TORONTO, Nov. 2, 2016 /CNW/ - ProMIS Neurosciences, Inc. ("ProMIS" or the "Company"), a company focused on discovery and development of precision treatments for neurodegenerative diseases, today announced its operational and financial results for the three and nine months ended September 30, 2016. All currency figures reported in this press release are in Canadian dollars.
"ProMIS made significant progress on our Alzheimer's disease (AD) program by identifying three therapeutic candidates with the ideal target binding profile and initiating evaluation of our three remaining candidates," said Dr. Elliot Goldstein, ProMIS CEO. "ProMIS also announced two new drug development programs to identify novel therapeutic targets on Tau for AD, and on TDP43 for Amyotrophic Lateral Sclerosis (ALS), representing additional opportunities for development of precision therapeutics."
Recent Corporate Highlights
- Identified and filed provisional patent applications for its fourth and fifth novel therapeutic targets on strains of misfolded Amyloid beta (Aβ) for AD;
- Identified multiple therapeutic candidates during the screening stage of validation for development as potential treatments for AD;
- Successfully completed validation of three therapeutic candidates for AD, which demonstrated the desired target profile of binding to cadaveric brain tissue extracts from AD patients without binding to plaque or Aβ monomers. Evaluation and validation of antibody candidates addressing the remaining three Aβ targets is ongoing;
- Initiated programs to identify novel therapeutic targets on toxic strains of the protein Tau for AD, and TDP43 for ALS;
- In May and September 2016, completed two non-brokered private placements providing total gross proceeds of approximately $2,500,000;
- Appointed Dr. Johanne Kaplan as Chief Development Officer, whose focus will be on supporting the design and execution of ProMIS' development programs and partnering efforts; and
- Appointed industry veteran, Dr. Richard Gregory, to the Board of Directors.
Results of Operations – Three months ended September 30, 2016 and 2015
Net loss for the three months ended September 30, 2016 was $861,782 compared to a net loss of $713,568 for the three months ended September 30, 2015.
Research and development expenses for the three months ended September 30, 2016 were $492,717 compared to $366,433 in the three months ended September 30, 2015. The increase in expenditures relates mostly to higher consulting fees for the expanded research team and the AD program's antibody development costs, offset by lower stock option compensation.
General and administrative expenses for the three months ended September 30, 2016 were $366,654 compared to $349,701 in the three months ended September 30, 2015. The increase is due to increased investor relations activities, offset by lower professional fees and lower stock option compensation.
Results of Operations –Nine months ended September 30, 2016 and 2015
Net loss for the nine months ended September 30, 2016 was $2,243,874 compared to $1,421,169 for the nine months ended September 30, 2015, which included restructuring costs of $110,000. The increase reflects costs associated with the Company's AD therapeutics program, patent portfolio, and associated general corporate expenditures. During the nine month-period ended September 30, 2015, the Company closed its research facility in Mississauga, Ontario and conducted a strategic review of its operations, which significantly reduced expenses.
Research and development expenses for the nine months ended September 30, 2016 were $1,169,228 compared to $711,425 in the nine months ended September 30, 2015. The increase is due to higher patent filings fees, research program costs for the Company's AD therapeutics program - including its research team and antibody development costs - offset by lower stock option compensation. Expenditures in the comparative period were significantly lower due to the Company's discontinuation of certain research programs, closing its research facility, and a strategic review of its operations.
General and administrative expenses for the nine months ended September 30, 2016 were $1,063,710 compared to $601,952 in the nine months ended September 30, 2015. The increase is mostly due to higher investor relations expenses; stock-based compensation; and salaries and consulting fees related to the Company having a paid Executive Chair.
The Company had working capital of $1,023,739 as at September 30, 2016 which will fund the Company's operations into the first quarter of fiscal 2017.
The Company's priorities for the next year are to identify and develop precision medicine therapeutics for AD and ALS.
The Company will continue to expand its Intellectual Property (IP) estate relating to novel epitope targets on misfolded strains of proteins Aβ and Tau for AD and on misfolded strains of TDP43 for ALS. The Company's complementary proprietary platform technologies, ProMISTM and Collective Coordinates, will be employed to identify and confirm such novel targets.
The Company has raised monoclonal antibodies (mAbs) against six novel targets identified in its Aβ program for AD and is completing validation studies. The mAb candidates with the ideal binding profile will be further evaluated for in vitro inhibition of both neurotoxicity and propagation of prion-like forms of Aβ to enable selection of mAbs for further development.
Given the Company's robust IP estate relating to misfolded SOD1 in ALS and the recently announced program to identify novel ALS therapeutic targets on toxic strains of TDP43, ProMIS Neurosciences is actively seeking a collaborative development partnership in this field.
About ProMIS Neurosciences, Inc.
The mission of ProMIS Neurosciences is to discover and develop precision medicine therapeutics for 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 thermodynamic, computational discovery platform—ProMIS™ and 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 a portfolio of therapeutic and diagnostic patents 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.
For further information, please consult the Company's website at: www.promisneurosciences.com
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For further information: NATIONAL Equicom: Michael Moore: firstname.lastname@example.org; Abby Garfunkel: email@example.com; or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415 341-5783, Elliot.firstname.lastname@example.org