Throughout the quarter ended March 31, 2020, the company advanced its portfolio of opportunities across multiple neurodegenerative diseases.
"Over the course of the first quarter 2020, the value of our unique discovery and development platform was further evidenced as ProMIS made considerable progress in expanding its portfolio of opportunities across multiple neurodegenerative diseases," stated Eugene Williams, ProMIS executive chairman.
"PMN310, our lead antibody therapeutic candidate for Alzheimer’s disease (AD), showed further significant positive differentiation in both potential efficacy and safety compared to competitive antibody therapeutics currently in development. In addition, antibody candidates selectively targeting toxic forms of alpha-synuclein for Parkinson's disease, toxic aggregated forms of TDP- 43 for amyotrophic lateral sclerosis (ALS) and toxic aggregates of tau for AD and other dementias were identified and further characterized to support collaborative partnering discussions," added Williams.
In February, the biotech initiated a natural history study of blood-based biomarkers in patients with mild, untreated Alzheimer's disease, in partnership with the Toronto Memory Program, a Canadian Alzheimer's disease diagnosis and treatment center and clinical trials site. From the study, ProMIS wants to determine, before engaging in its maiden PMN310 clinical trial in Alzheimer's, if the biomarkers slow down neuronal death.
ProMIS intends to continue identifying peptide antigens that can be used to develop tests to detect the presence of antibodies that arise against specific infections like Covid-19.
Regarding finances, early in the quarter ended March 31, 2020, ProMIS received $958,000 in proceeds from exercised warrants. In March, a change in the company's exercise price of 44,182,530 outstanding common share purchase warrants was changed to $0.13 for the period between April 8 and May 22, 2020.
During Q1/20, ProMIS posted a net loss of $1,761,919, down year over year from that of $2,446,577. Noncash expenses amounted to $213,739, also lower than in Q1/19, when they were $263,872. Research and development expenses totaled $973,586 versus $1,770,653 the year before.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: ProMIS Neurosciences. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of ProMIS Neurosciences, a company mentioned in this article.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.