Tuesday, August 14, 2018 9:10:18 AM
ARFXF
TORONTO, ONTARIO and CAMBRIDGE, MA –August 14, 2018 – 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, today announced its operational and financial results for the three and six months ended June 30, 2018.
“Over the first half of 2018, we focused on three key priorities to advance our business”, stated ProMIS Executive Chairman, Eugene Williams. “First, to continue to push toward our goal of initiating the first clinical trial of PMN310 in the second half of 2019; second, to differentiate the oligomer selectivity of PMN310 as best in class profile for the treatment of Alzheimer’s disease (AD) versus other amyloid-beta directed therapies in development; and third, to expand our portfolio by developing therapeutic antibodies targeting toxic oligomers of alpha-synuclein for Parkinson’s disease (PD) and toxic aggregates of Tar-DNA binding protein (TDP43) for ALS. We are pleased to be on target to meet our objectives for the year and look forward to communicating our accomplishments.”
Recent Corporate Highlights
On May 1, we announced completion of a private placement of 19,306,668 common share units at a price of $0.375 per unit, for gross proceeds of approximately $7,240,000. Each unit consisted of one common share and one-half of a common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.48 per share for a 60-month exercise period, subject to earlier expiry on 30 days’ notice if, at any time after four months from closing, the 20-day volume-weighted average trading price of the Company’s common shares is greater than CDN$1.00. Net proceeds from the private placement will be used for working capital and general corporate purposes.
During the second quarter of 2018, we received proceeds of $1,550,204 related to the exercise of common stock warrants and stock options. The warrants were exercisable at $0.17, $0.20 and $0.30.
On April 10, we announced publication of a peer reviewed scientific paper describing a novel target on toxic oligomers of amyloid-beta in AD.
On June 12, we announced the initiation of producer cell line development for PMN310, our lead therapeutic antibody candidate for treatment of AD. Selexis, SA will carry out this critical first step in the manufacturing of antibody therapeutics using their proprietary Selexis SUREtechnology Platform™.
On June 26, we announced that our unique discovery platform generated potential new antibody therapeutic candidates targeting toxic oligomers implicated in the development and progression of PD and ALS.
On June 28, we announced results of the Annual Meeting of Shareholders, whereby all of the resolutions announced in the Management Proxy Circular and placed before the Meeting were overwhelmingly approved by the shareholders.
Financial Results
Results of Operations – Three months ended June 30, 2018 and 2017
The net loss for the three months ended June 30, 2018 was $2,214,861, compared to a net loss of $1,903,396 for the three months ended June 30, 2017. The increased loss in the current period reflects the costs associated with operating the Company’s AD therapeutics program, increased contract research and consultant salaries and associated costs, supporting its patent portfolio and general corporate expenditures.
Research and development expenses for the three months ended June 30, 2018 were $1,531,075, as compared to $1,132,258 in the three months ended June 30, 2017. Costs were higher in the current period due to higher research program costs for the AD therapeutics program, recruiting expenses and higher costs to support its patent portfolio, offset by lower stock-based compensation.
General and administrative expenses for the three months ended June 30, 2018 were $683,786, as compared to $768,696 in the three months ended June 30, 2017. The decreased in expenditures in the current period reflect reduced investor relations expenses and foreign exchange expense, offset by higher consultant salaries and associated costs, other professional fees, and stock-based compensation.
Results of Operations – Six months ended June 30, 2018 and 2017
The net loss for the six months ended June 30, 2018 was $3,771,733, compared to a net loss of $3,275,599 for the six months ended June 30, 2017. The increased loss in the current period reflects the costs associated with operating the Company’s AD therapeutics program, increased contracted research and consultant salaries and associated costs, supporting its patent portfolio and general corporate expenditures.
Revenues for the six months ended June 30, 2018 and 2017 were nominal and relate to legacy technologies.
Research and development expenses for the six months ended June 30, 2018 were $2,229,082, as compared to $1,851,360 in the six months ended June 30, 2017. Costs are higher in the current period due to higher research program costs for the AD therapeutics program, recruiting expenses and higher costs to support its patent portfolio, offset by lower stock-based compensation.
General and administrative expenses for the six months ended June 30, 2018 were $1,542,656, as compared to $1,420,056 in the six months ended June 30, 2017. The increased expenditures in the current period reflect increased consultant salaries and associated costs and higher stock-based compensation, offset by foreign exchange gains.
Outlook
The Company plans to further advance its AD portfolio, with a focus on development of PMN310 for clinical trial initiation in the second half of 2019. Based on the highly selective binding of PMN310 to the toxic Aß oligomers and lack of off-target binding to non-toxic forms of Aß (monomer, plaque), the ProMIS AD program will continue to develop data further supporting potential best in class safety and efficacy versus other Aß-directed therapies currently in development.
Finally, using its unique technology platform, we will advance work to identify and validate selective antibody therapies for the toxic oligomers of alpha synuclein in PD and TDP43 in ALS, with a view to partnering these assets.
