GlobeNewswire by notified

ProMIS Neurosciences Announces Third Quarter 2021 Results

Share

TORONTO and CAMBRIDGE, Mass., Nov. 12, 2021 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS or the Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, today announced its operational and financial results for the three and nine months ended September 30, 2021.

“We are pleased to be ramping up our efforts to advance our lead asset, PMN 310, closer toward the clinic,” said Gene Williams, ProMIS’ Chairman and CEO. “The financing we secured earlier this year is enabling us to unlock the potential of our platform, which we believe could have significant impact on the treatment of several neurological diseases, including Alzheimer’s Disease (AD), Parkinson’s Disease and ALS. The strengthening of our management team and Board this quarter has also enabled us to leverage worldwide development and patent expertise and strengthen our overall competitive position.”

Corporate Highlights

  • On July 2, 2021, the Company announced the voting results of its annual meeting of shareholders held on June 30, 2021, in Vancouver, British Columbia, Canada. All resolutions described in the Management Proxy Circular and placed before the meeting were approved by the shareholders.
  • On July 8, 2021, the Company announced that it had filed and obtained a receipt for the Prospectus with the securities regulators in each of the provinces and territories of Canada, except Quebec.
  • On August 25, 2021, we announced the closing of a public offering for gross proceeds of US$20,125,000 (CDN$25,522,525).
  • On October 7, 2021, we announced that we would hold a special general meeting of shareholders (the “Special Meeting”) on December 1, 2021. We set October 18, 2021, as the record date for the Special Meeting. The purpose of the Special Meeting is to ask shareholders to grant the Board of Directors the authority, exercisable in the Board’s discretion, to consolidate (or reverse split) the Company’s issued and outstanding common shares in furtherance of a potential listing of the Company’s shares on a stock exchange in the United States.

People

  • On September 1, 2021, the Company appointed Josh Mandel-Brehm to the board of directors. Mr. Mandel-Brehm has held various key business development and operations leadership roles at leading biotechnology companies.
  • On September 23, 2021, the Company appointed Maggie Shafmaster, JD, PhD, to the board of directors. Dr Shafmaster has approximately 30 years of experience providing intellectual property advice to biotechnology and pharmaceutical industries.

On October 22, 2021, the Company announced the expansion of its senior management team. The following changes were announced:

  • Eugene Williams, formerly Executive Chairman, takes on the role of Chairman and Chief Executive Officer (“CEO”), with immediate effect.
  • Dr. Elliot Goldstein resigned from his current role as CEO with immediate effect and continues to support us as President and special consultant to the CEO.
  • Gavin Malenfant joins our senior management team as Chief Operating Officer. Mr. Malenfant brings more than 30 years of biopharmaceutical experience to our team, with special focus on providing expert management and oversight of drug development programs. The top priority in the near term will be to support the timely development of the PMN310 program to completion of IND enabling activities, anticipated in the second half of 2022. He will be working with Mr. Williams and the leadership of the PMN310 project team, whose key members include:
    • Michael Grundman, MD, Senior Medical Adviser. Prior to joining the pharmaceutical industry, Dr. Grundman was Associate Director of the Alzheimer’s Disease Cooperative Study at the University of California, San Diego (“UCSD”) and is currently an Adjunct Professor of Neurosciences at UCSD. Dr. Grundman previously served on the FDA Peripheral and Central Nervous System Advisory Committee.
    • Ernest Bush, PhD, Head of Pharmacology/Toxicology. Dr. Bush has 35 years of experience working in the field of biomedical research and development, driving development of innovative therapies for treatment of human diseases. He has served as a consultant in non-clinical development providing advice and insight into Investigational New Drug (“IND”) enabling programs, pre-clinical data-set analysis for due diligence and evaluation and audits of Good Laboratory Practices (“GLP”) bioanalytical and toxicology facilities and studies.
    • Dennis Chen, PhD, Head of Manufacturing. Dennis has more than 25 years of prior pharmaceutical experience in working with companies from virtual to global and all phases of development. Dennis provides Regulatory Affairs, Chemistry, Chemistry, Manufacturing and Controls (“CMC”) and Biopharmaceutical Development support to ProMIS with expertise in peptides, proteins and oligonucleotides.

