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TORONTO/CAMBRIDGE - ProMIS Neurosciences Inc. (NASDAQ:PMN), a clinical-stage biotechnology company with a current market capitalization of $32.25 million and trading at $0.99 per share, has secured approximately $12 million in financing through a combination of a private investment and warrant exercises, the company announced Monday.
The company entered into a purchase agreement with existing institutional and accredited investors to issue and sell warrants totaling approximately $3 million. The warrants were sold at $0.1875 per share through a private investment in public equity (PIPE) financing, with an exercise price of $1.25 per warrant share. The warrants are immediately exercisable and will expire five years from issuance.
The PIPE financing, which included participation from existing institutional investors such as Ally Bridge Group, is expected to close on Tuesday, subject to customary closing conditions. The remaining $9 million comes from the exercise of existing warrants.
ProMIS plans to use the proceeds to advance the clinical development of PMN310, its lead therapeutic candidate, as well as for working capital and general corporate expenses.
The company focuses on discovering and developing therapeutic antibodies targeting toxic misfolded proteins in neurodegenerative diseases, including Alzheimer’s disease, amyotrophic lateral sclerosis (ALS), and Parkinson’s disease.
The securities offered in this transaction have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption. ProMIS has agreed to file a registration statement with the SEC registering the resale of common shares issuable upon exercise of the warrants.
This information is based on a company press release statement.
In other recent news, ProMIS Neurosciences announced that the U.S. Food and Drug Administration has granted Fast Track designation to its Alzheimer’s disease treatment candidate, PMN310. This designation aims to expedite the development of therapies for serious conditions with unmet medical needs, offering ProMIS enhanced engagement with the FDA and potentially streamlining the approval process. Additionally, the company has received approval from a Data and Safety Monitoring Board to escalate dosing in its Phase 1b clinical trial for PMN310, with no observed cases of amyloid-related imaging abnormalities reported. ProMIS also disclosed that it has mutually terminated its At The Market Offering Agreement with BTIG, LLC, which initially allowed the sale of up to $25 million in common shares. Before the termination, only a small portion of shares was sold, and no penalties were incurred. Furthermore, ProMIS has received a 180-day extension from Nasdaq to meet the minimum bid price requirement, following an earlier notification about non-compliance. These developments highlight ProMIS Neurosciences’ ongoing efforts in advancing its Alzheimer’s treatment and addressing regulatory requirements.
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