ProMIS Neurosciences Announces Third Quarter 2017 Results
(Thomson Reuters ONE) -
TORONTO, Ontario and CAMBRIDGE, Massachusetts November 13, 2017 - ProMIS
Neurosciences, Inc., a company focused on the discovery and development of
precision treatments for neurodegenerative diseases, today announced its
operational and financial results for the three and nine months ended September
30, 2017.
Commenting on the update, Elliot Goldstein, M.D., ProMIS President and CEO
stated: "With the successful private placement in Q3 2017 supporting a cash
runway into the second half of 2018, we continue to focus on the company's top
priorities. In this regard, we look forward to further advancing the
development of our lead product candidates for Alzheimer's disease with
particular emphasis on the ongoing preclinical program to differentiate our
leads compared to competitive antibody products in development. We remain
confident that our monoclonal antibody program focused on selectively targeting
the toxic, prion-like forms of amyloid beta may lead to best in class therapies
and significant long-term value creation."
Recent Corporate Highlights
* In August 2017, the Company completed a brokered private placement offering
(the Offering) through the issuance of 19,164,306 units at a price of $0.25
per unit for gross proceeds of $4,791,076 ($4,142,465 net of issuance
costs). Each Unit consists of one common share and one-half of a common
share purchase warrant. The issued common shares are subject to a four-
month hold period from the date of issuance. Each whole warrant is
exercisable into one share at a price of $0.30 per share for a 60-month
exercise period.
* On September 13, 2017, the Company announced a significant development
milestone by demonstrating that PMN330, directed against a different target
on toxic amyloid beta oligomers (AbetaO) compared to PMN310 and PMN350, also
displays an optimal target product profile of selective binding to toxic
AbetaO. PMN330 was designated third validated lead product candidate having
demonstrated in vivo data and biologic evidence of neuronal protection
against toxic AbetaO.
* In Q3 2017 the Company initiated its preclinical program to evaluate the
potential best in class profile of PMN310, PMN350 and PMN330 in direct
comparison to other antibodies targeting amyloid beta.
* In Q3 the Company generated monoclonal antibodies against a recently
identified epitope target on TDP43 for ALS and frontotemporal dementia and
initiated preclinical evaluation.
* Using the ProMIS proprietary discovery platform the Company is pursuing
identification of specific targets on alpha synuclein (Parkinson's disease
and Lewy body dementia) and tau (Alzheimer's disease, other dementias).
Financial Results
Results of Operations - Three months ended September 30, 2017 and 2016
The net loss for the three months ended September 30, 2017 was $1,618,681,
compared to a net loss of $859,371 for the three months ended September
30, 2016. The increased loss in the current period reflects the costs
associated with operating the Company's AD therapeutics program, supporting its
patent portfolio, associated general corporate expenditures and higher stock-
based compensation.
For the three months ended September 30, 2017, the Company recognized $9,008 in
royalty revenue related to its preclinical AD diagnostic assay as compared to $0
for the three months ended September 30, 2016.
Research and development expenses for the three months ended September 30, 2017
were $1,317,893 as compared to $492,717 in the three months ended September
30, 2016. Costs are higher in the current period due to higher research program
costs for the AD therapeutics program and increased headcount.
General and administrative expenses for the three months ended September
30, 2017 were $307,533 as compared to $366,654 in the three months ended June
30, 2016. The decreased expenditures in the current period reflect Foreign
exchange gain on USD denominated expenses and decreased legal and professional
fees, offset by higher investor relations expenses and higher salaries related
to expansion of the senior management team.
Results of Operations - Nine months ended September 30, 2017 and 2016
The net loss for the nine months ended September 30, 2017 was $4,894,280,
compared to a net loss of $2,243,874 for the nine months ended June 30, 2016.
The increased loss in the current period reflects the costs associated with
operating the Company's AD therapeutics program, supporting its patent
portfolio, associated general corporate expenditures and higher stock-based
compensation.
For the nine months ended September 30, 2017, the Company recognized $9,666 in
royalty revenue related to its preclinical AD diagnostic assay as compared to
$2,486 for the nine months ended September 30, 2016.
Research and development expenses for the nine months ended September 30, 2017
were $3,303,962 as compared to $1,169,228 in the nine months ended September
30, 2016. Costs are higher in the current period due to higher research program
costs for the AD therapeutics program, supporting its patent portfolio and
increased headcount
General and administrative expenses for the nine months ended September
30, 2017 were $1,592,881 as compared to $1,063,710 in the nine months ended
September30, 2016. The increased expenditures in the current period reflect
higher investor relations expenses, higher salaries related to expansion of the
senior management team, higher professional fees, and higher stock-based
compensation offset by foreign exchange gain on USD denominated expense and
reduced legal expenses.
Outlook
The Company's priorities for the next year are to identify and develop precision
medicine therapeutics for Alzheimer's disease (AD) and ALS.
The Company's plan is to further advance its AD portfolio, with a focus on
competitive differentiation versus other antibody therapies in development for
AD that target amyloid beta. Furthermore, the Company plans to continue on-going
development of effective AD diagnostics for detection of toxic prion strains
targeted by ProMIS antibody therapeutic candidates in either cerebrospinal fluid
or blood. Technology refinement and optimization are ongoing to create highly
sensitive assays for this purpose.
The Company will continue to expand its intellectual property estate relating to
novel epitope targets and antibodies targeting toxic forms of tau for AD,
misfolded forms of TDP43 for ALS and toxic strains of alpha synuclein for
Parkinson's disease. The Company's complementary proprietary platform
technologies, ProMIS(TM) and Collective Coordinates, will be employed to
identify and confirm such novel targets.
About ProMIS Neurosciences, Inc.
ProMIS Neurosciences is a Toronto Stock Exchange (TSX) listed biotechnology
company (trading symbol: PMN.TO), headquartered in Toronto, Ontario, with
offices in Cambridge, Massachusetts. The Company's mission is to discover and
develop precision medicine therapeutics for effective treatment of
neurodegenerative diseases, in particular Alzheimer's disease and amyotrophic
lateral sclerosis (ALS). 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(TM) 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 and specific companion diagnostics for Alzheimer's disease and ALS.
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.
For further information please consult the Company's website at:
www.promisneurosciences.com
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For media inquiries, please contact:
Scott Santiamo
RussoPartners/LLC
Scott.Santiamo(at)russopartnersllc.com
Tel. 718 344-5843
David Schull
RussoPartners/LLC
David.Schull(at)russopartnersllc.com
Tel. 858 717-2310
For Investor Relations please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick(at)alpineequityadv.com
Tel. 617 901-0785
Dr. Elliot Goldstein
President and Chief Executive Officer, ProMIS Neurosciences Inc.
Tel. 415 341-5783
Elliot.goldstein(at)promisneurosciences.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ProMIS Neurosciences via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2017 - 13:30 Uhr
Sprache: Deutsch
News-ID 567847
Anzahl Zeichen: 11175
contact information:
Town:
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Kategorie:
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