Company continues to expand its portfolio of
highly selective antibodies targeting root cause of Alzheimer's,
ALS and Parkinson's disease
TORONTO and CAMBRIDGE, MA, Nov. 14,
2019 /CNW/ - ProMIS Neurosciences, Inc. (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, today
announced its operational and financial results for the three and
nine months ended September 30,
2019.
"Over the course of 2019, the breadth and depth of our unique
discovery and development platform was further evidenced as ProMIS
made considerable progress in expanding its portfolio of
opportunities in neurodegenerative diseases," stated Dr.
Elliot Goldstein, ProMIS President and CEO. "In the third quarter
of this year, we continued to generate further data supporting our
antibody candidates for Parkinson's disease (targeting toxic forms
of alpha-synuclein), amyotrophic lateral sclerosis (targeting toxic
aggregates of TDP-43) and for Alzheimer's disease (targeting toxic
forms of tau)."
Narrated updates relating to ProMIS' unique approach and
capabilities can be found on the ProMIS website by clicking on the
links below:
- Click here for strategy overview memorandum from Executive
Chairman Eugene Williams:
http://bit.ly/ProMIS102319
- Click here for Chief Scientific Officer Dr. Neil Cashman's overview of ProMIS' unique
capability to design and develop antibodies selectively targeting
toxic mis-folded proteins that are root causes of neurodegenerative
diseases: http://bit.ly/ProMIS2KQ88la
- Click here for Chief Development Officer, Dr. Johanne Kaplan's narrated overview of "Best in
Class" therapy for misfolded protein diseases:
http://bit.ly/ProMIS110719
Corporate Highlights
- On November 13, 2019, subsequent
to period-end, the company announced a non-brokered private
placement for gross proceeds of up to $6.5
million. A first closing in the amount of $2,055,000 gross proceeds will occur on
November 15, 2019.
- In July 2019, the Company
announced the voting results of the Corporation's annual meeting of
shareholders held on June 27, 2019 in
Toronto, Ontario. All of the
resolutions announced in the Management Proxy Circular and placed
before the Meeting were overwhelmingly approved by the
shareholders. All Directors were elected, with each nominee
receiving more than 75% of the votes cast.
- In July 2019, supporting data for
PMN310, the Company's lead antibody candidate for Alzheimer's
disease (AD) were published in Scientific Reports, a journal of the
Nature Research family. In the manuscript, "A Rationally Designed
Humanized Antibody Selective for Amyloid Beta Oligomers in
Alzheimer's Disease," the authors demonstrate PMN310's selectivity
for toxic amyloid-beta oligomers (AßOs), a root cause of AD. The
results of activity assays show that PMN310 inhibits both the
spread and toxicity of AßOs in vitro, and, in mouse studies, that
PMN310 prevents AßO-induced loss of memory formation and reduces
both synaptic loss and inflammation. PMN310 compared favorably to
other Aß-directed antibodies, showing a lack of adverse
event-associated binding to Aß plaque.
- In July 2019, the Company
presented an update on PMN310 for Alzheimer's disease at the annual
Alzheimer's Association International Conference® (AAIC) in
Los Angeles. In an oral
presentation, Chief Development Officer, Dr. Johanne Kaplan highlighted the therapeutic
potential of PMN310 against the toxic oligomer form of AßO, a root
cause of AD. Dr. Neil Cashman,
ProMIS Chief Scientific Officer delivered data derived from ProMIS'
preclinical program for ALS in a poster presentation demonstrating
the role of toxic, misfolded TAR-DNA binding protein 43 (TDP-43) as
a root cause of neurogenerative diseases such as ALS and
frontotemporal dementia (FTD).
Scientific Advisory Board Appointment
In August 2019, the Company appointed Dr.
Andre Strydom to its scientific
advisory board (SAB). Dr. Strydom is a world-recognized expert in
ageing-related issues in Down syndrome and his research has
advanced understanding of AD in Down syndrome patients. His
expertise and advocacy will help guide ProMIS development plans
relating to treatment of AD in Down syndrome. He is a professor in
the Institute of Psychiatry, Psychology and Neuroscience at King's
College London, and Honorary Consultant psychiatrist, South London and the Maudsley NHS Trust.
