applicable securities laws. Net proceeds from the second closing are intended to be used for working capital and general corporate purposes. Closing is subject to TSX approval.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About ProMIS Neurosciences Inc.
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery platform is based on the use of two complementary thermodynamic, computational discovery engines – ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique precision approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
Company documents relating to the fiscal year 2018 annual report can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR) at the link below:
https://www.sedar.com/search/search_en.htm
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains certain forward-looking information, including about the timing and completion of the Offering, the receipt of TSX approval and the expected use of proceeds from the Offering. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information:
Visit us at www.promisneurosciences.com or follow us on Twitter and LinkedIn
To learn more about the role of misfolded toxic oligomers in Alzheimer’s disease, Parkinson’s disease and ALS, tune into Saving Minds, at iTunes or Spotify.
For media inquiries, please contact:
Shanti Skiffington
shanti.skiffington@gmail.com
Tel. 617 921-0808
For Investor Relations, please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785
noretreat
4 years ago
Aducanumab is good; next generation Alzheimer’s disease therapies will be better. New data for aducanumab strengthens potential for Alzheimer’s therapy in near term, fuels next-generation therapies with more selective binding for toxic species of amyloid beta
GLOBENEWSWIRE 11:50 AM ET 12/5/2019
TORONTO and CAMBRIDGE, Mass., Dec. 05, 2019 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc.(ARFXF) , a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, commends Biogen for its trailblazing efforts to advance aducanumab. Data released today at CTAD (Clinical Trials on Alzheimer’s Disease conference) strengthen aducanumab’s potential to become the first disease-modifying therapy for Alzheimer’s disease. The data clearly underscore the need for next-generation drug candidates that offer more precise binding to the misfolded beta amyloid oligomer (AßO), the toxic species of the amyloid beta protein and root cause of Alzheimer’s disease.
“Today’s presentation reflects yet another landmark step toward the approval of a disease-modifying therapy for Alzheimer’s disease, which, we must remember, is currently the only top-ten cause of death without treatment,” said ProMIS Neurosciences(ARFXF) Chief Medical Officer James Kupiec, MD. “The aducanumab data is indeed good news, but the compound has limitations. History frequently shows that first-generation therapies for the most challenging diseases often have major efficacy or safety limitations. In heart disease, cancer and HIV, first-generation efforts often paved the way for better, safer medicines, and the same will be true for Alzheimer’s disease by more precisely targeting only the toxic species of amyloid beta and thereby avoiding the dose-limiting side effects associated with unwanted off-target binding. We will get there. Biomarkers will help us get there faster, but aducanumab is a tremendous first step.”
New data for aducanumab affirm a statistically significant reduction in cognitive and functional decline for participants in the EMERGE trial. As clinical benefit depends on the amount of antibody that can reach the pathogenic species of amyloid beta, data continue to show that aducanumab demonstrates limited selectivity for AßOs: off-target binding to amyloid plaque was associated with adverse and dose-limiting ARIA-E (brain swelling) in 35% of trial participants despite attempts to minimize it by titrating drug dosing.
PMN310 is a next generation drug candidate that offers more precise selectivity for AßOs, which is expected to provide greater clinical benefit and safety based upon current preclinical data. Created using a novel drug discovery and development platform that can uniquely and precisely target the toxic forms of otherwise normal proteins, PMN310 demonstrates a high degree of binding to toxic oligomers without binding to non-toxic forms of amyloid beta. Data also demonstrate PMN310’s greater therapeutic potency versus other Aß-directed antibodies. For more information about PMN310, please visit www.promisneurosciences.com.
To learn more about the search for therapies for Alzheimer’s, Parkinson’s and other neurodegenerative diseases, listen to Saving Minds, at iTunes or Spotify.