About ProMIS Neurosciences, Inc.
ProMIS Neurosciences is a development stage biotechnology company focused on discovering and developing antibody therapeutics 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 engine is based on the use of two complementary techniques. The Company applies its thermodynamic, computational discovery platform—ProMIS and Collective Coordinates — to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Using this unique precision medicine 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.
For further information please consult the Company’s website at: www.promisneurosciences.com
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Media inquiries for ProMIS
David Schull
RussoPartners/LLC
David.Schull@russopartnersllc.com
Tel. 858 717-2310
Investor Relations inquiries for ProMIS
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785
Dr. Elliot Goldstein
President and Chief Executive Officer, ProMIS Neurosciences Inc.
Tel. 415 341-5783
Elliot.goldstein@promisneurosciences.com
Media Inquiries for Selexis
Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
Tel. 312-961-2502
Company Inquiries for Selexis
Robert Meister
Head, Corporate Communications
robert.meister@selexis.com
Tel. 602-953-1716
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain “forward-looking statements” within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.
Recent PMN News
- ProMIS Neurosciences to Showcase PMN310’s Ability to Target Toxic Oligomers and Distinguish from Other Amyloid-Beta Oligomers in Preclinical Studies at the 4th International Conference on Cognitive & Behavioral Neurosciences • GlobeNewswire Inc. • 09/12/2024 11:00:00 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 09/09/2024 08:10:10 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/09/2024 08:05:20 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/09/2024 04:15:07 AM
- ProMIS Neurosciences to Present at the H.C. Wainwright 26th Annual Global Investment Conference • GlobeNewswire Inc. • 09/05/2024 11:00:00 AM
- ProMIS Neurosciences Announces Second Quarter 2024 Financial Results and Recent Highlights • GlobeNewswire Inc. • 08/08/2024 11:00:00 AM
- ProMIS Neurosciences Announces Data on the Pathogenic Role of Toxic Misfolded SOD1 Aggregates in ALS Published in Acta Neuropathologica and Open Biology • GlobeNewswire Inc. • 08/06/2024 11:00:00 AM
- ProMIS Neurosciences to Participate in BTIG Virtual Biotechnology Conference 2024 • GlobeNewswire Inc. • 08/01/2024 11:00:00 AM
- ProMIS Neurosciences Showcases Novel Vaccine Approach for Maximal Targeting of Toxic Amyloid-Beta Oligomers at the 2024 Alzheimer’s Association International Conference • GlobeNewswire Inc. • 07/30/2024 12:30:00 PM
- ProMIS Neurosciences Reports Positive Top-Line Data from its Phase 1a Alzheimer's Trial • GlobeNewswire Inc. • 07/26/2024 12:35:00 PM
- ProMIS Neurosciences Announces Up to $122.7 Million Private Placement Financing • GlobeNewswire Inc. • 07/26/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 08:15:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:25:22 PM
- ProMIS Neurosciences Announces First Quarter 2024 Financial Results and Recent Highlights • GlobeNewswire Inc. • 05/14/2024 08:01:00 PM
- ProMIS Neurosciences Publishes Study Highlighting Oligomer Selectivity and Benefit of Amyloid-Beta-Directed Antibodies • GlobeNewswire Inc. • 04/30/2024 11:00:00 AM
- ProMIS Neurosciences Publishes in the Journal of Biological Chemistry on the Interaction Between Pathogenic Proteins as a Treatment Target for ALS • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- ProMIS Neurosciences to Present in Upcoming Investor Conferences in April • GlobeNewswire Inc. • 04/04/2024 11:00:00 AM
- ProMIS Neurosciences Announces Full Year 2023 Financial Results and Recent Highlights • GlobeNewswire Inc. • 04/01/2024 08:15:00 PM
- ProMIS Neurosciences Strengthens Global Intellectual Property Portfolio • GlobeNewswire Inc. • 03/11/2024 11:00:00 AM
- ProMIS Neurosciences to Present at the 2024 BIO CEO & Investor Conference • GlobeNewswire Inc. • 02/22/2024 12:00:00 PM
- ProMIS Neurosciences Achieves Milestone in Development of Therapeutic Alpha-Synuclein Vaccine • GlobeNewswire Inc. • 01/22/2024 12:00:00 PM
- ProMIS Neurosciences Issues Letter to Shareholders • GlobeNewswire Inc. • 01/08/2024 12:00:00 PM
- ProMIS Neurosciences, Inc. Announces Leadership Transition • GlobeNewswire Inc. • 01/03/2024 12:00:00 PM
- ProMIS Neurosciences Announces Publication on Novel Target for ALS • GlobeNewswire Inc. • 12/20/2023 12:00:00 PM
- ProMIS Neurosciences Doses First Subjects in Phase 1a Clinical Trial of PMN310 to Treat Alzheimer’s Disease • GlobeNewswire Inc. • 11/20/2023 12:00:00 PM
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