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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 identifies multiple novel targets on SARS CoV-2 for development of a highly accurate COVID-19 antibody test

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05/12/2020 | 06:31am EDT

TORONTO, Ontario and CAMBRIDGE, Mass., May 12, 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, has advanced its program to develop a high-throughput, highly accurate test for detection of antibodies to SARS CoV-2, the causative agent of COVID-19.  ProMIS has identified 18 potential antibody targets unique to the spike protein halo of SARS CoV-2. These targets, called conformational peptide antigens, will be synthesized by a specialized contract laboratory organization over the coming weeks for subsequent testing and validation in the serology lab of Dr. Hans Frykman at the University of British Columbia. This antibody test could become commercially available in the near term.

As states, provinces and territories reopen amidst ongoing pandemic-related challenges, an accurate antibody test measuring levels of immunity to COVID-19 remains an essential but unmet need. Experts agree that an antibody test for COVID-19 must be selective (specific) for only SARS CoV-2, the virus responsible for the pandemic. However, test accuracy continues to be a problem due to cross-reactivity with other coronaviruses, including four viruses that cause the common cold. Dr. Hans Frykman, a globally recognized neuro-immunologist and his team, will evaluate serology test performance in a high throughput assay with each of the 18 peptide antigens in order to validate and select the best among them, aiming to achieve 100% sensitivity and 99.9% specificity for the virus causing COVID-19.

“As antibody tests for COVID-19 flood the market, the accuracy of these tests has emerged as a seemingly insurmountable barrier to resuming our lives with confidence,” said Dr. Elliot Goldstein, president and CEO of ProMIS Neurosciences. “Developing an accurate antibody test selective for a single virus amongst a larger family of similar viruses is very challenging using today’s tools. A highly accurate test for COVID-19 requires the ability to identify unique target protein structures, our main area of expertise by virtue of our work with the misfolded proteins that drive neurodegenerative diseases. We expect development of a highly accurate test and anticipate commercial availability shortly thereafter.”

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 on the molecular surface of 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 or follow us on Twitter and LinkedIn.

To learn more about COVID-19 antibody testing listen to the podcast, Saving Minds, at iTunes or Spotify.

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 -5,07 M -5,07 M
Net Debt 2020 - - -
P/E ratio 2020 -11,0x
Yield 2020 -
Capitalization 60,8 M 44,7 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 2 467%
Spread / Average Target 1 414%
Spread / Lowest Target 361%
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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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