ProMIS Neurosciences Announces Up to $122.7 Million Private Placement Financing
ProMIS Neurosciences (Nasdaq: PMN) has announced a private placement financing of up to $122.7 million. The deal includes an upfront $30.3 million and potential additional $92.4 million from warrant exercises. The financing involves issuing Common Share Units and Pre-Funded Units at $2.15 and $2.14 per unit, respectively. Each unit includes various warrants with different exercise prices and expiration conditions.
The funds will support the development of PMN310, ProMIS' lead antibody therapeutic for Alzheimer's disease. The financing is expected to close on July 31, 2024, subject to conditions. Notable investors include Great Point Partners, Armistice Capital, and Ally Bridge Group. Guggenheim Securities led the placement, with Ceros Financial Services and Leede Financial as additional agents.
ProMIS Neurosciences (Nasdaq: PMN) ha annunciato un finanziamento tramite collocamento privato fino a 122,7 milioni di dollari. L'accordo include un importo iniziale di 30,3 milioni di dollari e un potenziale ulteriore 92,4 milioni di dollari derivanti dall'esercizio di warrant. Il finanziamento prevede l'emissione di Common Share Units e Pre-Funded Units a 2,15 dollari e 2,14 dollari per unità, rispettivamente. Ogni unità include vari warrant con diversi prezzi di esercizio e condizioni di scadenza.
I fondi supporteranno lo sviluppo di PMN310, l'antibody terapeutico principale di ProMIS per l'Alzheimer. Si prevede che il finanziamento si chiuda il 31 luglio 2024, soggetto a condizioni. Tra gli investitori di rilievo figurano Great Point Partners, Armistice Capital e Ally Bridge Group. Guggenheim Securities ha guidato il collocamento, con Ceros Financial Services e Leede Financial come agenti aggiuntivi.
ProMIS Neurosciences (Nasdaq: PMN) ha anunciado un financiamiento mediante colocación privada de hasta 122.7 millones de dólares. El acuerdo incluye un pago inicial de 30.3 millones de dólares y un potencial adicional de 92.4 millones de dólares por el ejercicio de opciones. El financiamiento implica la emisión de Common Share Units y Pre-Funded Units a 2.15 dólares y 2.14 dólares por unidad, respectivamente. Cada unidad incluye varios warrants con diferentes precios de ejercicio y condiciones de caducidad.
Los fondos apoyarán el desarrollo de PMN310, el principal anticuerpo terapéutico de ProMIS para la enfermedad de Alzheimer. Se espera que el financiamiento se cierre el 31 de julio de 2024, sujeto a condiciones. Entre los inversores notables se encuentran Great Point Partners, Armistice Capital y Ally Bridge Group. Guggenheim Securities lideró la colocación, con Ceros Financial Services y Leede Financial como agentes adicionales.
ProMIS Neurosciences (Nasdaq: PMN)는 최대 1억 2270만 달러 규모의 사모펀드 조성을 발표했습니다. 이 거래에는 초기 3030만 달러와 옵션 행사로 인한 추가 9240만 달러가 포함됩니다. 자금 조달은 각각 2.15 달러와 2.14 달러로 Common Share Units와 Pre-Funded Units를 발행하는 것을 포함합니다. 각 단위는 다양한 행사 가격과 만료 조건을 가진 여러 워런트를 포함합니다.
이 자금은 ProMIS의 주요 항체 치료제인 PMN310의 개발을 지원할 것입니다. 자금 조달은 2024년 7월 31일에 마감될 예정이며, 조건이 충족되어야 합니다. 주요 투자자로는 Great Point Partners, Armistice Capital 및 Ally Bridge Group이 있습니다. Guggenheim Securities가 이번 조성을 주도하고, Ceros Financial Services 및 Leede Financial이 추가 에이전트로 참여했습니다.
ProMIS Neurosciences (Nasdaq: PMN) a annoncé un financement par placement privé pouvant atteindre 122,7 millions de dollars. L'accord comprend un paiement initial de 30,3 millions de dollars et un potentiel supplémentaire de 92,4 millions de dollars provenant de l'exercice de bons. Le financement implique l'émission de Common Share Units et de Pre-Funded Units à 2,15 dollars et 2,14 dollars par unité, respectivement. Chaque unité comprend divers bons avec différents prix d'exercice et conditions d'expiration.
