Shares of ProMIS Neurosciences Inc. (NASDAQ: PMN) climbed 24% following disclosure that the clinical-stage biotechnology company has signed a securities purchase agreement for a private placement worth up to $175 million with institutional and accredited investors.
The private investment in public equity financing is co-led by Janus Henderson and Ally Bridge Group. Additional participation comes from a mix of new and existing investors, including Deep Track Capital, Great Point Partners, Trails Edge Capital Partners, Wellington Management, and Woodline Partners LP. Company executives, including the CEO, as well as members of management and the board, are also taking part in the offering.
Under the terms announced, ProMIS expects to receive approximately $75 million in upfront gross proceeds from the PIPE. There is potential for an additional $100 million if holders exercise all of the issued warrants. The financing package comprises the sale of 6,815,296 common shares, warrants to purchase 6,915,296 common shares or pre-funded warrants, and pre-funded warrants to acquire 100,000 common shares.
Planned use of proceeds and clinical milestones
Chief Executive Officer Neil Warma said the company anticipates that the proceeds will enable completion of its Phase 1b clinical study in Alzheimer’s disease and help accelerate development of a subcutaneous formulation of PMN310. ProMIS stated it remains on track to report blinded top-line data from the trial in mid-2026, with 12-month top-line results expected toward the end of 2026.
Transaction logistics and advisors
The company indicated the PIPE transaction is expected to close on February 3, 2026, subject to customary closing conditions. Guggenheim Securities acted as lead placement agent. Ceros Financial Services and Leede Financial also served as placement agents on the deal.
Corporate focus
ProMIS is advancing antibody therapeutics and vaccines that target toxic misfolded proteins implicated in neurodegenerative conditions. The company’s pipeline efforts concentrate on diseases such as Alzheimer’s disease, amyotrophic lateral sclerosis, and Parkinson’s disease.
Implications
- The financing provides immediate capital to support ongoing clinical development and formulation work for PMN310.
- Participation from institutional investors and management signals continued investor interest in ProMIS’s clinical program.
- The outcome of mid- and year-end 2026 top-line readouts will be key milestones that could influence future funding and commercialization pathways.