In the first quarter of 2021, ProMIS, like much of society, started to emerge from “pandemic lockdown”. Our most important milestone was securing a US $7MM round of financing from a prestigious group of
In addition, in collaboration with Dr.
Corporate Highlights
- In
January 2021 , we announced an outline of our strategic priorities and action plan for 2021. The priorities for 2021 fall into four key areas: near term focus on rare neurodegenerative diseases, especially ALS; use of our proprietary platform to support portfolio expansion; advancement of our PMN310 antibody lead program for Alzheimer’s disease (AD); COVID-19, further progress on serological assays. - In
February 2021 , we announced our perspectives on recent progress in the AD field. - Two important events occurred in
January 2021 , both of which we consider very positive for the AD field, for the updated amyloid hypothesis and for the Company. TheFood & Drug Administration extended the Prescription Drug User Fee Act date for review of Biogen’s aducanumab fromMarch 7 to June 7, 2021 . Eli Lilly & Co. announced positive clinical results for their antibody, donanemab, onJanuary 11, 2021 , making it the third antibody with positive clinical results in AD, likely due to its targeting of aggregated amyloid-beta (not amyloid monomer). Both these events have positive implications for PMN310. - In
March 2021 , we completed aUS$7.0 million (CDN$8.75 million ) private placement of unsecured convertible debentures (Debentures). The Debentures are convertible into common shares at the option of the holder at a conversion price ofUS$0.10 per share and accrue interest at 1% per annum.
People
Johannes Minho Roth resigned from the ProMIS Board of Directors in February, taking on a senior executive position at UBS Group AG, a Swiss multinational investment bank and financial services company. We thank Johannes for his excellent contributions to the Board and in support of the Company’s progress.Michael Grundman , MD, MPH, joins the ProMIS team as senior consultant medical advisor.Dr. Grundman is President and CEO ofGlobal R&D Partners, LLC , a consulting firm that works closely with pharmaceutical and biotechnology companies to develop novel agents for the diagnosis and treatment of serious and life-threatening diseases.Dr. Grundman is Professor of Neurosciences at theUniversity of California San Diego (UCSD). Prior to joining industry,Dr. Grundman was Associate Director of the Alzheimer’s Disease Cooperative Study (ADCS) at theUniversity of California, San Diego (UCSD). He received his BA fromNew York University magna cum laude with Honors in Biochemistry. He obtained his MD and Neurology training at theAlbert Einstein College of Medicine and a Master of Public Health degree fromColumbia University .Neil K. Warma , MBA, was appointed to the Board of Directors inMay 2021 .Neil Warma has been a successful healthcare entrepreneur for over 25 years having founded, managed and advised numerous biotech and pharmaceutical companies across the globe. Currently,Mr. Warma is the CEO/General Manager ofI-Mab Biopharma U.S., (Nasdaq:IMAB) a publicly traded global biopharmaceutical company with offices and research labs inChina (Shanghai ,Beijing ) and theU.S. (San Diego , Gaithersburg) that focuses on developing and commercializing novel immuno oncology drugs. Previously, as President and CEO of Opexa Therapeutics, a publicly traded biopharmaceutical company,Mr. Warma led the turnaround and rebuilding of the company’s cell therapy platform and oversaw its advance through clinical development in autoimmune and orphan diseases, expansion intoChina and its eventual merger with Acer Therapeutics. Prior to Opexa, he was CEO ofViron Therapeutics , a private biotechnology company developing novel protein-based therapeutics for cardiovascular disease and transplantation.
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Outlook
Going forward ProMIS will focus on accelerating or re-initiating programs in our core business area, best in class therapeutics for neurodegenerative diseases. In addition, we will continue to expand the application of our unique discovery platform, with which we can “rationally design” antibodies or vaccines to be selective for only mis-folded, pathogenic proteins involved in disease.
In Alzheimer’s we will restart IND enabling work for PMN310, our antibody highly selective for toxic oligomers of amyloid. That selectivity may prove to give PMN310 significant competitive advantages in safety and efficacy over products from Biogen, Lilly, and Eisai that appear to provide benefit slowing the progression of Alzheimer’s disease. In addition, starting with the same proprietary technology that creates selective antibodies (“passive” immunotherapy), we are moving forward our program to create therapeutic vaccines (“active” immunotherapy) targeting toxic oligomers of amyloid. Therapeutic vaccines may be a preferred therapy for Alzheimer’s prevention; the ultimate goal in Alzheimer’s treatment is to detect disease in the ~20 year window before symptoms arise and treat to prevent symptoms of cognitive decline.
In ALS we will advance our program targeting toxic TDP-43 with further in vitro and in vivo validation, and we will build on the significant scientific advances we have made targeting RACK1 (Receptor for A Activated C Kinase 1). We will also further advance our alpha-synuclein program with further in vivo and in vitro validation, targeting diseases like Parkinson’s disease and Multiple System Atrophy.
About
Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn
For Investor Relations please contact:
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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