SAN FRANCISCO, Nov. 23, 2017 (GLOBE NEWSWIRE) -- André Uddin, an analyst with Mackie Research Capital Corp., summarized the quarterly financial results and anticipated catalysts for this Alzheimer's drug developer.
Included in this article is: ProMIS Neurosciences Inc. (TSX:PMN)
In a Nov. 13, 2017 research note, analyst André Uddin with Mackie Research Capital Corp. reported that, as expected, ProMIS Neurosciences Inc. announced $0 revenue for Q3/17. Fully diluted earnings per share was ($0.01), which was in line with Mackie's estimate. At the quarter's end, the biotech had CA$3.3 million in cash and no debt. "Financials are less important as ProMIS is still a preclinical biotech company," wrote Uddin regarding the Q3/17 results.
ProMIS, Uddin continued, is developing PMN310 as a "novel Alzheimer's drug candidate based on a new amyloid beta theory—the disease is mainly caused by soluble toxic amyloid beta oligomers."
Mackie expects at least two upcoming catalysts for ProMIS. One is that the firm expects ProMIS "to disclose more preclinical results that should demonstrate a better efficacy and safety profile of PMN310 than Biogen's aducanumab," Uddin stated.
Continue reading this article: 'Hot' Alzheimer's Market is Promising for Biotech with 'Novel' Drug Candidate
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