Author: Presswire

ProMIS Neurosciences Announces Authorization of Series 1 Preferred Shares

ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS” or the “Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers, implicated in the development of neurodegenerative diseases, today announced that it has amended its articles to authorize the issuance of 70,000,000 Series 1 Preferred Shares (“Series 1 Shares”) which it intends to use in settlement of its outstanding debentures.

Holders of Series 1 Shares will be entitled to participate, on an as-converted basis, in dividend payments only if the Company declares, pays or sets aside any dividends on shares of any other class or series of capital stock.  The Series 1 Shares are not subject to mandatory redemption or other redemption provisions and do not confer any voting rights or privileges to the holders.  Holders of the Series 1 Shares shall be entitled to a liquidation preference in an amount per share equal to US$0.10.

Series 1 Shares are convertible at the option of the holder, in a 1:1 ratio, into the Company’s Common Shares (“Common Shares”). All outstanding Series 1 Shares shall automatically convert into Common Shares, at the effective conversion rate, upon the closing of one or more sales of equity securities resulting in at least US$30 million of gross proceeds to the Company.

 

ProMIS Neurosciences Inc. is a development stage biotechnology Corporation 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 multiple system atrophy (MSA). The Corporation’s proprietary target discovery engine is based on the use of two complementary techniques. The Corporation 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, ProMIS is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS is headquartered in Toronto, Ontario, Canada with offices in Cambridge, Massachusetts, U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under symbol PMN, and on the OTCQB Venture Market under symbol ARFXF.

 

www.promisneurosciences.com, follow on Twitter and LinkedIn

ProMIS Neurosciences Announces Debt Amendment and Conversion

ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS” or the “Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers, implicated in the development of neurodegenerative diseases, is pleased to announce that it has entered into debenture amendments with seven (7) creditors to settle an aggregate of US$7,000,000 of indebtedness via the issuance of 70,000,000 Series 1 Preferred Shares (“Series 1 Shares”) of the Company at US$0.10 per share.

The debenture amendments allow for the settlement of indebtedness under the amended debentures in Series 1 Shares in lieu of Common Shares at the option of the holder. The Series 1 Shares are convertible into Common Shares at a ratio of 1:1 in accordance with their terms.

This transaction will allow the Company to conserve its cash on hand and is an important step in the Company’s efforts to meet the minimum initial listing requirements of a major North American stock exchange. 

The transaction is subject to acceptance of the TSX. The shares to be issued have not and will not be registered under the US Securities Act of 1933, as amended, or any state securities laws.  The rights and privileges of the Series 1 Shares are fully described on the Company’s website.

The following unaudited pro forma balance sheet presents the Company’s financial position as of March 31, 2022 after giving effect to the impact of the June 19, 2022 debt conversion as though it had occurred on March 31, 2022. This unaudited pro forma balance sheet should be read along with the Company’s audited financial statements for the year ended December 31, 2021, and the unaudited information presented in its quarterly financial statements for the three months ended March 31, 2022 which are available on SEDAR. The unaudited pro forma balance sheet is provided for informational purposes only and is not necessarily indicative of the financial position that would have occurred had the transaction been completed as of the dates set forth, nor is it indicative of the future financial position of the Company.

[TO DOWNLOAD AN EXCEL SHEET OF THIS TABLE, PLEASE CLICK HERE]

ProMIS Neurosciences Inc. is a development stage biotechnology Corporation 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 multiple system atrophy (MSA). The Corporation’s proprietary target discovery engine is based on the use of two complementary techniques. The Corporation 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, ProMIS is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS is headquartered in Toronto, Ontario, Canada with offices in Cambridge, Massachusetts, U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under symbol PMN, and on the OTCQB Venture Market under symbol ARFXF.

www.promisneurosciences.com, follow on Twitter and LinkedIn

ProMIS Neurosciences Announces Filing of Form 10 Registration Statement and Nasdaq Listing Application

ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (“ProMIS” or the “Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting misfolded proteins such as toxic oligomers, implicated in the development of neurodegenerative diseases, today announced that it has filed a registration statement on Form 10 (the “Registration Statement”) with the United States Securities and Exchange Commission (“SEC”) to register the Company’s common shares (the “Common Shares”) under Section 12(b) of the Securities Exchange Act of 1934, as amended, in connection with its application to list its Common Shares on the Nasdaq Capital Market (“Nasdaq”).

“With this important step, we are entering the final stages of a transformation of ProMIS begun last year, first with capital formation and now with a potential listing on NASDAQ. Our lead therapeutic candidate for Alzheimer’s disease, PMN310, is progressing well, and after written pre-IND feedback from the FDA remains on track for an IND filing by the end of the year.” said Eugene Williams, Chairman and CEO of ProMIS. “We remain optimistic that clinical data in the Alzheimer’s field, specifically the pivotal trial data from Eisai’s lecanemab study, will be positive and could reverse the negative sentiment that resulted from the EMA and CMS decisions about Aduhelm. That positive data could benefit the entire AD field, including ProMIS. We also have been expanding and advancing our broader portfolio, continuing to apply the unique capabilities of our technology platform in addressing misfolded protein diseases. We believe that Nasdaq, with its tremendous depth and breadth of investment capital guided by scientific savvy, is the right stock exchange to fully appreciate the value of the ProMIS portfolio.”

The Registration Statement relating to the Common Shares that has been filed with the SEC is subject to review and comment by the SEC Staff and there can be no assurance the Registration Statement will ultimately be declared effective. The Registration Statement has also been filed on Canada’s System for Electronic Document Analysis and Retrieval (“SEDAR”).  The Registration Statement is available on the SEC’s website at www.sec.gov, on the Company’s SEDAR profile at www.sedar.com and on the Company’s website.

The listing of the Company’s Common Shares on Nasdaq is subject to satisfaction of the listing requirements of Nasdaq and approval of the listing by the exchange.  There can be no assurance that Nasdaq will approve the Company’s listing application in a timely manner, if at all.

ProMIS Neurosciences Inc. is a development stage biotechnology Corporation 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 multiple system atrophy (MSA). The Corporation’s proprietary target discovery engine is based on the use of two complementary techniques. The Corporation 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, ProMIS is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS is headquartered in Toronto, Ontario, Canada with offices in Cambridge, Massachusetts, U.S.A. ProMIS is listed on the Toronto Stock Exchange (TSX) under symbol PMN, and on the OTCQB Venture Market under symbol ARFXF.

www.promisneurosciences.com, follow on Twitter and LinkedIn

Copyright © 2019. TSX Stocks
All Rights Reserved