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ProMISTM Neurosciences, Inc. NEWS RELEASE TSX: PMN/FOR IMMEDIATE RELEASE PROMIS NEUROSCIENCES ANNOUNCES PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES
Toronto, February 23, 2016 - ProMIS Neurosciences Inc. (the “Company”) announced today that it is
offering (the “Offering”) on a private placement basis up to 16,666,667 shares at a price of $0.06 per
share for gross proceeds of up to CDN $1,000,000. The Company will pay finders’ fees of 7% on a
portion of the proceeds of the Offering.
The net proceeds are estimated at $950,000 based on gross proceeds of $1,000,000 less estimated finders’
fees of $30,000 and less estimated offering expenses of $20,000.
The primary use of proceeds will be to validate and optimize the several lead programs (up to six)
ProMIS is developing against different strains of Amyloid beta (AB) in Alzheimer's Disease and Down’s
syndrome. The program will seek to validate that the lead products selectively bind to the neurotoxic
prion, or oligomeric form of AB, which the Company believes is the target product profile for successful
precision therapies in these deadly diseases. The validation, done in part with cadaveric brain tissue of
patients who died with diagnosed Alzheimer's, will also be used to support and enhance ProMIS's patent
estate.
Approximately 62 percent of net proceeds ($590,000) will be used for research and development,
including the in vitro validation program as outlined above, and the associated IP filings and
support. Also included are maintenance costs associated with the Company’s existing IP
portfolio;
Approximately 38 percent of net proceeds ($360,000) will be used for general corporate
purposes, and investor relations.
All shares issued will be subject to a four month hold period from the date of issuance in accordance with
applicable securities law. Closing of the Offering is subject to receipt of TSX acceptance. The Company
confirms that there is no material fact or material change about the Company that has not been generally
disclosed.
Insiders of the Company are expected to participate in the Offering (the “Insider Participation”), which
will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI
61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder
approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of
such Insider Participation, which the Company expects to be approximately $110,000.
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. The mission of ProMIS Neurosciences is to discover and develop precision medicine solutions for the
early detection and effective treatment of neurodegenerative diseases, in particular Alzheimer’s disease
and ALS.
ProMIS Neurosciences’ proprietary target discovery engine is based on the use of two, complementary
techniques. The Company applies its thermodynamic, computational discovery platform—ProMIS™ and
Collective Coordinates — to predict novel targets known as Disease Specific Epitopes (DSEs) on the
molecular surface of misfolded proteins. Using this unique "precision medicine" approach, ProMIS
Neurosciences aims to develop novel antibody therapeutics and specific companion diagnostics for
Alzheimer’s disease and ALS. The company has also developed two proprietary technologies to
specifically identify very low levels of misfolded proteins in a biological sample. In addition, ProMIS
Neurosciences owns a portfolio of therapeutic and diagnostic patents relating to misfolded SOD1 in ALS,
and currently has a preclinical monoclonal antibody therapeutic against this target.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This information release may contain certain forward-looking information. 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.
For further information, please consult the Company's website at:
www.promisneurosciences.com,
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Renmark Financial Communications Inc. Barry Mire: [email protected]
or contact
Dr. Elliot Goldstein
President and Chief Executive Officer, ProMIS Neurosciences Inc.
Tel. 415 341-5783