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ProMIS Neurosciences Announces Third Quarter 2022 Financial Results and Recent Highlights
Closed US$7.4 million private placementAppointed Gail Farfel, Ph.D., as Chief Executive OfficerContinued progress toward investigational new drug (IND)
About this update from Promis Neurosciences Inc.
[{"type":"text","content":"Closed US$7.4 million private placementAppointed Gail Farfel, Ph.D., as Chief Executive OfficerContinued progress toward investigational new drug (IND) submission for PMN310 to pursue Alzheimer’s disease indication TORONTO, Ontario and CAMBRIDGE, Massachusetts, Nov. 14, 2022 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (TSX: PMN) (Nasdaq: PMN), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic misfolded proteins implicated in the development of neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA), today announced its third quarter 2022 financial results and recent highlights. “We continue to progress our therapeutic antibodies selective for toxic oligomers that are associated with the development and progression of neurodegenerative and other misfolded protein diseases. We are excited that our lead compound, PMN310, is advancing toward clinical stage development. Most notably, we recently closed a $7.4 million private placement, which will be used to advance PMN310 into a first-in-human study. We anticipate enrolling the first subject in the first half of 2023,” said Gail Farfel, Ph.D., Chief Executive Officer of ProMIS Neurosciences. “We believe our novel discovery platform gives us the potential to advance differentiated next-generation products to address urgent unmet medical needs as in ALS and MSA, and we are excited to continue our transition toward a clinical phase biotechnology company.” Recent Highlights and Anticipated Milestones Alzheimer’s Disease Program (PMN310)PMN310, ProMIS’s lead compound, is a novel monoclonal antibody that is highly selective for toxic oligomers of amyloid-beta that are believed to be a major driver of AD. ProMIS completed pilot toxicology, pharmacokinetics (PK) and tissue cross reactivity (TCR) studies and conducted the formal GLP studies to support an IND application to the U.S. Food and Drug Administration (FDA) and anticipate enrollment of the first subject in our Phase 1a trial in the first half of 2023 subject to FDA’s acceptance of the IND.ProMIS completed the first stage of development towards a high concentration formulation that could potentially support subcutaneous dosing as a future step to improve overall convenience and patient compliance. Other ...