About ProMIS Neurosciences(ARFXF)
ProMIS Neurosciences, Inc. (ARFXF) is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery platform is based on the use of two complementary thermodynamic, computational discovery engines – ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique precision approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn
For media inquiries, please contact:
Shanti Skiffington
shanti.skiffington@gmail.com
Tel. 617 921-0808
For Investor Relations please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785
noretreat
4 years ago
ProMIS Neurosciences Announces Third Quarter 2019 Results
PR NEWSWIRE 6:30 AM ET 11/14/2019
Company continues to expand its portfolio of highly selective antibodies targeting root cause of Alzheimer's, ALS and Parkinson's disease
TORONTO and CAMBRIDGE, MA, Nov. 14, 2019 /PRNewswire/ - ProMIS Neurosciences, Inc.(ARFXF) , a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, today announced its operational and financial results for the three and nine months ended September 30, 2019.
"Over the course of 2019, the breadth and depth of our unique discovery and development platform was further evidenced as ProMIS made considerable progress in expanding its portfolio of opportunities in neurodegenerative diseases," stated Dr. Elliot Goldstein, ProMIS President and CEO. "In the third quarter of this year, we continued to generate further data supporting our antibody candidates for Parkinson's disease (targeting toxic forms of alpha-synuclein), amyotrophic lateral sclerosis (targeting toxic aggregates of TDP-43) and for Alzheimer's disease (targeting toxic forms of tau)."
Narrated updates relating to ProMIS' unique approach and capabilities can be found on the ProMIS website by clicking on the links below:
Click here for strategy overview memorandum from Executive Chairman Eugene Williams: http://bit.ly/ProMIS102319
Click here for Chief Scientific Officer Dr. Neil Cashman's overview of ProMIS' unique capability to design and develop antibodies selectively targeting toxic mis-folded proteins that are root causes of neurodegenerative diseases: http://bit.ly/ProMIS2KQ88la
Click here for Chief Development Officer, Dr. Johanne Kaplan's narrated overview of "Best in Class" therapy for misfolded protein diseases: http://bit.ly/ProMIS110719
Corporate Highlights
On November 13, 2019, subsequent to period-end, the company announced a non-brokered private placement for gross proceeds of up to $6.5 million. A first closing in the amount of $2,055,000 gross proceeds will occur on November 15, 2019.
In July 2019, the Company announced the voting results of the Corporation's annual meeting of shareholders held on June 27, 2019 in Toronto, Ontario. All of the resolutions announced in the Management Proxy Circular and placed before the Meeting were overwhelmingly approved by the shareholders. All Directors were elected, with each nominee receiving more than 75% of the votes cast.
In July 2019, supporting data for PMN310, the Company's lead antibody candidate for Alzheimer's disease (AD) were published in Scientific Reports, a journal of the Nature Research family. In the manuscript, "A Rationally Designed Humanized Antibody Selective for Amyloid Beta Oligomers in Alzheimer's Disease," the authors demonstrate PMN310's selectivity for toxic amyloid-beta oligomers (AßOs), a root cause of AD. The results of activity assays show that PMN310 inhibits both the spread and toxicity of AßOs in vitro, and, in mouse studies, that PMN310 prevents AßO-induced loss of memory formation and reduces both synaptic loss and inflammation. PMN310 compared favorably to other Aß-directed antibodies, showing a lack of adverse event-associated binding to Aß plaque.
In July 2019, the Company presented an update on PMN310 for Alzheimer's disease at the annual Alzheimer's Association International Conference® (AAIC) in Los Angeles. In an oral presentation, Chief Development Officer, Dr. Johanne Kaplan highlighted the therapeutic potential of PMN310 against the toxic oligomer form of AßO, a root cause of AD. Dr. Neil Cashman, ProMIS Chief Scientific Officer delivered data derived from ProMIS' preclinical program for ALS in a poster presentation demonstrating the role of toxic, misfolded TAR-DNA binding protein 43 (TDP-43) as a root cause of neurogenerative diseases such as ALS and frontotemporal dementia (FTD).
Scientific Advisory Board Appointment
In August 2019, the Company appointed Dr. Andre Strydom to its scientific advisory board (SAB). Dr. Strydom is a world-recognized expert in ageing-related issues in Down syndrome and his research has advanced understanding of AD in Down syndrome patients. His expertise and advocacy will help guide ProMIS development plans relating to treatment of AD in Down syndrome. He is a professor in the Institute of Psychiatry, Psychology and Neuroscience at King's College London, and Honorary Consultant psychiatrist, South London and the Maudsley NHS Trust.
