ProMIS Neurosciences Inc PMN

Healthcare Biotechnology

ProMIS Neurosciences Inc. is a clinical-stage biotechnology company. It is focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). Its proprietary target discovery engine applies a thermodynamic, computational discovery platform-ProMIS and Collective Coordinates-to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this approach, the Company is developing novel antibody therapeutics for AD, ALS and MSA. Its product candidates are PMN310, PMN267, and PMN442. The PMN310 is a monoclonal antibody designed to treat AD by selectively targeting toxic, misfolded oligomers of amyloid-beta. PMN267 product candidate targeting ALS. PMN442 is a drug candidate being developed for MSA designed to selectively target and protect against pathogenic a-syn species.

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ProMIS Neurosciences Inc

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Comment by jjwilsonon May 12, 2017 12:45pm

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Post# 26237771

RE:RE:RE:Abridgment of warrants notice?

I participated in the July 2016 PP, here is the statement:

"Each Unit consists of one common share of the Corporation (a “Common Share”) and one-quarter of a transferable share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share (a “Warrant Share”) at any time for a two year period, subject to abridgement (as noted below), at a price of $0.20 per Warrant Share. At any time after the expiry of the four month hold period applicable to the Warrants, the Corporation may abridge the exercise period of the Warrants if the ten-day volume-weighted average trading price of the Common Shares on the TSX is greater than $0.30 (the “Trigger Event”) provided that (a) the Corporation gives notice of the Trigger Event either in writing to the holder of the Warrants or by way of a news release, and (b) the earlier expiry date is a date which is not less than 30 calendar days after the date of such notice or press release, as the case may be."

The normal exercise period is 2 years but it may be abridged to 30 days if notice is given and the 10 day average is above 30 cents. It doesn't say that the exercise period will be abridged only that it may be abridged. It sounds to be like a housekeeping type clause and not particularily onerous - if the price is above 30 cents and the company gives you a month to decide if you want to exercise your warrants at 20 cents it's not really a hardship.

I think you're suggesting that it would be a good way for the company to bring in some money. Well, it would bring in some money but if the price is above 30 cents the company could probably do a PP for something higher than 20 cents anyway. I can't really see the company forcing those who particpated in the PP to expedite their purchase of the warrant shares which has the potential to generate some ill will even though I would assume that any accredited investor who has the means to particpate in the first place would be able to scape together the funds to buy shares that will immediately be worth at least 50% more than they cost to buy.

I don't know why the last PP didn't include the abridgement clause but since I don't really expect it to be used anyway don't think it's material either way. One interesting thing from the PP in Feb 2017 is that the warrant is one half rather than one quarter per share - that's probably of more value than the missing abridgement clause to those who particpated.