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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  ProMIS Neurosciences, Inc.    PMN   CA74346M1095

PROMIS NEUROSCIENCES, INC.

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ProMIS Neurosciences and collaborative team receive Supercluster Award supporting avoidance of future pandemics by new strains of the COVID-19 virus

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05/28/2020 | 06:31am EDT

TORONTO and CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a company with unique core technology to predict novel targets on the molecular surface of complex proteins, together with a team of commercial and academic collaborators, have received a Digital Technology Supercluster award from the Government of Canada for 1.8 million Canadian dollars. The project, “Predicting the evolution of COVID-19,” brings together six commercial and academic collaborators to predict likely mutations of SARS-CoV-2, the virus responsible for COVID-19. The findings will inform the early design of effective tests, therapies and vaccines, allowing public health systems globally to prepare and ideally prevent future pandemics caused by evolving strains of the virus.

It is expected biologically that new strains of the virus causing COVID-19 will emerge, requiring new approaches, just as annual changes in circulating strains of influenza virus require new vaccines every year. The supercluster project, led by Terramera and including D-Wave, Menten AI, Microsoft Corp., ProMIS Neurosciences and the University of British Columbia, will predict likely mutations by combining world-class expertise in artificial intelligence, computer modelling and structural biology. ProMIS will contribute its novel technology platform, which can rapidly identify unique sites, called peptide antigens, displayed on complex protein structures, including the spike protein halo surrounding SARS-CoV-2. The data provided by the Award team will inform the design of new diagnostic and antibody tests, treatment and vaccines. The opportunity for early intelligence and planning can accelerate overall response time to the virus, improve the effectiveness of this response and potentially prevent future pandemic situations resulting from variant strains of the virus.

“We’re grateful to be a part of such an accomplished team engaged in an endeavor intended to preserve human health as the novel coronavirus changes over time,” said Dr. Elliot Goldstein, president and CEO of ProMIS Neurosciences. “We thank the Government of Canada for its vision, support and commitment to innovation. We’re confident that our platform, which has created a broad portfolio of intellectual property supporting specifically tailored antibody drugs, diagnostic tools and potential vaccines, is ideally suited to support the supercluster project and help public health leaders in Canada and elsewhere prepare and ideally prevent future pandemics caused by new strains of SARS-CoV-2.”

To learn more about this technology platform, please consult a recent Chairman’s Update at www.promisneurosciences.com, which is accompanied by an audio description. To learn more about the search for therapies for Alzheimer’s, Parkinson’s and other neurodegenerative diseases, listen to Saving Minds at iTunes or Spotify.

The Digital Technology Supercluster announced its latest round of funded projects on May 26, 2020. To learn more about its growing suite of projects offering solutions to urgent health care needs across Canada arising from COVID-19, please visit www.digitalsupercluster.ca

About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery platform is based on the use of two complementary thermodynamic, computational discovery engines – ProMIS and Collective Coordinates – to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique precision approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. In the infectious disease setting, these disease-specific epitopes represent peptide antigens that can be used as an essential component to create accurate and sensitive serological assays to detect the presence of antibodies that arise in response to a specific infection, such as COVID-19. These peptide antigens can also be used to create potential therapeutic antibodies to treat active infection, as well as serve as the basis for development of vaccines. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.

Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn

About Digital Technology Supercluster
The Digital Technology Supercluster solves some of industry’s and society’s biggest problems through Canadian-made technologies. We bring together private and public sector organizations of all sizes to address challenges facing Canada’s economic sectors including healthcare, natural resources, manufacturing and transportation. Through this ‘collaborative innovation’ the Supercluster helps to drive solutions better than any single organization could on its own. The Digital Technology Supercluster is led by industry leaders such as D-Wave, Finger Food Advanced Technology Group, LifeLabs, LlamaZOO, Lululemon, MDA, Microsoft, Mosaic Forest Management, Sanctuary AI, Teck Resources Limited, TELUS, Terramera, and 1Qbit. Together, we work to position Canada as a global hub for digital innovation. A full list of Members can be found here.

About the COVID-19 Program
The COVID-19 Program aims to improve the health and safety of Canadians and support Canada’s ability to address issues created by the COVID-19 outbreak. In addition, the program will build expertise and capacity to anticipate and address issues that may arise in future health crises, from healthcare to a return to work and community. More information can be found here.

For media inquiries, please contact:
Shanti Skiffington
shanti.skiffington@gmail.com
Tel. 617 921-0808

For Investor Relations please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785

For Digital Technology Supercluster related media inquiries, please contact:
Elysa Darling
elysa@switchboardpr.com
Tel. 587-890-9833

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains 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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© GlobeNewswire 2020
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Financials
Sales 2020 - - -
Net income 2020 -6,90 M -5,07 M -5,07 M
Net Debt 2020 - - -
P/E ratio 2020 -11,0x
Yield 2020 -
Capitalization 60,8 M 44,8 M 44,7 M
EV / Sales 2019
Capi. / Sales 2020 -
Nbr of Employees -
Free-Float 88,4%
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Mean consensus HOLD
Number of Analysts 2
Average target price 2,34 $
Last Close Price 0,15 $
Spread / Highest target 2 463%
Spread / Average Target 1 412%
Spread / Lowest Target 360%
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NameTitle
Elliot Goldstein President, Chief Executive Officer & Director
Eugene Williams Executive Chairman
Daniel E. Geffken Chief Financial Officer
Neil R. Cashman Director & Chief Scientific Officer
James Kupiec Chief Medical Officer
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