- ProMIS Neurosciences (PMN) has closed a fully subscribed private placement for gross proceeds of US$7,472,277
- The company issued 1,383,755 units for US$5.40 per unit
- The proceeds will be used to advance ProMIS’ lead product candidate, PMN310, into a first-in-human study scheduled to commence in 2023
- ProMIS Neurosciences, Inc. is a development-stage biotechnology company
- ProMIS Neurosciences Inc. (PMN) opened trading at C$8.55
ProMIS Neurosciences (PMN) has closed a fully subscribed private placement for gross proceeds of US$7,472,277.
The company issued 1,383,755 units for US$5.40 per unit. Each unit consists of one common share and one-quarter of one common share purchase warrant. Each whole warrant is exercisable for one common share at US$7.50 for a period of five years commencing six months from the closing of the offering.
The proceeds will be used to advance ProMIS’ lead product candidate, PMN310, into a first-in-human study scheduled to commence in 2023, subject to the FDA’s acceptance of an Investigational New Drug Application (IND). Proceeds will also support the expansion of the company’s intellectual property portfolio, as well as working capital and general corporate purposes.
ProMIS’ lead product candidate, PMN310, is a novel monoclonal antibody that is highly selective for toxic oligomers of amyloid-beta, which are found in the brains of AD patients. ProMIS believes specific targeting of toxic misfolded proteins may directly address fundamental AD pathology while potentially leading to enhanced efficacy and safety compared to other agents due to the reduction of off-target activity. ProMIS’ pipeline also includes PMN267, an antibody against misfolded TDP-43 for ALS, and PMN442, targeting misfolded toxic forms of alpha-synuclein, a driver of MSA.
“This is an exceptionally exciting time in Alzheimer’s research,” stated Gail Farfel, Ph.D., Chief Executive Officer of ProMIS.
“Our patented platform technology has created an antibody candidate, PMN310, specific to toxic misfolded oligomers known to be present in Alzheimer’s disease, which we believe may have greater therapeutic potential than other agents due to the reduction of off-target activity. We plan to initiate our first-in-human study in 2023, subject to the FDA’s acceptance of our IND, which will represent a significant milestone for the company, our shareholders, and the Alzheimer’s community.”
“ProMIS anticipates submission of an IND application for PMN310 by year-end 2022,” added Eugene Williams, Chairman and Co-Founder. “We are excited to be in a position to capitalize on the recent positive momentum in the Alzheimer’s field and grateful for the continued support of our investors. In the future, we look forward to advancing additional programs with our antibody candidates for ALS, PMN267, and for MSA, PMN442, both of which were created using our proprietary platform to generate antibodies highly selective for toxic misfolded proteins.”
Investors include Mike Gordon of Fenway Sports Group, the Kraft Group, Jeremy Sclar of WS Development, and Dave Welch of 4-Good Ventures.
ProMIS Neurosciences, Inc. is a development-stage biotechnology company.
ProMIS Neurosciences Inc. (PMN) opened trading at C$8.55.
