Special Shareholder Meeting TORONTO and CAMBRIDGE, Mass., Oct. 07, 2021 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (the “Company”), 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 will hold a special general meeting of shareholders (the “Special Meeting”) on December 1, 2021. The Company has set October 18, 2021, as the record date for the Special Meeting.
The purpose of the Special Meeting is to ask shareholders to grant the Board of Directors (the “Board”) the authority, exercisable in the Board’s discretion, to consolidate (or reverse split) the Company's issued and outstanding common shares in furtherance of a potential listing of the Company’s shares on a stock exchange in the United States. The full particulars of the special business will be set out in the management information circular for the Special Meeting, which will be mailed to shareholders and filed on SEDAR after the record date.
“With the recent closing of our successful financing, our lead program PMN310 is presently on track to complete all of the work necessary to file an IND in the second half of 2022 as well as initiate Phase 1 clinical trials soon thereafter,” stated Eugene Williams, the Company’s Executive Chairman. “We believe a listing on a stock exchange in the United States, which should provide greater liquidity for our shareholders, should also provide greater access to capital to help expedite the development of our potential therapies and the process of obtaining clinical validation of such potential therapies.”
At the Special Meeting, the shareholders will be specifically asked to consider, and if deemed advisable, pass a special resolution authorizing the Board to determine, at its discretion, to file articles of amendment to consolidate the common shares of the Company at a consolidation ratio within the range to be specified in the proxy materials. Subject to shareholder approval, the Board intends to proceed with a share consolidation in furtherance of a listing of the Company’s shares on a stock exchange in the United States but there can be no assurances that any such listing will occur following shareholder approval, a share consolidation or otherwise. Further, there is no assurance that the Company will meet the quantitative or qualitative requirements to list on a stock exchange in the United States. Finally, notwithstanding approval of the resolution by shareholders, the Board will retain the discretion to elect not to proceed with the share consolidation.
Any authority proposed to be granted to the Board to consolidate the shares is conditional upon the prior approval of the Toronto Stock Exchange.
About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery engine is based on the use of two complementary techniques. The Company applies its 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 unique approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
For further information about ProMIS Neurosciences, please consult the Company’s website at: www.promisneurosciences.com
https://www.globenewswire.com/news-release/2021/10/07/2310209/0/en/ProMIS-Neurosciences-Announces-Special-Shareholder-Meeting.html