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TORONTO, May 4, 2016 /CNW/ - ProMIS Neurosciences, Inc. ("ProMIS" or the "Company") today announced that, pursuant to its February 23, 2016 announcement, it has completed its non-brokered private placement (the "Private Placement") of 16,666,667 common shares at $0.06 per share for gross proceeds of CDN $1,000,000. The Company's senior management and Board of Directors participated in the Private Placement, purchasing 49% of the issued shares.
"These funds will support the Company as we continue to evaluate novel Alzheimer's disease drug targets and augment our patent portfolio as they are identified," said Dr. Elliot Goldstein, CEO of ProMIS. "We are looking forward to the results of our ongoing in vitro validation studies which will determine the therapeutic candidates to advance to preclinical development."
The primary use of proceeds will be to validate and optimize several (up to six) lead monoclonal antibody (mab) products that ProMIS is developing against different strains of misfolded Amyloid beta (Aβ) in Alzheimer's disease and Down's syndrome. This program is designed to validate that the lead mab products selectively bind to the neurotoxic prion, or oligomeric form of Aβ, which the Company believes is the target product profile for successful precision therapies in these diseases. The validation, done in part with cadaveric brain tissue of diagnosed Alzheimer's disease patients, will also be used to support and enhance ProMIS's patent estate.
In connection with the Private Placement, ProMIS paid finders fees of $1,722. All securities issued in connection with the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable securities law.
The securities offered 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 any applicable exemption from the registration requirement of such Act. 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 these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About ProMIS Neurosciences, Inc.
The mission of ProMIS Neurosciences is to discover and develop precision medicine therapeutics 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 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: Renmark Financial Communications Inc., Barry Mire: firstname.lastname@example.org; NATIONAL Equicom, Michael Moore: 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