ProMIS raises $20.4m PIPE round for neurodegenerative disease therapeutics

Antibody therapeutics company ProMIS Neurosciences (Nasdaq: PMN) has closed a private investment in public equity (PIPE) financing round, generating approximately $20.4 million in gross proceeds. The company is developing antibody therapeutics that specifically target toxic misfolded proteins associated with neurodegenerative diseases, including Alzheimer’s disease, amyotrophic lateral sclerosis and multiple system atrophy.

ProMIS leverages computational algorithms to identify disease-specific targets, minimizing the risk of cross-reactivity with other forms of the same protein. The company’s proprietary target discovery engine combines thermodynamics and computational analysis to identify unique disease-specific epitopes on the surface of misfolded proteins. This approach enables the company to develop novel antibody therapeutics tailored to address the root causes of neurodegenerative diseases.

ProMIS says that proceeds from the recently closed PIPE financing round will be directed towards advancing the clinical development of its lead candidate, PMN310, a humanized IgG1 antibody designed to target toxic amyloid-beta oligomers (AβO), a pivotal player in Alzheimer’s pathology.

In July, ProMIS presented preclinical data supporting the potential therapeutic advantage PMN310 for Alzheimer’s. The company also presented preclinical mouse studies characterizing a computationally derived AD vaccine directed at AβO.

“The increasingly recognized benefit of targeting oligomers of Aβ underscores the potential advantage of our PMN310 antibody and AβO vaccine candidates,” said Dr Gail Farfel, CEO of ProMIS. “Both were generated using our proprietary computational modeling platform to identify epitopes restricted to misfolded, toxic AbO thereby providing a highly selective AβO-targeted response for potentially greater clinical activity and improved safety profile compared to less selective approaches. Furthermore, we are far along in our preparations to move PMN310 into clinical development with an informative trial design to evaluate its potential as a treatment for Alzheimer’s disease.”

In addition to the development of PMN310, the funding will support ProMIS Neurosciences in meeting its working capital needs and covering general corporate expenses.