Financial Results

Results of Operations – Three months ended September 30, 2021 and 2020

The following table summarizes our results of operations for the three months ended September 30, 2021 and 2020:

Three Months Ended
September 30,
20212020Change
Revenues$5,101$-$5,101
Operating expenses
Research and development$1,192,865$1,053,769$139,096
General and administrative852,695510,264342,431
Total operating expenses2,045,5601,564,033481,527
Loss from operations2,040,4591,564,033476,426
Other income(1,078,483)-(1,078,483)
Net loss$961,976$1,564,033$(602,057)


Research and Development

Research and development expenses consist of the following:

Three Months Ended
September 30,
20212020Change
Direct research and development expenses by program:$590,940$390,917$200,023
Indirect research and development expenses:
Personnel related (including stock-based compensation)218,210488,888(270,678)
Consulting expense180,60473,885106,719
Patent expense187,73498,41189,323
Amortization expense15,3771,66813,709
Total research and development expenses$1,192,865$1,053,769$139,096

The increase in research and development expense for the three months ended September 30, 2021, compared to the three months ended September 30, 2020, is primarily attributed to increased costs associated with external contract research organizations for internal programs of $200,023 as the company ramps up key internal programs, increased patent expense of $89,323 due to increased maintenance fees, increased outside consultants of $106,719 and increase in amortization of property and equipment and intangible asset of $13,709 offset by decreased contracted research salaries and associated costs of $247,792 due to reduction in compensation to management and attrition of contract staff and decreased share-based compensation of $22,886 due to the forfeiture of share options.

General and Administrative

General and administrative expenses consist of the following:

Three Months Ended
September 30,
20212020Change
Personnel related (including stock-based compensation)$374,055$242,571$131,484
Professional and consulting fees470,493337,446133,047
Facility-related and other8,147(69,753)77,900
Total general and administrative expenses$852,695$510,264$342,431

The increase for the three months ended September 30, 2021, compared to the three same period in 2020, is primarily attributable to by an increase in share-based compensation of $212,237 due to the grant of share options, increased legal expense of $52,959, increased to other professional fees of $150,162 and foreign exchange losses of $88,451 due to the foreign exchange on U.S. denominated assets and liabilities offset by a reduction in contracted corporate salaries and associated facility costs of $91,304 due to reduction in compensation to management and attrition of contracted staff and decreased investor relations of $70,074 due to scale down of investor relations activities and consultants

Other Income

The increase in other income is primarily the change in the fair value of the derivative liability associated with the convertible debenture financing warrant liability arising from the August 2021 financing.

Results of Operations – Nine months ended September 30, 2021 and 2020

The following table summarizes our results of operations for the nine months ended September 30, 2021 and 2020:

Nine Months Ended
September 30,
20212020Change
Revenues$5,101$1,578$3,523
Operating expenses
Research and development2,451,9852,926,242(474,257)
General and administrative1,554,5092,051,506(496,997)
Total operating expenses4,006,4944,977,748(971,254)
Loss from operations4,001,3934,976,170(974,777)
Other expense4,857,346-4,857,346
Net loss$8,858,739$4,976,170$3,882,569


Research and Development

Research and development expenses consist of the following:

Nine Months Ended
September 30,
20212020Change
Direct research and development expenses by program:$1,173,873$885,179$288,694
Indirect research and development expenses:
Personnel related (including stock-based compensation)476,1611,566,083(1,089,922)
Consulting expense370,052176,898193,154
Patent expense386,018293,07892,940
Other operating costs45,8815,00440,877
Total research and development expenses$2,451,985$2,926,242$(474,257)

The decrease in research and development expense for the nine months ended September 30, 2021, compared to the nine months ended September 30, 2020, reflects the conservation of cash resources and decreased contract salaries and associated costs of $921,576 due to reduction in compensation to management and attrition of contracted staff and decreased share-based compensation of $168,346 due to forfeiture of unvested/vested share options due to termination of consulting arrangement offset by increased costs associated with external contract research organizations for internal programs of $288,694 as the company ramps up key internal programs, increased patent expense of $92,940 due to increased maintenance fees, increased consulting expense of $193,154 and increase in amortization of property and equipment and intangible asset of $40,877.

General and Administrative

General and administrative expenses consist of the following:

Nine Months Ended
September 30,
20212020Change
Personnel related (including stock-based compensation)$802,356$910,769$(108,413)
Professional and consulting fees950,2851,083,745(133,460)
Facility-related and other(198,132)56,992(255,124)
Total general and administrative expenses$1,554,509$2,051,506$(496,997)

The decrease for the nine months ended September 30, 2021, compared to the same period in 2020, is primarily attributable to a reduction in contracted corporate salaries and associated facility costs of $342,084 due to reduction in compensation to management and attrition of contracted staff, decreased investor relations of $451,033 due to a reduction of investor relation activities and consultants and foreign exchange gains of $204,561 on U.S. denominated assets and liabilities offset by increased legal expense of $152,531, increased other professional fees of 165,042 and increased share-based compensation of $183,108, related to the grant of share options.

