ProMIS Neurosciences Reports Q2 2024 Financial Results and Highlights

ProMIS Neurosciences Inc., a biotechnology company in the clinical stage, recently shared its financial results for the second quarter ending June 30, 2024, alongside major corporate advancements. The company is dedicated to creating antibody therapeutics aimed at neurodegenerative diseases like Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS), and multiple system atrophy (MSA).

The company reported positive outcomes from its first-in-human Phase 1a clinical trial of PMN310, an investigational treatment for Alzheimer’s disease. This trial met its objectives for safety, tolerability, and pharmacokinetics. Additionally, ProMIS successfully secured up to $122.7 million in private placement financing, ensuring financial support for the forthcoming Phase 1b study of PMN310, scheduled for the latter half of 2024. Neil Warma, CEO of ProMIS, highlighted the significance of these achievements, emphasizing that they have positioned the company as a leader in dementia therapy development.

The Phase 1a clinical trial of PMN310 involved 40 healthy volunteers and followed a randomized, double-blind, placebo-controlled design. It evaluated the safety, tolerability, and pharmacokinetics of PMN310 across five single-ascending dose cohorts. The trial's findings revealed that PMN310 was generally well tolerated, with no serious adverse events reported. Importantly, PMN310 crossed into the central nervous system, suggesting potential target engagement in future studies.

PMN310 is designed to selectively bind to toxic oligomeric forms of amyloid beta, avoiding amyloid beta plaque binding. This design aims to mitigate the risk of brain swelling or bleeding, a common side effect associated with many plaque-binding drugs. The upcoming Phase 1b trial will involve 100 patients in a randomized, placebo-controlled, double-blind setup. This study will evaluate critical biomarkers, the incidence of brain swelling or bleeding, and other clinical endpoints over a 12-month period.

In addition to PMN310, ProMIS is advancing its amyloid beta vaccine program for Alzheimer’s disease. In July 2024, the company presented promising preclinical data at the Alzheimer’s Association International Conference, demonstrating the efficacy of their vaccine in targeting toxic amyloid-beta oligomers.

ProMIS is also working on other therapeutic areas, such as ALS. The company’s lead candidate for ALS, PMN267, is a humanized IgG1 antibody targeting toxic misfolded TDP-43. Recent publications have highlighted the role of toxic misfolded superoxide dismutase-1 (SOD1) aggregates in ALS pathogenesis. These findings support the potential of PMN267 as a therapeutic agent for ALS.

Financially, ProMIS ended the second quarter with $1.0 million in cash and equivalents, down from $12.6 million at the end of 2023. However, the company’s recent private placement financing will provide an initial $30.3 million, with potential for an additional $92.4 million, contingent on the exercise of warrants and achieving specific milestones. Research and development expenses for the quarter increased to $1.6 million, primarily due to costs associated with the PMN310 Phase 1a trial. General and administrative expenses decreased to $1.1 million, compared to $1.9 million in the same period in 2023. The net loss for the second quarter was $2.6 million, up from $2.3 million in the same period the previous year.

ProMIS Neurosciences Inc. continues to leverage its proprietary discovery engine, which uses thermodynamics and computational platforms to predict novel targets on misfolded proteins. This unique approach allows the development of antibody therapeutics for various neurodegenerative diseases. The company’s recent milestones and financial backing underscore its growing prominence in the field of dementia therapy development.