ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) summarized in a news release its operational and financial activities during Q2/20.
Operationally, during the quarter ended June 30, 2020, the biotech and partner BC Neuroimmunology developed a serology test that detects antibodies to SARS CoV-2 with 99.9% sensitivity and 99.5% specificity.
ProMIS and five other commercial and academic collaborators received a CA$1.8 million Digital Technology Supercluster award to predict likely mutations of SARS-CoV-2.
Regarding its work discovering and developing antibody therapeutics that target toxic oligomers implicated in the development of neurodegenerative diseases, the Canadian firm generated intrabodies that are highly selective for misfolded forms of TDP-43. The latter are believed to play a role in amyotrophic lateral sclerosis (ALS), frontotemporal dementia and other neurologic disorders.
Also, ProMIS identified novel antagonists against RACK1, the receptor for activated protein kinase C1. These antagonists prevent dysfunctional protein aggregates related to neurodegenerative diseases from forming and help restore normal function.
The life sciences firm and BC Neuroimmunology expanded their collaboration such that they intend to develop highly sensitive and specific assays that accurately screen for and diagnose Alzheimer's disease.
"Over the course of Q2/20, ProMIS made considerable progress in expanding its portfolio of opportunities across multiple neurodegenerative diseases, and also it initiated two new diagnostic programs," ProMIS Executive Chairman Eugene Williams said in the release.
ProMIS posted a Q2/20 net loss of about $1.65 million, which compares to about $1.8 million in Q2/19. General and administrative expenses during Q2/20 were $752,896, down from $815,937 a year earlier.
ProMIS received about $1.2 million in gross proceeds from exercising 9,532,276 warrants pursuant to its new warrant repricing program.
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