ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) provided in a news release its Q1/20 operational and financial results.
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.
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