Nuggets from prospectusI highly recommend reading the prospectus... lots of important info in there... seems like their previous timelines that they presented last summer were not realistic.
Here are a few nuggets that I thought were particularly relevant...
PMN intends to use approximately $1,156,917 of its existing cash resources to complete producer cell line development for PMN310 by Q4 2021.
Subject to raising further capital, upon completing producer cell line development for PMN310, ProMIS will complete the further pre-clinical work necessary (including a GMP compliant manufacturing dossier) to enable ProMIS to submit an Investigational New Drug (IND) application to the FDA to approve PMN310 for Phase 1 clinical testing in humans in the U.S
$23 Million to $38 Million needed to get through Phase I for PMN310 (that is a lot more than the $10M mentioned by PMN in previous investment forums!!!)
ProMIS estimates it will be able to complete in Q4, 2022, the pre-clinical work necessary to enable ProMIS to submit an IND application to the FDA to approve PMN310 for Phase 1 clinical testing in humans in the U.S.
We intend to use approximately $167,700 of our existing cash resources to complete initial marketing and commercialization of the [COVID 19 serological] assay by Q4 2021.
On March 22, 2021, ProMIS completed a US$7M (C$8.75) private placement (the “March 22 Financing”) of convertible unsecured debentures (the “Debentures”). The Debentures are convertible into ProMIS common shares at the option of the holder at a conversion price of US$0.10per share and accrue interest at 1% per annum, which is payable annually. At the company’s election, accrued interest may be paid in cash or common shares (such number of shares determined by dividing the interest due by the 5-day volume-weighted average trading price or “VWAP” of the common shares).
An investment in the Company’s securities is speculative and may result in the loss of an investor’s entire investment. Only investors who are experienced in high-risk investments and who can afford to lose their entire investment should consider an investment in the Company.