Argus Research, an independent investment research firm, has launched Argus Equity Report coverage on ProMIS Neurosciences, Inc.
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Excerpts & Highlights from the Report as conveyed by Argus Analyst Steve Silver, follow:
BUSINESS DESCRIPTION:
ProMIS Neurosciences, based in Toronto, Ontario, and Cambridge, Massachusetts, is a development-stage biotechnology company focused on the discovery and development of therapeutic antibodies selective for toxic oligomers that result from misfolded proteins. Such proteins are associated with the development and progression of neurodegenerative diseases including Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS), Parkinson’s disease (PD), and multiple system atrophy (MSA), among others.
The company’s scientific platform features two proprietary target discovery engine algorithms that, collectively, can effectively predict the shape of Disease Specific Epitopes (DSEs) on the molecular surface of misfolded proteins that cause disease. Thus, its computational approach enables the development of selective antibody therapies against these targets. ProMIS’ platform is based on the research of co-founder Dr. Neil Cashman, a scientist with over 25 years of experience in neurodegenerative diseases. Dr. Cashman, is a recognized leader in the field of protein misfolding diseases, including AD and ALS, and also serves as the ProMIS’ chief scientific officer.
ProMIS’ scientific thesis is that misfolded proteins, which expose toxic portions of the protein, are the primary culprit behind disease manifestation, and that efforts to inhibit all forms of the protein, including its abundant normal forms, are ineffective in treating diseases. Under such approaches, much of the administered dose is wasted by binding healthy protein or non-toxic aggregates before it reaches the relevant target in the brain. To date, the amyloid inhibition premise has been a primary focus of candidates for Alzheimer’s disease, which has resulted in many failed, late-stage clinical studies. In contrast, ProMIS’ platform selectively targets and inhibits only those mis-shaped epitopes exposed on the surface of misfolded proteins, and makes replicas of the misfolded regions, sparing the normal forms of proteins. ProMIS believes that immunizations with those epitopes result in more selective antibodies, which enable a lower effective dose that is expected to result in greater efficacy and a safer product profile. To date, ProMIS has achieved a 100% success rate in generating antibodies against specific identified DSE’s.
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ProMIS’ lead candidate is PMN310, a potential next generation therapy for Alzheimer’s disease. It is designed to bind to toxic oligomers, which are misfolded aggregates of smaller units of a healthy protein called monomer. The program is currently undergoing IND enabling activities and is expected to begin a Phase 1b clinical study in AD patients in early 2023. In March 2022, ProMIS announced positive pre-clinical results in a mouse model of AD that showed that PMN310 prevented a cognitive deficit as measured by performance in the water maze task.
Importantly, the Phase 1b study will be an open-label, ascending dose design, and should provide monthly biomarker evidence of effect data that can confirm target engagement as well as safety. We expect the trial to be conducted in a modest five to eight centers, which should enable rapid enrollment.
Argus Research Co. has received a flat fee from the company discussed in this report as part of a Sponsored Research agreement between Argus and the company.