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TORONTO, June 27, 2016 /CNW/ - ProMIS Neurosciences Inc. ("ProMIS" or the "Company"), a company focused on the discovery and development of precision treatments for Alzheimer's disease and ALS, today announced that it is offering (the "Offering") on a private placement basis up to 7,410,000 units (the "Units") at price of CDN$0.135 per Unit for gross proceeds of up to approximately CDN$1,000,000.
Each Unit will consist of one common share and one-quarter of a common share purchase warrant. Each whole warrant is exercisable into one share at a price of $0.20 per share for a 24 month exercise period. Warrants are subject to abridgement (after the expiry of the 4 month hold period) with 30 days' notice to holders in the event that the ten-day volume weighted price of the shares exceeds $0.30.
The net proceeds of the Offering will be used (a) for the Company's Alzheimer's disease (AD) programs, to validate and optimize the several lead product programs (up to six) ProMIS is developing against different strains of Amyloid beta (Ab) "prions" and to accelerate efforts to identify targets and products against Tau "prions" in AD, (b) to support and enhance ProMIS' patent estate and, c) for general working capital purposes, including to accelerate partnering efforts for ProMIS' ALS portfolio.
Assuming completion of the maximum Offering of approximately CDN$1,000,000, approximately $650,000 is expected to be used for the Alzheimer's disease programs; approximately $100,000 is expected to be used to support and enhance ProMIS' patent estate, and; approximately $250,000 is expected to be used for general working capital purposes, including to accelerate partnering efforts for ProMIS' ALS portfolio.
All shares issued will be subject to a four month hold period from the date of issuance in accordance with applicable provincial securities laws in Canada. Closing of the Offering is subject to receipt of TSX acceptance. The Company confirms that there is no material fact or material change about the Company that has not been generally disclosed. The Company will pay finders' fees and issue finder warrants on a portion of the proceeds of the Offering.
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 the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering 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 an applicable exemption from registration requirements.
About ProMIS Neurosciences, Inc.
The mission of ProMIS Neurosciences is to discover and develop precision medicine therapeutics for the 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: NATIONAL Equicom, Michael Moore: [email protected]; Abby Garfunkel: [email protected]; or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415-341-5783, [email protected]