ProMIS Neurosciences announces overview of first quarter 2017 progress and outlook for near term value creation
TORONTO, March 30, 2017 /CNW/ - ProMIS Neurosciences ("ProMIS" or the "Company"), a company focused on the discovery and development of precision treatments for neurodegenerative diseases, released today management's review of the first quarter of 2017, which included a review of Q1 accomplishments, a status update on ongoing programs, and its outlook for near term value creation.
Key highlights of the quarterly update include:
•Numerous studies underway and on track to further validate that ProMIS is building a 'best in class' portfolio of therapies targeting toxic, prion-like forms of Amyloid beta, a root cause of Alzheimer's;
•Results announced in January for lead product PMN310 showed prevention of short term memory loss in a well-validated mouse model. ProMIS's other four monoclonal antibodies (mAbs) are undergoing evaluation in the same model, with results expected over the coming months;
•PMN310 on track for IND submission (clinical trial initiation) in late 2018;
•Cohort study underway, evaluating presence and prevalence of ProMIS mAb targets in cerebrospinal fluid (CSF) and blood from Alzheimer's patients, with initial readout expected in the coming months;
•Diagnostics development underway and on track; goal is to create diagnostics to detect different toxic oligomer strains of Amyloid beta in both CSF and blood;
•Discovery programs for TDP43 and Tau, two highly valued targets in neurodegenerative disease and dementia, on track with confirmation of targets and patent submissions expected soon.
"2017 is shaping up to be a very important year for ProMIS, and the year is off to a great start. All our programs are progressing well, and external events continue to support our scientific strategy", said Eugene Williams, Executive Chairman.
"Recently announced results of major clinical trials with competitor products in Alzheimer's strongly support ProMIS' differentiation", stated ProMIS President and CEO, Dr. Elliot Goldstein. "We remain very confident that our mAb programs focused on selectively targeting the toxic, prion-like forms of Amyloid beta will lead to 'best in class therapy' and significant value creation".
