/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR
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TORONTO, Nov. 13, 2019 /CNW/ - ProMIS Neurosciences, Inc.
("ProMIS" or the "Company") (TSX: PMN; OTCQB:ARFXF),
a biotechnology company focused on the discovery and development of
antibody therapeutics targeting toxic oligomers implicated in the
development of neurodegenerative diseases, announced today that it
is undertaking a private placement of up to 32.5M Units at a price of CDN$0.20 (or US$0.15) per Unit for gross proceeds of up to
CDN$6,500,000 (the
"Offering"). ProMIS expects to complete a first closing in
November 2019 in the amount of
approximately CDN$2,055,000.
"We are pleased to offer this private placement designed to
afford a cash runway well into 2020. Proceeds of the offering will
support further development of our programs targeting Parkinson's
disease, amyotrophic lateral sclerosis (ALS) and Alzheimer's
disease, each of which is the subject of ongoing partnering
discussions with large biopharmaceutical companies," stated Dr.
Elliot Goldstein, ProMIS President and CEO.
Each Unit will consist of one common share of the Company and
one share purchase warrant of the Company (each a
"Warrant"). Each Warrant will entitle the holder thereof to
purchase one share at an exercise price of $0.35 per share at any time through the fifth
anniversary of the offering.
All securities issued in connection with the Offering will be
subject to a four-month statutory hold period in accordance with
applicable provincial securities laws in Canada. Net proceeds from the Offering are
intended to be used to advance the Company's antibody therapeutic
candidates selectively targeting toxic oligomers implicated in
neurodegenerative diseases, for working capital and general
corporate purposes. Closing of the Offering is subject to TSX
approval.
This press release shall 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 state in which such offer, solicitation or sale
would be unlawful. The securities issued, or to be issued, under
the Offering have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
About ProMIS Neurosciences Inc.
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 platform is based on the use of two complementary
thermodynamic, computational discovery engines – ProMIS and
Collective Coordinates – to predict novel targets known as Disease
Specific Epitopes on the molecular surface of misfolded proteins.
Using this unique precision 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.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. This information
release contains certain forward-looking information, including
about the timing and completion of the Offering, the receipt of TSX
approval and the expected use of proceeds from the Offering. Such
information involves known and unknown risks, uncertainties and
other factors that may cause actual results, performance or
achievements to be materially different from those implied by
statements herein, and therefore these statements should not be
read as guarantees of future performance or results. All
forward-looking statements are based on the Company's current
beliefs as well as assumptions made by and information currently
available to it as well as other factors. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Due to risks and
uncertainties, including the risks and uncertainties identified by
the Company in its public securities filings, actual events may
differ materially from current expectations. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For further information:
Visit us at www.promisneurosciences.com or follow us
on Twitter and LinkedIn
To learn more about neurodegenerative diseases, including
evidence implicating the toxic oligomer, tune into Saving Minds, at
iTunes or Spotify.
SOURCE ProMIS Neurosciences Inc.