Tuesday, March 23, 2021 9:06:43 AM
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.
Recent PMN News
- 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
- ProMIS Neurosciences Announces Third Quarter 2023 Financial Results and Recent Highlights • GlobeNewswire Inc. • 11/14/2023 09:30:00 PM
- ProMIS Neurosciences Closes $20.4 Million Private Placement Financing • GlobeNewswire Inc. • 09/08/2023 11:00:00 AM
- ProMIS Neurosciences to Present at the H.C. Wainwright 25th Annual Global Investment Conference • GlobeNewswire Inc. • 09/06/2023 04:18:53 PM
- ProMIS Neurosciences Announces $20.4 Million Private Placement Financing • GlobeNewswire Inc. • 08/21/2023 08:12:03 PM
- ProMIS Neurosciences Announces Second Quarter 2023 Financial Results and Recent Highlights • GlobeNewswire Inc. • 08/14/2023 09:33:19 PM
- ProMIS Showcases Preclinical Data at the Alzheimer’s Association International Conference 2023 on Computationally-Derived Antibody and Vaccine from Alzheimer’s Pipeline • GlobeNewswire Inc. • 07/17/2023 11:00:00 AM
- ProMIS Announces Completion of Continuance • GlobeNewswire Inc. • 07/14/2023 11:45:00 AM
- ProMIS Neurosciences to Consolidate Trading on the Nasdaq Exchange • GlobeNewswire Inc. • 07/10/2023 11:55:00 AM
- ProMIS Neurosciences Holds Annual Meeting of Shareholders All Resolutions Approved • GlobeNewswire Inc. • 06/30/2023 12:00:00 PM
- Updated URL to Access ProMIS Annual Meeting of Shareholders on June 29, 2023 at 9:30am Eastern Time • GlobeNewswire Inc. • 06/29/2023 12:00:00 PM
- ProMIS Neurosciences Announces First Quarter 2023 Financial Results and Recent Highlights • GlobeNewswire Inc. • 05/15/2023 09:00:00 PM
- ProMIS Neurosciences Announces FDA Clearance of Investigational New Drug (IND) Application for PMN310 in Alzheimer’s Disease • GlobeNewswire Inc. • 05/08/2023 01:00:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM