ProMIS Neurosciences Announces Up to $175 Million Private Placement Financing

Core Insights - ProMIS Neurosciences Inc. has entered into a securities purchase agreement to raise approximately $175 million through the issuance of common shares and warrants, aimed at extending its cash runway into 2028 and supporting key clinical milestones in Alzheimer's disease research [1][4] Financing Details - The financing includes the sale of 6,815,296 common shares at $10.77 each, 100,000 pre-funded warrants at a similar price with a minimal exercise price, and 725,221 common shares sold at $12.13 to affiliates and insiders [2] - The common share warrants have an exercise price of $14.40, are immediately exercisable, and will expire within 60 days of a defined milestone event or on February 3, 2031 [2] - The anticipated upfront gross proceeds from the financing are approximately $75 million, with potential additional proceeds of up to $100 million if all warrants are exercised [4] Investor Participation - The private investment in public equity (PIPE) financing is co-led by Janus Henderson and Ally Bridge Group, with participation from various institutional investors including Deep Track Capital and Wellington Management [3] Clinical Development Plans - ProMIS aims to use the proceeds to complete its Phase 1b clinical study for Alzheimer's disease and to accelerate the development of a subcutaneous formulation of PMN310, with blinded top-line data expected in mid-2026 and 12-month data by the end of 2026 [4]