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

PROMIS NEUROSCIENCES, INC.

(PMN)
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ProMIS Neurosciences develops novel antagonists for RACK1, a protein involved in numerous neurodegenerative diseases, including ALS

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05/06/2020 | 06:31am EDT

TORONTO and CAMBRIDGE, Mass., May 06, 2020 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, has identified novel antagonists against the receptor for activated protein kinase C 1 (RACK1) that prevent the formation of dysfunctional protein aggregates and act to restore normal function. Evidence indicates that targeting RACK1 is a promising new strategy to address the complex mechanisms involved in the pathogenesis of neurodegenerative diseases, including amyotrophic lateral sclerosis (ALS).

The novel antagonists against RACK1 are designed to prevent normal brain protein from forming clumps that impair proper neuronal functioning and lead to disease. Leveraging its proprietary drug discovery and development platform, ProMIS developed novel antagonists against RACK1, an essential protein for normal cell function. Researchers have identified RACK1 as a promising target for neurodegenerative diseases because it interacts with other physiologically important proteins including TAR DNA-binding protein 43 (TDP43) and Fused in Sarcoma (FUS), an RNA-binding protein: both are implicated in the development of ALS. Under disease conditions such as ALS, these proteins aggregate together and can no longer function properly.  In particular, overall synthesis of cell proteins is severely impaired.

“The development of novel antagonists against RACK1 demonstrates the versatility of our proprietary drug discovery and development platform,” stated Dr. Elliot Goldstein, ProMIS CEO. “We’re using our unique technology to develop not only antibodies and other antagonists for neurodegenerative diseases, including new intrabodies that are ideal for intracellular vectorization, but also a reliable and accurate antibody test for Covid-19. Today’s news is another example of how we continue to expand the utility of our platform to address a broad range of diseases in unique and highly differentiated ways.”

About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development stage biotechnology company whose unique core technology is the ability to rationally predict the site and shape (conformation) of novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of proteins. In neurodegenerative diseases, such as Alzheimer’s, ALS and Parkinson’s disease, the DSE’s are misfolded regions on otherwise normal proteins. 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

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

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 -5,09 M -5,09 M
Net Debt 2020 - - -
P/E ratio 2020 -11,6x
Yield 2020 -
Capitalization 63,7 M 47,0 M 47,0 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 0,16 $
Spread / Highest target 2 341%
Spread / Average Target 1 340%
Spread / Lowest Target 338%
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Managers
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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