ProMIS Neurosciences Inc. (PMN:TSX; ARFXF:OTCQB) announced in a news release its operational and financial results for Q3/20.
During the three months ended Sept. 30, 2020, "the value of our unique discovery and development platform was further evidenced" in two primary ways, Executive Chairman Eugene Williams said in the release.
The biotechnology firm continued advancing its various programs across multiple neurodegenerative diseases. This included launching a program to develop and test a multivalent peptide vaccine for Alzheimer's disease. VIDO-InterVac, a vaccine research and development company, is carrying out the initial steps.
Also, ProMIS entered into two joint ventures, both 50/50 entities, with BC Neuroimmunology Inc. The purpose of one is to develop and market highly accurate, objective tests for the detection, diagnosis and monitoring of Alzheimer's disease. The partners will develop assays for other neurodegenerative diseases as well, possibly incorporating ProMIS' proprietary peptide antigens and tests into them.
In the other joint venture, ProMIS and BCNI are developing highly specific and highly sensitive serological assays for detecting and characterizing SARS-CoV-2 virus antibodies.
ProMIS posted a Q3/20 net loss of $1,562,228, compared to a net loss of $1,637,714 for the quarter one year earlier. The drop resulted from lower consulting and professional fees, share-based compensation and foreign exchange losses. Offsetting these reductions were increased expenses pertaining to patents and use of contract research organizations.
The biotech's net loss for the first nine months of 2020 was $4,974,365, also lower year over year, with last year's figure being $5,942,821. Decreases in various expenses and costs, related to use of contract research organizations, use of consultants, professional fees, share-based compensation and foreign exchange losses, accounted for the difference. Patent expenses were higher.
"As a prelude to the first PMN310 clinical trial in AD, we will use a novel biomarker approach that may show evidence of slowing of neuronal death as early as the Phase 1 clinical study. As the ability to achieve early detection of AD develops, based on the advent of reliable blood-based biomarkers for AD detection, the need for preventive treatment will grow. Therapeutic vaccines can be used for this purpose. Using our discovery platform, our goal is to devise a safe and effective AD vaccine to induce a specific immune response against toxic oligomers of amyloid beta," the company noted.
In the infectious disease setting, ProMIS stated that it is "working to create accurate and sensitive serological assays to potentially detect the presence of neutralizing antibodies that arise in response to a specific infection, such as COVID-19."
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