Novel target is on misfolded beta Amyloid, implicated in the development and progression of Alzheimer's
TORONTO, Nov. 12, 2015 /CNW/ - Pursuant to its expanded license agreement with the University of British Columbia, as announced on Oct. 8, 2015, ProMIS Neurosciences, Inc. announces today that it has acquired an exclusive, worldwide license to a novel Alzheimer's disease target. A provisional patent application for this target was submitted to the United States Patent Office on Monday, Nov. 9, 2015. The amino acid sequence of this novel target has not been disclosed.
The Company applied its unique, proprietary discovery platform, in particular the recently acquired Collective Coordinates method (see announcement of Nov. 11, 2015), to identify and confirm the presence of this novel target (epitope) on strains of misfolded beta Amyloid. Misfolded, propagating strains of beta Amyloid are known to be neurotoxic and widely believed by the scientific community to play a key role in the development and progression of Alzheimer's disease.
The acquisition of this first target on misfolded beta Amyloid is an important milestone in the Company's mission to discover and develop precision medicine solutions for the early detection and effective treatment of Alzheimer's disease. ProMIS will continue to use its proprietary platform to discover further targets for precision medicine solutions via identification of novel target epitopes on other misfolded strains of beta Amyloid, as well as on misfolded strains of Tau, another protein implicated in neurodegenerative diseases, including Alzheimer's.
Commenting on the acquisition of the new Alzheimer's target, ProMIS CEO, DR Elliot Goldstein stated: " We are delighted with the pace of innovation and discovery accomplished by our science team, using ProMIS' proprietary techniques. The discovery of this novel target for Alzheimer's is the critical step in creating the first in a series of precision medicine solutions for this devastating disease. With this target to hand, we are well positioned for development of a precision therapeutic and companion diagnostic for patients whose disease may be driven by this toxic strain of beta Amyloid ".
As previously announced, a live webcast to review third quarter results, present the Company's near term plans and address questions from the audience will be held at 11:00AM, Eastern Standard Time. To join the webcast, please go to the link below:
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For those unable to attend, the recorded version will be available after the webcast on the Company website: www.promisneurosciences.com
About ProMIS Neurosciences, Inc.
The mission of ProMIS Neurosciences is to discover and develop precision medicine solutions for the early detection and effective treatment of neurodegenerative diseases, in particular Alzheimer's disease and ALS.
ProMIS Neurosciences' proprietary target discovery engine is based on the use of two, complementary techniques. The Company applies its computational discovery platform—ProMIS™, and thermodymanic algorithm —Collective Coordinates, to predict novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins. Using this unique "precision medicine" approach, ProMIS Neurosciences aims to develop novel antibody therapeutics and specific companion diagnostics for Alzheimer's disease and ALS. The company has also developed two proprietary technologies to specifically identify very low levels of misfolded proteins in a biological sample. In addition, ProMIS Neurosciences owns the exclusive rights to the genus patent relating to misfolded SOD1 in ALS, and currently has a preclinical monoclonal antibody therapeutic against this target.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain 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.
For further information: please consult the Company's website at: www.promisneurosciences.com, or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415 341-5783, Elliot.firstname.lastname@example.org; Renmark Financial Communications Inc., Barry Mire: email@example.com, D. Elizabeth Culley: firstname.lastname@example.org, Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com