Other Expense

The increase in other expense is primarily the valuation of the derivative liability associated with the convertible debenture financing.

Outlook

Going forward we will focus on therapeutic programs in our core business area of differentiated antibodies for neurodegenerative and other mis-folded protein diseases.

PMN310, ProMIS antibody therapy selective for toxic oligomers in Alzheimer’s disease, is our highest priority. In Q3, we made significant progress, in line with plans, on all the program elements discussed in the prospectus supplement in August 2021, including cell line development, GLP toxicology work, and CMC manufacturing. We are on track to complete all IND enabling work in H2 2022.

The top priority for our scientific validation efforts, largely centered in Dr. Neil Cashman’s lab at UBC, is currently our ALS portfolio. This portfolio includes antibodies targeting mis-folded forms of TDP-43, RACK1, SOD1, and ataxin2. The most advanced of these is the program targeting TDP-43. We have initiated both in vitro assays (assessing the impact of drug on motor neuron cell lines) and in vivo (mouse model) assays and expect readouts over the next several months.

In addition, we are continuing to expand the application of our unique discovery platform, with which we can “rationally design” antibodies to be selective for only mis-folded, pathogenic proteins involved in disease. Our Chief Physics Officer, David Wishart, and his team are pursuing multiple novel targets. We have acquired access to the AlphaFold database of over 300,000 normal protein conformations, which is the starting point for our predictions of conformational epitopes on mis-folded molecular species using our proprietary computational algorithm Collective Coordinates.

About ProMIS Neurosciences, Inc.

ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery engine is based on the use of two complementary techniques. The Company applies its thermodynamic, computational discovery platform - ProMIS™ and Collective Coordinates - to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. Using this unique approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.

Visit us at www.promisneurosciences.com, follow us on Twitter and LinkedIn

For Investor Relations please contact:
Alpine Equity Advisors
Nicholas Rigopulos, President
nick@alpineequityadv.com
Tel. 617 901-0785

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

EPH European Property Holdings Limited (EPH) announces Third Quarter 2021 Financial Update30.11.2021 19:00:00 CET | Press release

30November 2021, Road Town, Tortola, BVI I Ad hoc announcement pursuant to Art. 53 LR In Q3 2021, there were no significant changes in the Company’s financial position and/or structure of its balance sheet in comparison to the published semi-annual report, given that fair value of investment properties was not revaluated as of 30 September 2021. In Q3 2021, the Company demonstrated stable performance compared to the last year. The rental properties continued generating sufficient cash to cover the Company’s operating expenses, service the debt and partially finance its investment program. The net rental income (NRI) increased from US$45.33 mln in the first 9 months of 2020 to US$ 49.38 mln for 9 months of 2021. Thereof, European properties acquired during 2020 generated a total NRI of US$ 7.48 mln (9 months of 2020: US$ 2.67 mln). The performance of the other European properties, as well as Russian properties remained almost unchanged as compared to the same period of 2020.During Q3 20

NEXTENSA NV/SA: SHARES – VOTING RIGHTS AND DENOMINATOR PUBLICATION IN COMPLIANCE WITH ART. 15 OF THE LAW OF 2 MAY 2007 (THE TRANSPARENCY ACT)30.11.2021 17:40:00 CET | Press release

NEXTENSA NV/SA: SHARES – VOTING RIGHTS AND DENOMINATOR PUBLICATION IN COMPLIANCE WITH ART. 15 OF THE LAW OF 2 MAY 2007 (THE TRANSPARENCY ACT) As previously announced1, the EGM of 19 July 2021 introduced the double voting right (loyalty voting right), in accordance with article 7:53 of the Code of Companies and Associations. This means, in accordance with article 28 of the articles of association, that double voting rights are granted to each fully paid-up share that has been continuously registered in the share register in the name of the same shareholder for at least two years. The other shares give right to one vote. The two-year period starts from the date of registration of the nominative shares in the share register. In compliance with article 15 of the aforementioned Transparency Act, every month the Company must publish, on its website and by means of a press release, the total capital, the changes to the total number of voting securities and the total number of voting rights, i

Change in the number of shares and votes in Sinch AB (publ)30.11.2021 17:35:00 CET | Press release

Stockholm, Sweden – November 30, 2021 – Sinch AB (publ), a global leader in cloud communications for mobile customer engagement, today announced that the number of shares and votes in Sinch AB (publ), registration number 556882-8908 (“Sinch”), amounts to 747,480,901 on November 30, 2021. The change in the number of shares and votes in November is a result of the issue of totally 1,317,537 new shares in connection with the closing of the acquisitions of MessageMedia and MessengerPeople, as previously communicated. For further information, please contact Ola Elmeland Investor Relations Director Mobile: +46 721 43 34 59 E-mail: investors@sinch.com Thomas Heath Chief Strategy Officer & Head of Investor Relations Mobile: +46 722 45 50 55 E-mail: investors@sinch.com About Sinch Sinch brings businesses and people closer with tools enabling personal engagement. Its leading cloud communications platform lets businesses reach every mobile phone on the planet, in seconds or less, through mobile m

