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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 BC Neuroimmunology announce revenue-sharing joint venture agreement to develop and offer blood-based diagnostic tests for Alzheimer's disease

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07/10/2020 | 07:17am EDT

TORONTO - ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a company with unique, core technology to predict novel targets (peptide antigens) on the molecular surface of complex, misfolded proteins, and BC Neuroimmunology Lab (BCNI), have entered into a revenue-sharing joint venture (JV) agreement to develop and offer highly accurate and objective tests for detection, diagnosis and monitoring of Alzheimer's disease (AD).

Significant progress has been made over the past several years to advance a more precise diagnosis of AD. In particular, introduction of the A/T/N (amyloid/tau/neurodegeneration) criteria two years ago offered an unbiased approach for the objective biological diagnosis of AD1. However, the A/T/N diagnostic approach, until recently, required either costly PET and MRI scan assessments or an invasive lumbar puncture to secure cerebrospinal fluid to measure specific biomarkers.

Impressive scientific advances have been made since the introduction of A/T/N, as exemplified by emerging scientific evidence showing that blood levels of two brain-protein biomarkers2,3, NfL (neurofilament light chain) and P-tau181 (phosphorylated tau181), appear to provide an equally precise A/T/N characterization as imaging or CSF measurements, and can thus offer convenient, cost-effective and objective detection and monitoring of the AD process.

'The progress this year in measuring P-tau181 in the blood marks an inflection point in the fight against Alzheimer's disease,' stated Eugene Williams, ProMIS Executive Chairman. 'We now have blood-based biomarkers that can provide the information necessary to detect Alzheimer's disease, including pre-symptomatic disease. Measurable Alzheimer's neuropathology precedes cognitive decline by 15-20 years, and this represents an invaluable window of opportunity for prevention, and prevention begins with detection. ProMIS' ultimate mission with its partner, BCNI, is to build a portfolio of assays that enables early detection and monitoring of disease progression before symptoms arise.'

The JV/collaboration will first offer existing blood-based assays for NfL and P-tau181. Further assays will be added subsequently, potentially incorporating ProMIS' proprietary peptide antigens and tests for additional neurodegenerative diseases.

'We know that lifestyle interventions like diet, exercise and mental stimulation can have a significant impact on progression to cognitive decline,' stated Dr. Sharon Cohen, Director of Toronto Memory Program. 'What has been missing prior to the recent advent of blood-based biomarkers is a convenient and accurate way to measure the impact of these interventions in pre-symptomatic patients. ProMIS' exciting work with blood-based biomarkers for the detection and monitoring of AD could potentially contribute to a breakthrough in how we work with our patients to prevent Alzheimer's disease.'

About BC Neuroimmunology Lab Inc.

BC Neuroimmunology Lab Inc. (BCNI) is a private, full-service clinical neuroimmunology lab located in the University of British Columbia (Vancouver) hospital and has been operational for the past 35 years. BCNI is accredited by both the College of American Pathologists (CAP) and ISO/Diagnostic accreditation program (DAP). BCNI services patients, pharmaceutical companies and contract research organizations from all of North America and is the North American reference center for six high-complexity immunoassays. BCNI has extensive experience and expertise in Surface Plasmon Resonance (SPR), live and fixed cell-based assays, radioimmunoprecipitation assays, ELISA, immunoblot and immunohistochemistry assays.

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 DSEs are misfolded regions on toxic forms of otherwise normal proteins. In the infectious disease setting, these DSEs 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. ProMIS proprietary peptide antigens can also be used to create potential therapeutic antibodies, 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.

Contact:

Shanti Skiffington

Tel: 617 921-0808

Email: shanti.skiffington@gmail.com

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.

(C) 2020 Electronic News Publishing, source ENP Newswire


Stocks mentioned in the article
ChangeLast1st jan.
ATN INTERNATIONAL LIMITED -4.35% 0.22 End-of-day quote.-12.00%
PROMIS NEUROSCIENCES, INC. 0.00% 0.12 Delayed Quote.-29.41%
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Financials
Sales 2020 - - -
Net income 2020 -6,80 M -5,10 M -5,10 M
Net Debt 2020 - - -
P/E ratio 2020 -6,00x
Yield 2020 -
Capitalization 34,8 M 26,1 M 26,1 M
Capi. / Sales 2020 -
Capi. / Sales 2021 -
Nbr of Employees -
Free-Float 90,1%
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Consensus
 
Mean consensus -
Number of Analysts 1
Average target price 4,16 $
Last Close Price 0,09 $
Spread / Highest target 4 523%
Spread / Average Target 4 523%
Spread / Lowest Target 4 523%
EPS Revisions
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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