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TORONTO, Feb. 23, 2017 /CNW/ - ProMIS Neurosciences Inc. ("ProMIS" or the "Company") is pleased to announce that it has completed its non-brokered private placement in the amount of CDN$2,719,813.
The net proceeds of the private placement will be used to (a) further advance the Company's Alzheimer disease (AD) portfolio, including development of its lead product PMN 310, and conducting a cohort study to determine the prevalence of different prion strains in AD (b) initiate development of effective AD diagnostics for detection of toxic prion strains in cerebrospinal fluid (CSF) or blood (c) develop ProMIS' Tau and TDP43 assets for dementias and ALS (d) continue efforts toward partnering ProMIS' ALS assets and (e) support general working capital expenses, including those related to building and maintaining its intellectual property portfolio.
Pursuant to the private placement, ProMIS issued a total of 18,757,331 units (the "Units") at $0.145 per Unit in two closings raising gross proceeds of CDN$2,719,813, with 15,848,863 Units being issued in the first closing (as announced on Feb. 13, 2017) and the balance in the second closing. Each Unit issued consisted of one common share of the Company and one-half of a common share purchase warrant, with each whole warrant being exercisable into one common share at a price of $0.20 per share for 36 months from the issue date. Directors of the Company purchased a total of 690,000 units or CDN$100,050 of the placement.
All securities issued are subject to a four month hold period under applicable provincial securities laws in Canada. In connection with the second closing, ProMIS will pay finder's fees of $5,605.70 and will issue 24,500 finder warrants, with each finder warrant exercisable into one common share at a price of $0.17 per share for 36 months from the issue date.
"The proceeds from this private placement will allow us to continue the significant progress the Company has made over the past eighteen months," stated Eugene Williams, ProMIS Executive Chairman. "ProMIS is positioned to generate a compelling body of evidence demonstrating its antibody therapeutics that selectively target toxic prion-like forms of Amyloid beta will be best in class, and therefore hold the potential to transform the AD treatment paradigm. In addition, results from the Cohort study could revolutionize the approach to treating AD by supporting the concept that personalized medicine is critical for most effective therapy".
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 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 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 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
SOURCE ProMIS Neurosciences Inc.
For further information: NATIONAL Equicom, Abby Garfunkel, Tel. 403-218-2887, [email protected]; or contact Dr. Elliot Goldstein, President and Chief Executive Officer, ProMIS Neurosciences Inc., Tel. 415 341-5783, [email protected]