TORONTO, July 12, 2016 /CNW/ - ProMIS Neurosciences ("ProMIS" or the "Company") (TSX: PMN), a company focused on the discovery and development of precision treatments for neurodegenerative diseases, today announced the Executive Chairman's overview of ProMIS' accomplishments since the launch of the Company one year ago, as presented at ProMIS' Annual Meeting of Shareholders held on June 30, 2016.
"I am delighted with the progress we have achieved in our first year of operations, including significant value creation for shareholders," said Eugene Williams, ProMIS Executive Chairman. "We have progressed from postulating the existence of distinct target sites, or epitopes, on toxic, prion like strains of Amyloid beta, or Ab, to having created multiple product candidates for AD in less than 12 months. Over the coming months we will focus on selecting products to take into drug development by evaluating the product candidates' ability to block neurotoxicity and propagation of prion-like forms of Ab, a root cause of Alzheimer's".
Highlights of the Company's performance over the prior 12 months, as presented to shareholders include:
- Completing two successful fund raises totaling approximately CDN $3.5 million, which enabled the Company to pay off past debts;
- Expanding worldwide, exclusive licensing agreement relating to the ProMISTM and Collective Coordinates technologies with the University of British Columbia;
- Consolidating the senior science team and creating world class scientific and business advisory boards;
- Making significant progress in developing the Alzheimer's disease ("AD") product portfolio, where successful screening has identified multiple therapeutic product candidates; and
- Initiating the validation program where binding profiles in human cadaveric brain tissue from AD patients will enable selection of final product(s) for drug development.
Please refer to the Company's Management Proxy Circular available on SEDAR at www.sedar.com for more details on the matters discussed at the Meeting.
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 platforms—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 is developing 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 three preclinical monoclonal antibody therapeutics against this target.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The information in this 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:
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]