TORONTO and CAMBRIDGE, Mass., Oct. 11, 2017 (GLOBE NEWSWIRE) — ProMIS Neurosciences, Inc., a biotechnology company focused on the discovery and development of precision treatments for neurodegenerative diseases, today provided a corporate update for the third quarter of 2017, including key accomplishments and a status update on ongoing programs.
A narrated corporate overview of third quarter 2017 progress is available on the ProMIS Neurosciences website at: http://bit.ly/2xuss6Q
Key accomplishments in the third quarter of 2017 and near-term value drivers include:
- Closed second and final tranche of private placement, raising aggregate gross proceeds of approximately CDN $4,800,000
- Successful humanization of lead product candidate PMN310 for Alzheimer’s disease
- PMN310 on track for 2019 initiation of clinical trials
- Expansion of potential best in class portfolio selectively targeting toxic Amyloid beta oligomers (AβO) for Alzheimer’s disease
- Designated PMN330 as third validated lead product candidate demonstrating in vivo data and biologic evidence of neuronal protection against toxic AβO
- Initiated humanization of PMN330 and PMN350
- Preclinical program initiated to confirm best in class profile of PMN310, PMN350 and PMN330 in direct comparison to other antibodies targeting amyloid beta
- Cohort study progress
- Technology refinement and optimization ongoing to create highly sensitive assays for detection of AβO targets in cerebrospinal fluid (CSF)
- Recognition and visibility at major international meetings
- Oral presentation and session chair at Alzheimer’s Association International Conference, London, UK, July, 2017
- Oral presentation at Third Annual R&D Technologies Conference, London, UK, September, 2017
- Progress relating to multiple neurodegenerative diseases
- Generated monoclonal antibodies against a recently identified epitope target on TDP43 for ALS and frontotemporal dementia and initiated preclinical evaluation.
- Ongoing work using ProMIS proprietary discovery platform to identify specific targets on alpha synuclein (Parkinson’s disease and Lewy body dementia) and tau (Alzheimer’s disease, other dementias)
Commenting on the update, ProMIS Executive Chairman Eugene Williams stated: “Our Alzheimer’s disease program continues to make significant progress. With respect to drug development, our priorities for this program are twofold: to drive PMN310 to clinical trial initiation in 2019 and importantly, to further differentiate our Alzheimer’s product candidates as best in class in direct comparison to other antibody treatments targeting Amyloid beta. With respect to our research programs, we are pleased with the progress made using our proprietary discovery engine to identify novel targets for multiple neurodegenerative diseases.”
About ProMIS Neurosciences, Inc.
ProMIS Neurosciences is a Toronto Stock Exchange listed biotech 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 ALS.
ProMIS Neurosciences’ 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, ProMIS Neurosciences 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 may contain 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:
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Nicholas Rigopulos, President
Tel. 617 901-0785
Dr. Elliot Goldstein
President and Chief Executive Officer, ProMIS Neurosciences Inc.
Tel. 415 341-5783