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ProMIS Neurosciences Inc PMN

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.


NDAQ:PMN - Post by User

Comment by Mole101on Aug 25, 2021 11:46am
115 Views
Post# 33761138

RE:Closed

RE:Closed

PMN is in better financial shape then ever before. The large share float is unfortunately part of the growing pains of any startup company ( one step forward / two backwards) The institucional investors that have join in, bring a level of credibility that was never there before .
 It appears that most of the  funds are going towards PMN310..Any idea what are the company intentions in regards to their other research ( ALS....) will they partner / sale  their IP?



The Company intends to use the net proceeds from the Offering to advance its lead Alzheimer’s therapy PMN310 to the filing of an Investigational New Drug (IND) application to enable a first clinical trial; to expand the Company’s portfolio of antibodies and patents; and for general corporate purposes, including, to establish a discovery laboratory in the Boston area, to accelerate and broaden the scope of the Company’s discovery efforts and to add additional scientific, administrative and support staff, all as further set out in the Supplement.

The investors include Mike Gordon of Fenway Sports Group, the Kraft Group, Henry McCance, cofounder of the Cure Alzheimer’s Fund, and Jeremy Sclar of WS Development Group, all of whom invested in the March 2021 financing, as well as new investors David Adelman of Darco Capital, Michael Rubin, Chairman and CEO of Fanatics, and Aspire Capital Fund, an institutional investor based in Chicago.




retiredcop wrote:

TORONTO and CAMBRIDGE, Mass., Aug. 25, 2021 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (TSX: PMN) (the “Company” or “ProMIS”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, is pleased to announce that it has closed its previously announced upsized public offering (the “Offering”) for gross proceeds of US$20,125,000, including the exercise in full of the 15% Agent’s option.

A total of 125,781,250 units of the Company (the “Units”) were issued at US$0.16 per Unit pursuant to the Offering. Each Unit consisted of one common share of the Company (a “Common Share”) and one-quarter of one Common Share purchase warrant (each whole purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (each, a “Warrant Share”) at a price of US$0.21 per Warrant Share at any time up to August 25, 2026, subject to an acceleration provision.

Leede Jones Gable Inc. (the “Agent”) acted as the agent and sole bookrunner pursuant to an agency agreement with the Company dated August 19, 2021 (the “Agency Agreement”), and Ceros Financial Services, Inc. acted as the exclusive sub-agent for the sale of Units in certain jurisdictions.

In consideration for the services performed by the Agent pursuant to the Agency Agreement, the Company paid the Agent (or as the Agent otherwise directed) a cash commission equal to 7% of the gross proceeds from the Offering and issued to the Agent (or as the Agent otherwise directed) that number of compensation warrants (the “Compensation Warrants”) equal to 7% of the Units sold under the Offering. Each Compensation Warrant entitles the holder thereof to purchase one Common Share (each, a “Compensation Warrant Share”) at a price of $0.16 per Compensation Warrant Share at any time up to August 25, 2026.

The Offering was made pursuant to the Company’s prospectus supplement dated August 19, 2021 (the “Supplement”) to the Company’s short form base shelf prospectus dated June 30, 2021 (the “Base Prospectus”). Additionally, the Offering was conducted by way of private placement in other jurisdictions where the Offering could lawfully be made. Copies of the Base Prospectus, Supplement and Agency Agreement are available under the Company’s profile on SEDAR at www.sedar.com.

The Company intends to use the net proceeds from the Offering to advance its lead Alzheimer’s therapy PMN310 to the filing of an Investigational New Drug (IND) application to enable a first clinical trial; to expand the Company’s portfolio of antibodies and patents; and for general corporate purposes, including, to establish a discovery laboratory in the Boston area, to accelerate and broaden the scope of the Company’s discovery efforts and to add additional scientific, administrative and support staff, all as further set out in the Supplement.

The investors include Mike Gordon of Fenway Sports Group, the Kraft Group, Henry McCance, cofounder of the Cure Alzheimer’s Fund, and Jeremy Sclar of WS Development Group, all of whom invested in the March 2021 financing, as well as new investors David Adelman of Darco Capital, Michael Rubin, Chairman and CEO of Fanatics, and Aspire Capital Fund, an institutional investor based in Chicago.

The securities being referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.



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