Promis Neurosciences Inc (OTCMKTS:ARFXF) blasted off on Friday, booming higher by as much as 42% on heavy volume in a major technical breakout. It’s actually quite an interesting play, with new product candidates in the much-needed Alzheimer’s disease space. The breakout move took shares to new 3.5 year highs on all-time record trading volume. The stock is now trading well above its major moving averages and running on increasing interest and increasing momentum following a strong catalyst input.
Specifically, the company just announced that its lead product candidate for Alzheimer’s disease (AD), PMN310, showed the absence of binding to amyloid beta (Aβ) plaque in and around blood vessels in AD brain samples in a preclinical study directly comparing PMN310 to other Aβ-directed antibodies. Binding of therapeutic antibodies to Aβ deposits in brain tissue, in particular, blood vessels, is believed to underlie the development of ARIA (amyloid-related imaging abnormalities; brain swelling and microhemorrhages) in treated AD patients.
Promis Neurosciences Inc (OTCMKTS:ARFXF) bills itself as a development stage biotech company that discovers and develops game changing precision therapeutics for treatment of neurodegenerative diseases, in particular Alzheimers disease (AD) and amyotrophic lateral sclerosis (ALS).
Moreover, the company seeks to develop “precision medicine” therapeutics for treatment of neurodegenerative diseases, primarily Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS). Its 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. Its lead product candidate is PMN 310, a monoclonal antibody for AD.
The company was formerly known as Amorfix Life Sciences Ltd. and changed its name to ProMIS Neurosciences Inc. in July 2015. ProMIS Neurosciences Inc. was incorporated in 2004 and is headquartered in Toronto, Canada.
According to company materials, “ProMIS Neurosciences is a development stage biotechnology company focused on discovering and developing precision medicine therapeutics to treat neurodegenerative diseases, in particular Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS). 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 (DSEs) on the molecular surface of misfolded proteins. Using this unique precision medicine approach, the Company is developing novel antibody therapeutics and specific companion diagnostics for AD and ALS. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN.TO, and on the OTCQB Venture Market under the symbol ARFXF.”
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As noted above, the stock just broke out on a massive increase in volume in Friday’s action following its announcement that its lead product candidate for Alzheimer’s disease (AD), PMN310, showed absence of binding to amyloid beta (Aβ) plaque in and around blood vessels in AD brain samples in a preclinical study directly comparing PMN310 to other Aβ-directed antibodies.
Commenting on these results, ProMIS President and CEO, Elliot Goldstein, MD, stated: “PMN310 was designed to selectively target the toxic, prion-like Aβ oligomers, now widely believed to be a root cause of AD. By not targeting Aβ plaque, especially in and around blood vessels in the brain, we anticipate PMN310 may not be associated with the dose-limiting brain swelling seen with plaque-binding antibody therapeutics like aducanumab. Confirmation of such an improved safety profile in clinical trials would allow for administration of higher doses to AD patients, thereby leading to greater therapeutic potency of PMN310.”
Currently trading at a market capitalization of $62.2M, ARFXF has a significant war chest ($3.3M) of cash on the books, which compares with virtually no total current liabilities. ARFXF is pulling in nominal trailing 12-month revenues of $10K. However, the company is seeing recent flat action on the top-line on a sequential quarterly basis, with revenues holding steady as of its latest reporting period. That said, this is a potentially exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $ARFXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $ARFXF, either long or short, and we have not been compensated for this article.