Les fonds soutiendront le développement de PMN310, le principal anticorps thérapeutique de ProMIS pour la maladie d'Alzheimer. Le financement devrait être finalisé le 31 juillet 2024, sous réserve de conditions. Parmi les investisseurs notables figurent Great Point Partners, Armistice Capital et Ally Bridge Group. Guggenheim Securities a dirigé le placement, avec Ceros Financial Services et Leede Financial comme agents supplémentaires.
ProMIS Neurosciences (Nasdaq: PMN) hat eine Privatplatzierungsfinanzierung von bis zu 122,7 Millionen Dollar angekündigt. Der Deal umfasst eine Vorauszahlung von 30,3 Millionen Dollar und potenzielle weitere 92,4 Millionen Dollar aus der Ausübung von Warrants. Die Finanzierung beinhaltet die Ausgabe von Common Share Units und Pre-Funded Units zu 2,15 Dollar bzw. 2,14 Dollar pro Einheit. Jede Einheit enthält verschiedene Warrants mit unterschiedlichen Ausübungspreisen und Verfallsbedingungen.
Die Mittel werden die Entwicklung von PMN310, dem Hauptantikörpertherapeutikum von ProMIS gegen Alzheimer, unterstützen. Die Finanzierung soll am 31. Juli 2024 abgeschlossen sein, vorbehaltlich bestimmter Bedingungen. Zu den prominenten Investoren zählen Great Point Partners, Armistice Capital und Ally Bridge Group. Guggenheim Securities führte die Platzierung an, unterstützt von Ceros Financial Services und Leede Financial als weitere Vermittler.
- Secured up to $122.7 million in financing, with $30.3 million upfront
- Funds expected to support development beyond 6 and 12-month data from PMN310 Phase Ib study
- Participation from notable healthcare specialist investors
- Potential for additional $92.4 million from warrant exercises
- Exercise of certain warrants subject to shareholder approval
- Potential dilution for existing shareholders due to new share issuance
- Warrants may not be exercised, reducing potential additional funding
ProMIS Neurosciences'
The participation of healthcare specialist investors like Great Point Partners and Armistice Capital lends credibility to ProMIS's prospects. However, the warrant exercise prices at
The tiered warrant structure, linked to clinical milestones, is particularly intriguing. It aligns additional funding with PMN310's Phase Ib study results, potentially de-risking future investments. This could be attractive for risk-averse investors but may limit upside if the drug shows early promise.
Investors should note the dilutive effect of this financing. While it provides necessary capital, it may pressure share prices in the short term. The requirement for shareholder approval for some warrants adds an element of uncertainty that shouldn't be overlooked.
Overall, this financing significantly strengthens ProMIS's balance sheet, potentially funding operations beyond key clinical milestones. It's a positive development, but investors should closely monitor the progress of PMN310 and the company's cash burn rate.
The
The financing structure, tied to clinical milestones, is particularly noteworthy. It suggests confidence in PMN310's potential, with additional funding linked to 6-month and 12-month data from the Phase Ib study. This approach aligns investor interests with clinical progress, a trend we're seeing more in biotech financing.
The involvement of specialized healthcare investors is a positive signal. These investors typically conduct thorough due diligence, implying they see potential in ProMIS's technology platform and pipeline.
However, it's important to note that while this financing provides runway beyond key data readouts, AD drug development is notoriously challenging. Many promising candidates have failed in late-stage trials. The focus on toxic misfolded proteins is innovative, but efficacy and safety in humans remain to be proven.
Investors should closely monitor the upcoming Phase Ib results. Positive data could significantly boost ProMIS's value proposition, while negative results could be detrimental. The tiered warrant structure provides some downside protection for investors but also caps potential gains if PMN310 exceeds expectations.
In the broader context of AD research, ProMIS's approach adds to the diversifying landscape of potential treatments, which is encouraging for patients and the field as a whole.
The private placement financing by ProMIS Neurosciences raises several legal considerations. First, the use of a PIPE (Private Investment in Public Equity) structure is notable. PIPEs allow public companies to raise capital quickly from a select group of investors, bypassing the more time-consuming public offering process. However, they often come with regulatory scrutiny to ensure fair treatment of all shareholders.
