ProMIS Neurosciences Inc. has announced that it has completed the final closing on a non-brokered private placement basis of its previously announced private placement of units of ProMIS Neurosciences for gross proceeds of $1,070,000. In two closings, the ProMIS has raised aggregate gross proceeds of approximately $4,800,000. Regarding this announcement, Elliot Goldstein, M.D., ProMIS President and CEO stated, “We are very pleased to have closed our largest investment round to date, at a significant step up in value over previous rounds. This will allow us to continue our rapid rate of progress in building a portfolio of therapies in neurodegenerative diseases, including Alzheimer’s.”
In the second closing, ProMIS Neurosciences issued 4,280,000 units at a price of $0.25 per unit. Each unit consisted of one common share of the company and one-half of one share purchase warrant of ProMIS. Each warrant is exercisable to acquire one share for a period of 60 months at an exercise price of $0.30 per share, subject to acceleration. The expiry date of the warrants is subject to acceleration if following the four month anniversary of issuance, the volume weighted average trading price of the shares on the Toronto Stock Exchange exceeds $0.90 for ten consecutive trading days. At this time, ProMIS Neurosciences may accelerate the expiry date of the warrants by issuing a press release announcing the reduced warrant term whereupon the warrants will expire on the 30th calendar day after the date of such news release. ProMIS intends to use the net proceeds from this for working capital and general corporate purposes. All securities issued in connection with the offering are subject to a four-month hold period that will expire on December 28, 2017.
ProMIS Neurosciences (PMN.TO) is a Toronto-based biotechnology company, with offices in Cambridge, Massachusetts. Their 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). ProMIS Neurosciences’ proprietary target discovery engine is based on the use of two, complementary techniques. ProMIS Neurosciences applies its computational discovery platform, ProMIS™ and Collective Coordinates, to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Through this precision medicine approach, ProMIS Neurosciences is developing novel antibody therapeutics and specific companion diagnostics for Alzheimer’s disease and ALS. The company has also developed two proprietary technologies to specifically identify very low levels of misfolded proteins in a biological sample. In addition to this, ProMIS Neurosciences owns a portfolio of therapeutic and diagnostic patents relating to misfolded SOD1 in ALS, and currently has a preclinical monoclonal antibody therapeutic against this target.
For more information on ProMIS Neurosciences, visit their website.