ProMIS Neurosciences raises up to $175 million in private placement

ProMIS Neurosciences Inc. (NASDAQ: PMN) announced it has entered into a securities purchase agreement for a private placement financing of up to $175 million. The biotechnology company focuses on developing antibody therapeutics for neurodegenerative diseases including Alzheimer's disease, ALS and Parkinson's disease.

The financing includes 6,815,296 common shares, warrants to purchase 6,915,296 common shares, and pre-funded warrants to purchase 100,000 common shares. The company sold 6,090,075 common shares at $10.77 per share and 100,000 pre-funded warrants at $10.77 minus an exercise price of $0.0001 per warrant share. Additionally, 725,221 common shares were sold at $12.13 per share to company affiliates and insiders.

The common share warrants carry an exercise price of $14.40 and expire within 60 days of announcing topline data from PMN310 single ascending dose cohorts or by February 3, 2031, whichever comes first. The financing is co-led by Janus Henderson and Ally Bridge Group, with participation from Deep Track Capital, Great Point Partners, Trails Edge Capital Partners, Wellington Management, and Woodline Partners LP.

ProMIS expects to receive approximately $75 million in upfront gross proceeds, with up to an additional $100 million if warrants are fully exercised for cash. The transaction is expected to close on February 3, 2026, subject to customary conditions.

Chief Executive Officer Neil Warma stated the proceeds are expected to enable completion of the company's Phase 1b Alzheimer's disease clinical study and support development of a subcutaneous formulation of PMN310. The company anticipates reporting blinded six-month topline data in mid-2026 and 12-month topline data toward the end of 2026.

Guggenheim Securities served as lead placement agent, with Ceros Financial Services and Leede Financial acting as placement agents. The securities were sold in a private transaction exempt from Securities Act registration requirements.

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