ProMIS Neurosciences Announces Third Quarter 2020 Results

TORONTO and CAMBRIDGE, Mass., Nov. 11, 2020 (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, 2020.

“Over the course of the third quarter of 2020, the value of our unique discovery and development platform was further evidenced as ProMIS made considerable progress in expanding its portfolio of opportunities across multiple neurodegenerative diseases and also initiated two new diagnostic joint venture programs with BC Neuroimmunology Laboratory (BCNI),” stated Eugene Williams, ProMIS’ Executive Chairman. “We look forward to continued progress applying our unique technology platform to the development of disease-modifying antibody therapies, diagnostics and potential vaccines for Alzheimer’s disease, as well as development in the infectious disease setting. We are working to create accurate and sensitive serological assays to potentially detect the presence of neutralizing antibodies that arise in response to the novel coronavirus causing COVID-19 infection.”

Corporate Highlights

• In July 2020, the Company entered into two joint venture Business arrangements (JV) with BC Neuroimmunology Laboratory Inc. (BCNI). The first JV (JV1) will develop and market highly accurate, objective tests for the detection, diagnosis and monitoring of Alzheimer’s disease (AD). JV1 will offer existing blood-based assays for NfL (neurofilament light chain) and P-tau181 (phosphorylated tau181). Further assays will be developed, potentially incorporating our proprietary peptide antigens and tests for additional neurodegenerative diseases. The Company and BCNI each own 50% of JV1.
• The second JV (JV2) will provide highly sensitive and specific serological assays for the detection and characterization of antibodies to the SARS-CoV-2 virus that is responsible for COVID-19. The Company and BCNI each own 50% of the JV2.
• In September 2020, the Company announced initiation of a program to construct and test a multivalent peptide vaccine for AD. The critical first steps in vaccine development will be carried out by VIDO-InterVac, a global leader in vaccine research and development.
• In September 2020, we announced the resignation of Anthony Giovinazzo from our Board of Directors.

Financial Results