ProMIS Neurosciences announces $2.4 million PIPE financing for warrant issuance to advance neurodegenerative disease therapies.
Quiver AI Summary
ProMIS Neurosciences, a clinical-stage biotechnology company focused on developing therapeutic antibodies for neurodegenerative diseases, has announced a purchase agreement to issue approximately $2.4 million in warrants through a private investment in public equity (PIPE) financing. The Warrants, priced at $0.1875 per share, are immediately exercisable at $1.25 and will expire in five years. Including proceeds from existing warrants, the total gross proceeds from this round of financing are expected to reach about $9.2 million. The funds will be used to advance the company's leading therapeutic candidate PMN310 and for general corporate expenses. The transaction, which is set to close on July 24, 2025, is not registered under the Securities Act, and ProMIS plans to file a registration statement for the resale of common shares related to the warrants.
Potential Positives
- ProMIS Neurosciences has secured approximately $2.4 million in gross proceeds through a PIPE financing, which will help advance the clinical development of its lead therapeutic candidate, PMN310.
- The funds raised will also contribute to working capital and other general corporate expenses, indicating a proactive approach to financial management.
- Participation from an existing healthcare-focused institutional investor highlights confidence in the company’s potential and business model.
- The company plans to file a registration statement with the SEC for the resale of shares, providing a pathway for liquidity for investors.
Potential Negatives
- The issuance of warrants at a low price of $0.1875 per share may indicate weakness in the company's stock performance and could dilute existing shareholders' equity.
- The reliance on PIPE financing to raise capital may signal to the market that the company is struggling to secure funding through traditional means.
- The company has noted an expectation for continued losses and financial instability, which raises concerns about its long-term viability.
FAQ
What is the purpose of the PIPE financing by ProMIS Neurosciences?
The PIPE financing aims to raise funds for advancing PMN310's clinical development and cover working capital and corporate expenses.
How much capital will ProMIS Neurosciences raise through the PIPE financing?
ProMIS Neurosciences will raise approximately $2.4 million from the PIPE financing, with total proceeds projected to be around $9.2 million.
What is the price of the Warrants issued in the financing?
The Warrants were sold at a price of $0.1875 per share with an exercise price of $1.25 per Warrant Share.
When is the closing date for the PIPE financing?
The PIPE financing is expected to close on July 24, 2025, pending customary closing conditions.
What types of diseases does ProMIS Neurosciences focus on?
ProMIS focuses on neurodegenerative diseases such as Alzheimer’s, ALS, and Parkinson’s, targeting toxic misfolded proteins.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PMN Insider Trading Activity
$PMN insiders have traded $PMN stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $PMN stock by insiders over the last 6 months:
- NEIL CASHMAN (Chief Scientific Officer) purchased 15,000 shares for an estimated $14,595
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PMN Hedge Fund Activity
We have seen 4 institutional investors add shares of $PMN stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC removed 175,151 shares (-7.0%) from their portfolio in Q1 2025, for an estimated $121,817
- HEIGHTS CAPITAL MANAGEMENT, INC removed 141,940 shares (-88.6%) from their portfolio in Q1 2025, for an estimated $98,719
- ALLY BRIDGE GROUP (NY) LLC removed 107,906 shares (-6.8%) from their portfolio in Q1 2025, for an estimated $75,048
- GRAYPOINT LLC added 52,833 shares (+inf%) to their portfolio in Q2 2025, for an estimated $25,560
- ALLOSTERY INVESTMENTS LP added 38,592 shares (+19.8%) to their portfolio in Q1 2025, for an estimated $26,840
- HARA CAPITAL LLC removed 29,416 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $20,458
- HOWARD FINANCIAL SERVICES, LTD. added 26,042 shares (+inf%) to their portfolio in Q2 2025, for an estimated $12,599
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$PMN Analyst Ratings
Wall Street analysts have issued reports on $PMN in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- HC Wainwright & Co. issued a "Buy" rating on 07/14/2025
- Maxim Group issued a "Buy" rating on 05/12/2025
- Guggenheim issued a "Buy" rating on 04/01/2025
To track analyst ratings and price targets for $PMN, check out Quiver Quantitative's $PMN forecast page.
$PMN Price Targets
Multiple analysts have issued price targets for $PMN recently. We have seen 3 analysts offer price targets for $PMN in the last 6 months, with a median target of $4.0.
Here are some recent targets:
- Raghuram Selvaraju from HC Wainwright & Co. set a target price of $4.0 on 07/14/2025
- Jason McCarthy from Maxim Group set a target price of $3.0 on 05/12/2025
- Eddie Hickman from Guggenheim set a target price of $6.0 on 04/01/2025
Full Release
TORONTO, Ontario and CAMBRIDGE, Massachusetts, July 22, 2025 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (Nasdaq: PMN), a clinical-stage biotechnology company committed to discovery and development of therapeutic antibodies targeting toxic misfolded proteins in neurodegenerative diseases, such as Alzhiemer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD), today announced that it has entered into a purchase agreement (the “
Purchase Agreement
”) with an existing institutional and accredited investor to issue and sell an aggregate of approximately $2.4 million of warrants (the “
Warrants
”). The Warrants were sold at a price of $0.1875 per share through a private investment in public equity (“
PIPE
”) financing.
The Warrants have an exercise price of $1.25 per Warrant Share, are immediately exercisable and will expire five years from the date of initial issuance.
The PIPE financing included participation from an existing healthcare focused institutional investor.
ProMIS anticipates the gross proceeds from the PIPE financing to be approximately $2.4 million, before deducting fees and other offering expenses payable by the Company. In conjunction with the proceeds from the exercise of existing warrants, the total gross proceeds to the Company inclusive of the PIPE Offering will be approximately $9.2 million. The PIPE financing is expected to close on July 24, 2025, subject to customary closing conditions.
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 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 is a clinical-stage biotechnology company committed to the discovery and development of therapeutic antibodies selective for toxic oligomers associated with the development and progression of neurodegenerative and other misfolded protein diseases. The Company’s proprietary target discovery engine, EpiSelect™, predicts novel targets known as Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins that cause neurodegenerative and other misfolded protein diseases, including Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS), frontotemporal dementia (FTD), multiple system atrophy (MSA), and Parkinson’s Disease (PD). ProMIS has offices in Cambridge, Massachusetts (USA) and Toronto, Ontario (CAN).
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 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 risk that clinical results or early results may not be indicative of future results, 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 Report on Form 10-K for the year ended December 31, 2024 and in its subsequent filings filed with the United States Securities and Exchange Commission. 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. For further information:
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