Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update


Canadian Biotech Advances Antibodies, Diagnostics Programs in Q2/20
News Update

Share on Stocktwits


One highlight is ProMIS Neurosciences' development of a SARS CoV-2 antibody test.

ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) summarized in a news release its operational and financial activities during Q2/20.

Operationally, during the quarter ended June 30, 2020, the biotech and partner BC Neuroimmunology developed a serology test that detects antibodies to SARS CoV-2 with 99.9% sensitivity and 99.5% specificity.

ProMIS and five other commercial and academic collaborators received a CA$1.8 million Digital Technology Supercluster award to predict likely mutations of SARS-CoV-2.

Regarding its work discovering and developing antibody therapeutics that target toxic oligomers implicated in the development of neurodegenerative diseases, the Canadian firm generated intrabodies that are highly selective for misfolded forms of TDP-43. The latter are believed to play a role in amyotrophic lateral sclerosis (ALS), frontotemporal dementia and other neurologic disorders.

Also, ProMIS identified novel antagonists against RACK1, the receptor for activated protein kinase C1. These antagonists prevent dysfunctional protein aggregates related to neurodegenerative diseases from forming and help restore normal function.

The life sciences firm and BC Neuroimmunology expanded their collaboration such that they intend to develop highly sensitive and specific assays that accurately screen for and diagnose Alzheimer's disease.

"Over the course of Q2/20, ProMIS made considerable progress in expanding its portfolio of opportunities across multiple neurodegenerative diseases, and also it initiated two new diagnostic programs," ProMIS Executive Chairman Eugene Williams said in the release.

ProMIS posted a Q2/20 net loss of about $1.65 million, which compares to about $1.8 million in Q2/19. General and administrative expenses during Q2/20 were $752,896, down from $815,937 a year earlier.

ProMIS received about $1.2 million in gross proceeds from exercising 9,532,276 warrants pursuant to its new warrant repricing program.


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.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
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.

Want to read more about Life Sciences Tools & Diagnostics and Biotechnology / Pharmaceuticals investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe