Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

PROMIS NEUROSCIENCES, INC.

(PMN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

ProMIS Neurosciences : offers comments on recent FDA Advisory Committee meeting on aducanumab for the treatment of Alzheimer's disease

11/09/2020 | 06:31am EST

TORONTO and CAMBRIDGE, Mass., Nov. 09, 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, today commented on the November 6th FDA Peripheral and Central Nervous System Drugs Advisory Committee meeting and its review of Biogen’s Biologics License Application (BLA) for aducanumab for the treatment of Alzheimer’s disease.

The key BLA components reviewed at the advisory committee meeting consisted of three clinical trials: two pivotal phase 3 trials of similar design (Study 301, 302) and one phase 1b trial (Study 103). Both Biogen and FDA acknowledged Study 301 (ENGAGE) was negative and could not contribute to the evidence for aducanumab’s effectiveness. Demonstration of effectiveness for licensing generally requires two adequate and well-controlled clinical trials that are positive. However, under certain circumstances and consistent with the 1997 FDA Modernization Act, FDA can conclude that one adequate and well-controlled clinical investigation plus confirmatory evidence is sufficient to establish effectiveness. Whether Study 302 (EMERGE) provided adequate evidence as a single study – a position strongly expressed by the FDA Office of Neuroscience – represented the key issue debated by the Advisory Committee.

Dr. Billy Dunn, Director of the Office of Neuroscience, who convened the Advisory Committee and ultimately has the authority to approve the BLA, gave the FDA presentation; he summarized the Study 302 results, stating they were “compelling”, “exceptionally persuasive”, and represented a “homerun”. However, the written review by Dr. Tristan Massie, Office of Biostatistics, embedded in the FDA briefing documents for the Advisory Committee, addressed some Study 302 inconsistencies and argued against a conclusion of substantial evidence because of the conflicting results of the two phase 3 studies.   FDA and Biogen conducted a number of subgroup analyses to explore why Study 301 and Study 302 were divergent in their results, but none of them provided a definitive answer and the committee members decided it was not possible to conclude aducanumab was effective for the treatment of Alzheimer’s disease.

Thus, on the first and most critical question to the committee, “Does Study 302, viewed independently and without regard for Study 301, provide strong evidence that supports effectiveness of aducanumab for the treatment of Alzheimer’s disease?”, the committee vote was negative, with 1 Yes, 8 No and 2 Uncertain. To a large degree, the other three questions assumed a Yes vote to the first question, including the last question as to whether Study 302 could be considered as primary evidence of effectiveness.

It is important to note that, prior to and during the advisory committee meeting, the FDA Office of Neuroscience made several key arguments supporting approval of aducanumab, as outlined below:

  • Analysis of the data supporting the March 2019 decision to discontinue the trials because of futility did not provide “an accurate reflection of individual studies”. The futility decision was based on pooled data from both Study 301 and Study 302. However, if the two studies had been independently reviewed for futility, Study 302 would not have met the futility criteria and the magnitude of effect in the high-dose arm (10mg/kg) in fact improved over time as additional data were collected. FDA commented that it would have been more appropriate if futility had not been declared and noted that assumptions supporting the futility analysis had been violated.
  • In response to Biogen’s argument that anti-amyloid beta (Aβ) antibodies differ considerably with respect to their molecular characteristics, FDA agreed that “anti-Aβ therapies do not represent a single class of drugs” and previous late-stage failures of such therapies “do not constitute a demonstrated ‘class failure’”. During committee discussion, this point was briefly noted as members acknowledged that a more nuanced discussion of oligomers as the most toxic molecular Aβ species was beyond the scope of the committee’s responsibility.

“Although FDA will most likely accept the non-binding recommendations of the advisory committee, it is disappointing for patients, their caregivers and the research community that the committee viewed the inconsistencies in data as too significant to reach a conclusion that aducanumab is clinically effective”, said Dr. James Kupiec, Chief Medical Officer for ProMIS Neurosciences. “We are however encouraged by FDA’s position on anti-Aβ antibodies. The amyloid hypothesis is far from dead now that the research community is focused on the most toxic molecular species, and we anticipate that PMN310, which selectively targets toxic Aβ oligomers, could demonstrate best-in-class effectiveness and safety in clinical studies”.

After the Advisory Committee meeting, Mr. Michael Vounatsos, Chief Executive Officer at Biogen, expressed his gratitude for the patients and advocates who spoke at the meeting and reflected on the significant unmet need for a treatment for Alzheimer’s disease. Biogen noted they will continue to work with FDA as it completes its review of the BLA.

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.

Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn. To learn more about protein misfolding diseases, listen to Episodes 11, 24, of Saving Minds, a podcast available 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.


ProMIS.jpg

Source: ProMIS Neurosciences Inc.

2020 GlobeNewswire, Inc., source Press Releases

All news about PROMIS NEUROSCIENCES, INC.
01/12PROMIS NEUROSCIENCES : Details Strategic Priorities for 2021
MT
01/12ProMIS Neurosciences Announces Strategic Priorities for 2021
GL
2020PROMIS NEUROSCIENCES : Year in review, looking forward to 2021
PU
2020PROMIS NEUROSCIENCES : Completes offering of special warrants
AQ
2020PROMIS NEUROSCIENCES : Completes Offering of Special Warrants
AQ
2020ProMIS Neurosciences Completes Offering of Special Warrants
GL
2020PROMIS NEUROSCIENCES : Completes offering of special warrants
PU
2020PROMIS NEUROSCIENCES : Announces Third Quarter 2020 Results
PU
2020PROMIS NEUROSCIENCES : Announces Third Quarter 2020 Results
AQ
2020PROMIS NEUROSCIENCES : Announces Third Quarter 2020 Results
AQ
More news
Financials
Sales 2020 - - -
Net income 2020 -6,80 M -5,34 M -5,34 M
Net Debt 2020 - - -
P/E ratio 2020 -6,02x
Yield 2020 -
Capitalization 33,3 M 26,2 M 26,2 M
Capi. / Sales 2020 -
Capi. / Sales 2021 -
Nbr of Employees -
Free-Float 90,1%
Chart PROMIS NEUROSCIENCES, INC.
Duration : Period :
ProMIS Neurosciences, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PROMIS NEUROSCIENCES, INC.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts 1
Average target price 4,16 $
Last Close Price 0,09 $
Spread / Highest target 4 508%
Spread / Average Target 4 508%
Spread / Lowest Target 4 508%
EPS Revisions
Managers and Directors
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
Johannes Minho Roth Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PROMIS NEUROSCIENCES, INC.15.00%26
GILEAD SCIENCES, INC.8.70%79 386
VERTEX PHARMACEUTICALS-4.57%58 652
REGENERON PHARMACEUTICALS7.21%54 665
WUXI APPTEC CO., LTD.3.52%52 469
BEIGENE, LTD.33.52%31 458