The requirement for shareholder approval for the exercise of Tranche A and B warrants, as per Nasdaq Listing Rule 5635(d), is a critical point. This rule is designed to protect existing shareholders from excessive dilution without their consent. The company will need to carefully manage this process to ensure compliance and maintain investor confidence.
ProMIS's commitment to file a registration statement with the SEC for the resale of shares is standard practice in such transactions. This step is important for the investors as it provides a path to liquidity for their investment. The company must ensure timely filing and approval of this registration statement to meet its obligations to the PIPE investors.
The press release appropriately includes a disclaimer that the securities have not been registered under the Securities Act of 1933. This is important to avoid any perception of a public offering. The company must ensure that all investors meet the definition of 'accredited investors' under SEC rules to comply with private placement regulations.
Lastly, the tiered warrant structure, while innovative, adds complexity to the deal. ProMIS must ensure clear communication of the terms and conditions to all stakeholders to avoid potential disputes or misunderstandings in the future.
Fundraise supports development of novel antibody PMN310 for Alzheimer’s Disease patients
Proceeds expected to support Company beyond 6 month and 12 month data from the PMN310 Phase Ib study in Alzheimer’s patients
TORONTO, Ontario and CAMBRIDGE, Massachusetts, July 26, 2024 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (Nasdaq: PMN) (“ProMIS” or the “Company”), a biotechnology company focused on the generation and development of antibody therapeutics targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA), today announced that it has entered into a unit purchase agreement with certain new and existing institutional and accredited investors to issue and sell an aggregate of approximately
The Pre-Funded Warrants have an exercise price of
The PIPE financing included participation from new and existing healthcare specialist investors such as Great Point Partners, LLC, Armistice Capital, Ally Bridge Group, Sphera Healthcare, and other institutional and individual accredited investors.
ProMIS anticipates the gross proceeds from the PIPE financing to be approximately
Guggenheim Securities, LLC acted as lead placement agent and Ceros Financial Services, Inc. and Leede Financial Inc. acted as placement agents in the PIPE financing.
Proceeds from the PIPE financing are expected to be used to advance the clinical development of PMN310, ProMIS’ lead therapeutic candidate, as well as for working capital and other general corporate expenses.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (“Securities Act”), or any state or other applicable jurisdiction’s securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. ProMIS Neurosciences has agreed to file a registration statement with the SEC registering the resale of the Common Shares and the Common Shares issuable upon the exercise of the Warrants issued in the PIPE financing.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or other jurisdiction.
About ProMIS Neurosciences Inc.
ProMIS Neurosciences Inc. is a clinical stage biotechnology company focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). The Company’s proprietary target discovery engine applies a 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, the Company is developing novel antibody therapeutics for AD, ALS and MSA. ProMIS has offices in Cambridge, Massachusetts and Toronto, Ontario.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, ”forward-looking information”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “excited to”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, ”is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, this news release contains forward-looking information relating to the expected timing for the closing of the PIPE financing, the ability to obtain shareholder approval for the exercise of the Tranche A and B warrants and the anticipated use of proceeds from the PIPE financing. Statements containing forward-looking information are not historical facts but instead represent management’s current expectations, estimates and projections regarding the future of our business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties and assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the Company’s ability to fund its operations and continue as a going concern, its accumulated deficit and the expectation for continued losses and future financial results. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among others, the factors discussed throughout the “Risk Factors” section of the Company’s most recently filed annual information form available on www.SEDAR.com, in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission, and subsequent quarterly reports. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Please submit media inquiries to info@promisneurosciences.com.
For Investor Relations, please contact:
Stern Investor Relations
Anne Marie Fields, Managing Director
annemarie.fields@sternir.com
Tel. 212-362-1200
![](https://ml.globenewswire.com/media/OTBkNDcwMjAtMWRhNi00NjVkLWJmNjQtNmQ4YTI2MTcwZGZlLTEwOTYxNjA=/tiny/ProMIS-Neurosciences-Inc-.png)
FAQ
How much funding did ProMIS Neurosciences (PMN) secure in its private placement?
What is the main purpose of the funding for ProMIS Neurosciences (PMN)?
When is the private placement financing for ProMIS Neurosciences (PMN) expected to close?