Financial Results
Results of Operations – Three months ended September 30, 2019 and 2018
Net loss for the three months ended September 30, 2019 was $1,637,714 compared to a net loss of $2,911,981 for the three months ended September 30, 2018, respectively. Included in the net loss amount for the three months ended September 30, 2019 were non-cash expenses of $134,634, representing share-based compensation and amortization of an intangible asset, compared to $385,951 for the three months ended September 30, 2018. The decrease in the net loss in the three months ended September 30, 2019 reflects decreased costs associated with external contract research organizations for internal programs, consultant salaries and associated costs, patent costs and share-based compensation offset by increased general corporate expenditures.
Research and development expenses for the three months ended September 30, 2019 were $1,053,123, as compared to $1,867,648 in the three months ended September 30, 2018. The decrease in the research and development expenses for the three months ended September 30, 2019, compared to the same periods ended September 30, 2018, is primarily attributed to decreased costs associated external contract research organizations for internal programs and patent costs offset by increased external consulting costs and share-based compensation.
General and administrative expenses for the three months ended September 30, 2019 were $584,602, as compared to $1,044,596 in the three months ended September 30, 2018. The decrease for the three months ended September 30, 2019, compared to the same periods ended September 30, 2018, is primarily attributable to decreased consultant salaries and associated costs, general corporate expenditures and share-based compensation.
Results of Operations – Nine months ended September 30, 2019 and 2018
Net loss for the nine months ended September 30, 2019 was $5,942,821, compared to a net loss of $6,683,714 for the nine months ended September 30, 2018, respectively. Included in the net loss amount for the nine months ended September 30, 2019 were non-cash expenses of $551,968, representing share-based compensation and amortization of an intangible asset, compared to $888,506 for the nine months ended September 30, 2018. The decrease in the net loss in the nine months ended September 30, 2019 reflects decreased costs associated with external contract research organizations for internal programs, patent costs and share-based compensation offset by increased consultant salaries and associated costs and general corporate expenditures.
Research and development expenses for the nine months ended September 30, 2019 were $3,866,394, as compared to $4,096,729 in the nine months ended September 30, 2018. The decrease in the research and development expenses for the nine months ended September 30, 2019, compared to the same periods ended September 30, 2018, is primarily attributed to decreased spending on external contract research organizations for internal programs and reduced patent expense offset by increased contracted research salaries and associated costs, external consulting expense and share-based compensation.
General and administrative expenses for the nine months ended September 30, 2019 were $2,076,463, as compared to $2,587,253 in the nine months ended September 30, 2018. The decrease for the nine months ended September 30, 2019, compared to the same periods ended September 30, 2018, is primarily attributable to decreased share-based compensation offset by increased consultant salaries and associated costs, general corporate expenditures and foreign exchange.
Outlook
The Company will continue to build on its unique, proprietary discovery and development platform to further characterize the potential benefits of its programs selectively targeting toxic aggregates of TDP-43 and SOD1 in ALS, toxic forms of alpha-synuclein ( in PD and other related disorders, and toxic forms of tau and amyloid beta in AD and other dementias to further support ongoing pharmaceutical partnering discussions.
About ProMIS Neurosciences, Inc.(ARFXF)
ProMIS Neurosciences, Inc. (ARFXF) is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer's disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson's disease (PD). The Company's proprietary target discovery platform is based on the use of two complementary thermodynamic, computational discovery engines -ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique precision approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
Company documents relating to the fiscal year 2018 annual report can be viewed on the System for Electronic Document Analysis and Retrieval (SEDAR) at the link below:
https://www.sedar.com/search/search_en.htm
Visit us at www.promisneurosciences.com or follow us on Twitter and LinkedIn
To learn more about the role of misfolded toxic oligomers in Alzheimer's disease, Parkinson's disease and ALS, tune into Saving Minds, at iTunes or Spotify.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE ProMIS Neurosciences Inc.(ARFXF)
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