Company continues to show significant progress
on developing highly selective antibodies
targeting root cause of Alzheimer's and Parkinson's diseases and
ALS
TORONTO and CAMBRIDGE, MA, May 14,
2019 /PRNewswire/ - 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 months ended March 31,
2019.
"Over the course of the first quarter of 2019, the value of our
unique discovery and development platform was further evidenced as
we made considerable progress in expanding our portfolio of
opportunities in neurodegenerative diseases," stated Eugene Williams, ProMIS' Executive Chairman.
Antibody candidates selectively targeting toxic forms of alpha
synuclein for Parkinson's disease (PD) and toxic, aggregated forms
of TDP43 for amyotrophic lateral sclerosis (ALS) were identified
and further characterized to support ongoing pharmaceutical
partnering discussions."
Corporate Highlights
- In January 2019, we completed a
private placement of 9,560,000 common share units at a price of
$0.23 per unit resulting in gross
proceeds of approximately $2,198,800.
Each unit consisted of one common share and one common share
warrant. The common shares are subject to a four-month hold period
from the date of issuance. The expiry of the warrant is subject to
acceleration under certain conditions.
- In February 2019, we announced
the identification of several antibody drug candidates showing
best-in-class selectivity for toxic forms of alpha synuclein
compared to other therapeutic antibodies in development for PD.
- Following this announcement, Dr. Neil
Cashman, our CSO presented further results of the Company's
PD program at the International AD/PD 2019 Conference on
March 31. The data presented showed
how our novel drug discovery and development platform created
antibodies that: 1) selectively bind to toxic forms of alpha
synuclein while sparing healthy forms of alpha synuclein that are
critical for proper cell metabolism and communication, and 2) block
the neurotoxicity and the spread of the toxic forms of alpha
synuclein in vitro.
- In January 2019, we appointed
Timothy G. Rothwell to our Business
Advisory Board. Mr. Rothwell is a highly accomplished
pharmaceutical leader with more than 30 years of experience
directing the development and commercialization of new
therapies.
Financial Results
Results of Operations – Three months ended March 31, 2019 and 2018
Net loss for the three months ended March
31, 2019 was $2,446,577,
compared to a net loss of $1,556,872
for the three months ended March 31,
2018, respectively. Included in the net loss amount
for the three months ended March 31,
2019 were non-cash expenses of $263,872, representing share-based compensation
and amortization of an intangible asset, compared to $329,011 for the three months ended March 31, 2018. The increase in the net
loss in the three months ended March 31,
2019 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.
Research and development expenses for the three months ended
March 31, 2019 were $1,770,653, as compared to $698,007 in the three months ended March 31, 2018. The increase in research and
development expense for the three months ended March 31, 2019 is primarily attributed to
increased spending on external contract research organizations for
internal programs, higher contracted research salaries and
associated costs, patent costs, and higher share-based
compensation.
General and administrative expenses for the three months ended
March 31, 2019 were $675,924, as compared to $858,870 in the three months ended March 31, 2018. The decrease in general and
administrative expense for the three months ended March 31, 2019 is primarily attributable to
decreased share-based compensation offset by increased consultant
salaries and associated costs.
Outlook
As a prelude to the first PMN310 clinical trial in AD, we
anticipate using a novel biomarker approach that may show evidence
of slowing of neuronal death early in the development program. To
accomplish this, we plan to initiate a natural history evaluation
of biomarker changes in untreated, early AD patients.
We will also continue to further characterize the potential
benefits of our programs selectively targeting toxic aggregates of
TDP43 in ALS and toxic forms of alpha synuclein in PD to further
support ongoing pharmaceutical partnering discussions.
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
Visit us at www.promisneurosciences.com or follow us
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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.