/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Nov. 18, 2019 /CNW/ - ProMIS Neurosciences, Inc.
(TSX: PMN) (OTCQB: ARFXF), a biotechnology company focused on the
discovery and development of antibody therapeutics targeting
toxic oligomers implicated in the development of neurodegenerative
diseases, is pleased to announce that, further to its news release
dated November 13, 2019, it completed
on November 15, 2019, the first
closing of its private placement of up to $6.5M. In the first closing, the Company
issued 10,276,666 Units for gross proceeds of approximately
CDN$2,055,333.
"We are pleased to announce this first closing and
given the interest expressed look forward to the final closing in
the coming weeks," stated Dr. Elliot
Goldstein, ProMIS President
and CEO.
Each Unit issued in the first closing consisted of one common
share of the Company and one share purchase warrant of the Company.
Each warrant entitles the holder thereof to purchase one share at
an exercise price of $0.35 per share
at any time for five years. The Company also issued 162,400 finders
warrants having the same terms as the unit warrants.
All securities issued in connection with the Offering are subject
to a four-month statutory hold period in accordance with applicable
provincial securities laws. Net proceeds from the offering are
intended to be used to advance the company's antibody therapeutic
candidates selectively targeting toxic oligomers implicated in
neurodegenerative diseases, for working capital and general
corporate purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful. The securities issued, or to be issued, under
the Offering have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
About ProMIS Neurosciences, Inc.
ProMIS Neurosciences, Inc. is a development stage biotechnology
company 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
Parkinson's disease (PD). The Company's proprietary target
discovery platform is based on the use of two complementary
thermodynamic, computational discovery engines - ProMIS and
Collective Coordinates – to predict novel targets known as Disease
Specific Epitopes on the molecular surface of misfolded proteins.
Using this unique precision approach, the Company is developing
novel antibody therapeutics for AD, ALS and PD. ProMIS is
headquartered in Toronto, Ontario,
with offices in Cambridge,
Massachusetts. ProMIS is listed on the Toronto Stock
Exchange under the symbol PMN, and on the OTCQB Venture Market
under the symbol ARFXF.
Company documents relating to the fiscal year 2018 annual report
can be viewed on the System for Electronic Document Analysis and
Retrieval (SEDAR) at the link below:
https://www.sedar.com/search/search_en.htm
Visit us at www.promisneurosciences.com or follow us
on Twitter and LinkedIn
To learn more about the role of misfolded toxic
oligomers in Alzheimer's disease, Parkinson's disease and
ALS, tune into Saving Minds, at iTunes or Spotify.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. This information
release contains certain forward-looking information, including
about the timing and completion of the Offering, the receipt of TSX
approval and the expected use of proceeds from the Offering. Such
information involves known and unknown risks, uncertainties and
other factors that may cause actual results, performance or
achievements to be materially different from those implied by
statements herein, and therefore these statements should not be
read as guarantees of future performance or results. All
forward-looking statements are based on the Company's current
beliefs as well as assumptions made by and information currently
available to it as well as other factors. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Due to risks and
uncertainties, including the risks and uncertainties identified by
the Company in its public securities filings, actual events may
differ materially from current expectations. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE ProMIS Neurosciences Inc.