Financial Results
Results of Operations – Three months ended September 30, 2019 and 2018
Net loss for the three months ended September 30, 2019 was $1,637,714 compared to a net loss of $2,911,981 for the three months ended
September 30, 2018, respectively.
Included in the net loss amount for the three months ended
September 30, 2019 were non-cash
expenses of $134,634, representing
share-based compensation and amortization of an intangible asset,
compared to $385,951 for the three
months ended September 30,
2018. The decrease in the net loss in the three months ended
September 30, 2019 reflects decreased
costs associated with external contract research organizations for
internal programs, consultant salaries and associated costs, patent
costs and share-based compensation offset by increased general
corporate expenditures.
Research and development expenses for the three months ended
September 30, 2019 were $1,053,123, as compared to $1,867,648 in the three months ended September 30, 2018. The decrease in the research
and development expenses for the three months ended September 30, 2019, compared to the same periods
ended September 30, 2018, is
primarily attributed to decreased costs associated external
contract research organizations for internal programs and patent
costs offset by increased external consulting costs and
share-based compensation.
General and administrative expenses for the three months ended
September 30, 2019 were $584,602, as compared to $1,044,596 in the three months ended September 30, 2018. The decrease for the
three months ended September 30,
2019, compared to the same periods ended September 30, 2018, is primarily attributable to
decreased consultant salaries and associated costs, general
corporate expenditures and share-based compensation.
Results of Operations – Nine months ended September 30, 2019 and 2018
Net loss for the nine months ended September 30, 2019 was $5,942,821, compared to a net loss of
$6,683,714 for the nine months ended
September 30, 2018,
respectively. Included in the net loss amount for the nine
months ended September 30, 2019 were
non-cash expenses of $551,968,
representing share-based compensation and amortization of an
intangible asset, compared to $888,506 for the nine months ended September 30, 2018. The decrease in the net
loss in the nine months ended September 30,
2019 reflects decreased costs associated with external
contract research organizations for internal programs, patent costs
and share-based compensation offset by increased consultant
salaries and associated costs and general corporate
expenditures.
Research and development expenses for the nine months ended
September 30, 2019 were $3,866,394, as compared to $4,096,729 in the nine months ended September 30, 2018. The decrease in the research
and development expenses for the nine months ended September 30, 2019, compared to the same periods
ended September 30, 2018, is
primarily attributed to decreased spending on external contract
research organizations for internal programs and reduced patent
expense offset by increased contracted research salaries and
associated costs, external consulting expense and share-based
compensation.
General and administrative expenses for the nine months ended
September 30, 2019 were $2,076,463, as compared to $2,587,253 in the nine months ended September 30, 2018. The decrease for the
nine months ended September 30, 2019,
compared to the same periods ended September
30, 2018, is primarily attributable to decreased share-based
compensation offset by increased consultant salaries and associated
costs, general corporate expenditures and foreign exchange.
Outlook
The Company will continue to build on its unique, proprietary
discovery and development platform to further characterize the
potential benefits of its programs selectively targeting toxic
aggregates of TDP-43 and SOD1 in ALS, toxic forms of
alpha-synuclein ( in PD and other related disorders, and toxic
forms of tau and amyloid beta in AD and other dementias to further
support ongoing pharmaceutical partnering discussions.
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.
Company documents relating to the fiscal year 2018 annual report
can be viewed on the System for Electronic Document Analysis and
Retrieval (SEDAR) at the link below:
https://www.sedar.com/search/search_en.htm
Visit us at www.promisneurosciences.com or follow us
on Twitter and LinkedIn
To learn more about the role of misfolded toxic
oligomers in Alzheimer's disease, Parkinson's disease and
ALS, tune into Saving Minds, at iTunes or Spotify.
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. 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.
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SOURCE ProMIS Neurosciences Inc.