ProMIS Neurosciences Announces Special Shareholder Meeting
07 October 2021 - 10:00PM
ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (the
“
Company”), a biotechnology company focused on the
discovery and development of antibody therapeutics targeting toxic
oligomers implicated in the development of neurodegenerative
diseases, is pleased to announce that it will hold a special
general meeting of shareholders (the “
Special
Meeting”) on December 1, 2021. The Company has set October
18, 2021, as the record date for the Special Meeting.
The purpose of the Special Meeting is to ask shareholders to
grant the Board of Directors (the “Board”) the
authority, exercisable in the Board’s discretion, to consolidate
(or reverse split) the Company's issued and outstanding common
shares in furtherance of a potential listing of the Company’s
shares on a stock exchange in the United States. The
full particulars of the special business will be set out in the
management information circular for the Special Meeting, which will
be mailed to shareholders and filed on SEDAR after the record
date.
“With the recent closing of our successful financing, our lead
program PMN310 is presently on track to complete all of the work
necessary to file an IND in the second half of 2022 as well as
initiate Phase 1 clinical trials soon thereafter,” stated Eugene
Williams, the Company’s Executive Chairman. “We believe a listing
on a stock exchange in the United States, which should provide
greater liquidity for our shareholders, should also provide greater
access to capital to help expedite the development of our potential
therapies and the process of obtaining clinical validation of such
potential therapies.”
At the Special Meeting, the shareholders will be specifically
asked to consider, and if deemed advisable, pass a special
resolution authorizing the Board to determine, at its discretion,
to file articles of amendment to consolidate the common shares of
the Company at a consolidation ratio within the range to be
specified in the proxy materials. Subject to
shareholder approval, the Board intends to proceed with a share
consolidation in furtherance of a listing of the Company’s shares
on a stock exchange in the United States but there can be no
assurances that any such listing will occur following shareholder
approval, a share consolidation or otherwise. Further,
there is no assurance that the Company will meet the quantitative
or qualitative requirements to list on a stock exchange in the
United States. Finally, notwithstanding approval of the resolution
by shareholders, the Board will retain the discretion to elect not
to proceed with the share consolidation.
Any authority proposed to be granted to the Board to consolidate
the shares is conditional upon the prior approval of the Toronto
Stock Exchange.
About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development
stage biotechnology company focused on discovering and developing
antibody therapeutics selectively targeting toxic oligomers
implicated in the development and progression of neurodegenerative
diseases, in particular Alzheimer’s disease (AD), amyotrophic
lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s
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, on the molecular surface of misfolded proteins. Using
this unique approach, the Company is developing novel antibody
therapeutics for AD, ALS and PD. ProMIS is headquartered in
Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS
is listed on the Toronto Stock Exchange under the symbol PMN, and
on the OTCQB Venture Market under the symbol ARFXF. For further
information about ProMIS Neurosciences, please consult the
Company’s website at: www.promisneurosciences.com
For Investor Relations please contact: Alpine
Equity Advisors Nicholas Rigopulos, President
nick@alpineequityadv.com Tel. 617 901-0785
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this news
release.
This news release contains certain "forward-looking statements"
within the meaning of such statements under applicable securities
law. Forward-looking statements are frequently characterized by
words such as "anticipates", "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed", "positioned" and other similar
words, or statements that certain events or conditions "may" or
"will" occur including, but not limited to, statements related to
the intent of the Company to pursue a potential listing of its
common shares on a stock exchange in the United States and the
potential benefits to the Company and its shareholders related to
such a listing, the Company conducting a share consolidation in
furtherance of a potential listing of its common shares on a stock
exchange in the United States and the potential timing for the
filing of an IND and the commencement of clinical trials related to
the Company’s lead program PMN310. Readers are cautioned that
forward-looking statements are based on certain assumptions and are
subject to known and unknown risks and uncertainties (both general
and specific) that contribute to the possibility that the future
events or circumstances contemplated by such forward-looking
information will not occur. Such risks and uncertainties with
respect to the forward-looking statements contained in this news
release include, but are not limited to, the Company obtaining
shareholder and Toronto Stock Exchange approval for a consolidation
of its common shares, the Company’s ability to generally meet the
quantitative and qualitative requirements to list its common shares
on a stock exchange in the United States, the trading volumes in
the Company’s common shares increasing as a result of a listing on
a stock exchange in the United States, the Company’s ability to
access capital improving as a result of a listing on a stock
exchange in the United States, and the Company obtaining the
necessary regulatory approvals and satisfying the other
requirements to file an IND and commence its clinical trials
related to its lead program PMN310 soon thereafter. Readers should
also refer to the risk factors set forth in the Company’s
continuous disclosure documents available at SEDAR (www.sedar.com).
There can be no assurance that the plans, intentions or
expectations upon which forward-looking statements are based will
be realized. Actual results may differ, and the difference may be
material and adverse to the Company and its
shareholders. Therefore, readers should not place undue
reliance upon such forward-looking statements. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this news release
except as required by applicable law or regulatory
requirements.
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