ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) recently garnered analyst coverage by Douglas Loe at Leede Jones Gable, as noted in a May 11th research note.
The Canadian investment firm initiated coverage on ProMIS with a Speculative Buy rating and a price target of CA$0.50. This target indicates a potential 355% return given that biotech's current share price is around CA$0.11.
Loe highlighted that Massachusetts-based ProMIS generates monoclonal antibodies that target conformational epitopes expressed mainly or exclusively on misfolded or aggregated proteins, and those misfolded or aggregated proteins contribute to various central nervous system (CNS) diseases.
Focused on neurodegenerative diseases, ProMIS has a pipeline of these antibody-based drugs, Loe noted. He discussed three of the standouts.
ProMIS' lead asset is PMN310 for Alzheimer's disease, which selectively and specifically targets conformational epitopes within misfolded toxic beta-amyloid oligomers. The analyst pointed out that the Alzheimer's market is rife with clinical-stage therapies, but only a few have the same mechanism of action as PMN310.
"We believe that PMN310 rises above its peers in not only targeting this intermediate aggregation form of beta-amyloid but also from being specifically designed to do so and thus to manifest fewer off-target side effects," Loe wrote.
PMN310 is currently in the advanced preclinical testing phase. Loe estimates it will be ready for Phase 1 clinical testing by Q1/23.
Another ProMIS asset is PMN442, which targets alpha-synuclein aggregation relevant to Parkinson’s disease and related motor neuron disorders. A third is PMN267, which targets TDP-43 in amyotrophic lateral sclerosis (Lou Gehrig's disease). These two drugs could be ready for Phase I clinical trials by the end of 2023, Loe forecasts.
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