TORONTO, March 18, 2016 /CNW/ - ProMIS Neurosciences ("ProMIS" or the "Company") today announced that, following the identification of its first two targets announced on November 12, 2015 and February 3, 2016, it has identified a third in a series of novel potential therapeutic targets on strains of misfolded Amyloid beta, implicated in the development and progression of Alzheimer's disease ("AD").
The discovery is an important milestone in the Company's mission to develop precision medicine therapeutics for the effective treatment of AD. Commenting on today's announcement, ProMIS CEO, Dr. Elliot Goldstein stated: "We are pleased to announce that we have initiated the validation process by starting to raise the specific monoclonal antibodies ("mabs") against the multiple targets identified. The validation program is designed to select mabs for drug development that bind selectively and specifically to the neurotoxic, propagating strains of misfolded Amyloid beta."
The Company applied its unique, proprietary discovery platform to identify this third novel, distinct target (epitope) on strains of misfolded Amyloid beta and is currently in the process of identifying and validating a series of potential targets. Misfolded, propagating strains of Amyloid beta are known to be neurotoxic and widely believed by the scientific community to play a key role in the development and progression of AD.
Pursuant to its expanded license agreement with the University of British Columbia announced on October 8, 2015, ProMIS Neurosciences submitted a provisional patent application for its third novel Alzheimer's disease target to the United States Patent Office on March 17, 2016.
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 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.
SOURCE ProMIS Neurosciences Inc.
For further information: Renmark Financial Communications Inc.: Barry Mire: [email protected]; NATIONAL Equicom: Michael Moore: [email protected]; or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415 341-5783, [email protected]