Ändring av antalet aktier och röster i Sinch AB (publ)30.11.2021 17:35:00 CET | Pressemelding

Stockholm, Sverige – 30 november 2021 – Sinch AB (publ), en ledande global leverantör av molntjänster för kundinteraktion via mobilen, meddelade idag att antalet aktier och röster i Sinch AB (publ), org.nr 556882–8908 (”Sinch”), uppgår till 747 480 901 den 30 november 2021. Förändringen av antal aktier och röster under november har föranletts av att totalt 1 317 537 nya aktier har emitterats i samband med slutförandet av förvärven av MessageMedia och MessengerPeople, som tidigare har kommunicerats. För mer information, vänligen kontakta Ola Elmeland Investor Relations Director Mobile: +46 721 43 34 59 E-mail: investors@sinch.com Thomas Heath Chief Strategy Officer & Head of Investor Relations Mobile: +46 722 45 50 55 E-mail: investors@sinch.com Om Sinch Sinch utvecklar digitala verktyg som möjliggör en personlig interaktion mellan företag och individer. Med Sinch molnbaserade kommunikationsplattform kan företag nå världens alla mobiltelefoner – inom en eller ett par sekunder – via medd

GivingTuesday: NOVA Chemicals Expands Total COVID-19 Relief to US$1.25M with Additional Gifts30.11.2021 16:40:00 CET | Press release

Programs supporting mental health, food security, and overall community resiliency receive funding through corporate giving campaign Calgary, Alberta, Canada , Nov. 30, 2021 (GLOBE NEWSWIRE) -- NOVA Chemicals Corporation, 1000 Seventh Avenue S.W., Calgary, Alberta, Canada T2P 5L5 www.novachemicals.com | 403.750.3600 tel | 403.269.7410 fax NOVA Chemicals Corporation (“NOVA Chemicals”) today announced an additional US$600,000 commitment in COVID-19-related supports across our operational regions, bringing the total amount given for pandemic relief to US$1.25M, as part of efforts to meaningfully give back to our neighbors and their communities. “While we continue to see positive momentum toward a world with higher vaccination rates and fewer restrictions, the impacts felt by the pandemic will unfortunately have lasting effects,” said Mona Jasinski, SVP HR and Communications, NOVA Chemicals. “I am proud of NOVA’s commitment to ensuring there is food on the table for tens of thousands of pe

KICKS CHOSES WESTPAY AS PROVIDER OF PAYMENT SOLUTIONS30.11.2021 16:40:00 CET | Press release

Westpay has today signed an agreement with Kicks regarding payment solutions in Sweden, Norway, and Finland. The solution enables card payments as well as Swish, Vipps, Mobile Pay, and other alternative payment methods. The value of the initial order amounts close to SEK 4 million during the coming three years. - Kicks is a solid and well-known brand in the Nordics. The customer experience is a key element in their success. Westpay and our solutions enable all the features and solutions they need to level up their overall offering. They made an accurate and relevant assessment and knew that their payment solution was required to support them in their ongoing business today as well as tomorrow. Now, they have a future-proof solution that they can rely on in their future journey, says Hans Edin, CCO at Westpay. KICKS is the Nordic region's leading beauty chain and offers a holistic concept in makeup, fragrance, skin care and hair care. With experts in 250 stores in Sweden, Norway and Fin

3-month sales of AB Linas Agro Group went up 84%, net profit was 199% higher30.11.2021 15:15:00 CET | Press release

During the three months of the financial year, the subsidiaries of AB Linas Agro Group, an owner of agricultural and food industry companies, sold 1.03 million tons of production or 34% more than in the previous year. Consolidated revenue of the Group grew by 84% and amounted to EUR 440 million. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 157% to EUR 24 million. The group of companies earned EUR 14 million operating profit or 193% more than in the previous year. Gross profit was EUR 38 million or 185% higher than during the last year. Profit before taxes grew by 187% to EUR 13 million. Net profit increased by 199% to EUR 12 million. “After acquiring the companies operating under KG Group brand, we expanded our operations in four segments, however the growth in some areas was determined not only by the acquisition, but also by the joint efforts of the team and synergies,” commented Mažvydas Šileika, Chief Financial Officer of AB Lin