TORONTO, May 9, 2017 /CNW/ - ProMIS Neurosciences, Inc. ("ProMIS" or the "Company"), a company focused on the discovery and development of precision treatments for neurodegenerative diseases, today announced its operational and financial results for the three months ended March 31, 2017.
"We continue to make significant progress on our Alzheimer's disease (AD) program" said Dr. Elliot Goldstein, ProMIS CEO. "Our priorities are to further advance development of ProMIS' lead product, PMN 310, with a goal of IND submission by the end of 2018, to complete a cohort study to determine the prevalence of different prion strains of Amyloid beta in AD, and to initiate development of effective AD diagnostics for detection of toxic prion strains in cerebrospinal fluid (CSF) or blood."
ProMIS also announced continued work on two new drug development programs to identify novel therapeutic targets on Tau for AD, and TDP43 for Amyotrophic Lateral Sclerosis (ALS) and frontotemporal dementia (FTD), representing additional opportunities to apply its complementary platform technologies.
Recent Corporate Highlights
- PMN 310, declared lead development product, on track for IND submission at the end of 2018.
- Advanced programs to identify novel therapeutic targets on toxic strains of the protein Tau for AD, and on protein TDP43 for ALS and FTD;
- In February 2017, completed private placements providing total gross proceeds of approximately $2,700,000;
- Appointed Mr. Anthony Giovinazzo to the Board of Directors.
- Announced Mr. Daniel Geffken to the position of Chief Financial Officer.
Results of Operations – Three months ended March 31, 2017 and 2016
The net loss for the three months ended March 31, 2017 was $1,372,203 compared to a net loss of $670,150 for the three months ended March 31, 2016. The increased loss in the current period reflects the costs associated with operating the Company's AD therapeutics program, supporting its patent portfolio, associated general corporate expenditures and higher stock-based compensation.
Revenues for the three months ended March 31, 2017 and 2016 were nominal and relate to legacy technologies. For the three months ended March 31, 2017 the Company recognized $658 in royalty revenue related to its preclinical AD diagnostic assay as compared to $2,486 for the three months ended March 31, 2016.
Research and development expenses for the three months ended March 31, 2017 were $740,670 as compared to $361,484 in the three months ended March 31, 2016. Costs are higher in the current period due to higher research program costs for the AD therapeutics program and higher stock-based compensation.
General and administrative expenses for the three months ended March 31, 2017 were $629,792 as compared to $304,868 in the three months ended March 31, 2016. The increased expenditures in the current period reflect higher investor relations expenses, higher salaries related to expansion of the senior management team, higher professional fees, and higher stock-based compensation.
The Company's priority for 2017 is to actively pursue development of precision medicine therapeutics for AD and ALS. ProMIS will focus on progressing PMN 310, its lead development product, to IND submission anticipated by the end of 2018.
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 protein TDP43 for ALS and frontotemporal dementia (FTD). The Company's complementary proprietary platform technologies, ProMISTM and Collective Coordinates, will be used to identify and confirm such novel targets.
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 the protein 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.
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For further information: 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