ProMIS Neurosciences Closes Fully Subscribed Private Placement
Biotechnology company, ProMIS Neurosciences (Nasdaq: PMN), has closed a fully subscribed $7.4 million private placement. Investors include Mike Gordon of Fenway Sports Group, the Kraft Group, Jeremy Sclar of WS Development and Dave Welch of 4-Good Ventures.
Proceeds from the offering will be used to advance the company’s lead product candidate for Alzheimer’s disease (AD), PMN310, into a first-in-human study, expected to commence in 2023.
- The offering comprised 1,383,755 units of the company at $5.40 per unit, gross proceeds reached US$7,472,277.
- Each Unit is comprised of one Common Share of the company and one quarter of one Common Share purchase Warrant. Each full Warrant is exercisable for one Common Share at $7.50 for a period of five years commencing six months from the closing of the Offering.
- Along with funding ProMIS’ first-in-human Phase 1 study, proceeds will support expansion of the Company’s intellectual property portfolio and provide working capital.
ProMIS’ lead product candidate, PMN310, is a novel monoclonal antibody that is highly selective for toxic oligomers of amyloid-beta which are found in brains of AD patients.
Investor interest in amyloid-targeting drug candidates surged following Biogen and Eisai’s landmark results for lecanemab, an investigational monoclonal antibody for AD. Roche and Eli Lilly, whose investigational candidates target the same protein, also experienced tremendous stock gains. PMN310 is designed to potentially have advantages over other AD therapies due to its oligomer selectivity.