Win win situation ... ProMIS announced, in collaboration with BCNI, the development of a serology test to determine whether an individual has been exposed to COVID-19 (see below “Joint Venture Agreement: diagnostics relating to COVID-19” and “Recent Developments”). ProMIS and BCNI are reviewing the possibility of creating a second-generation serology test that might provide information regarding antibody-based immunity. However, the Company will not allocate any proceeds from the Offering to such project. Funds will be derived from a grant from the ongoing Canadian Digital Supercluster program should ProMIS and BCNI further pursue this project.
The overall objective of this 50/50 joint venture business arrangement is to provide the medical community, government agencies and pharmaceutical companies/vaccine developers highly sensitive and specific serological assays for the detection and characterization of antibodies against the SARS-CoV-2 coronavirus that is responsible for COVID-19. Potential net revenue from assays will be distributed equally (50/50 split) if such assays do not incorporate any ProMIS proprietary reagents; if such assays incorporate any ProMIS proprietary reagents net revenue will be distributed according to an 80/20 split in favor of ProMIS.
Joint Venture Agreement: neurodegenerative disease screening, diagnostics and monitoring
The Company is focussed on AD diagnostics. While AD has historically been very difficult or expensive to diagnose, an opportunity emerged in the AD field based on scientific advances. This has been particularly problematic since it typically takes 20 to 30 years for symptoms to develop after the onset of neuropathology2, driven by misfolded proteins killing neurons. The +20 years for most people represents a window of opportunity to detect and then possibly prevent symptomatic disease. As of 2020, studies have scientifically validated two blood-based biomarkers that can provide the information necessary to detect AD, even well in advance of symptoms3,4,5.
The main objective of this 50/50 joint venture is to provide blood-based AD and other neurodegenerative disease screening, diagnostics and monitoring to the scientific, medical and pharmaceutical communities, through a combination of ProMIS and BCNI expertise, intellectual property and relevant assets. The joint venture will initially validate emerging standard assays such as NfL (neurofilament light chain) and p-tau (phosphorylated tau) blood-based assays based on acquisition of the Quanterix SIMOA platform. The joint venture will seek to add assays based on ProMIS proprietary reagents. Where feasible, in consideration of regulatory, licensing, and other considerations, the joint venture will pursue revenue in both the research and commercial markets. Net revenue from assays will be distributed equally (50/50 split) if such assays do not incorporate any ProMIS proprietary reagents; if such assays incorporate any ProMIS proprietary reagents net revenue will be distributed according to an 80/20 split in favor of ProMIS.