ProMIS Neurosciences raises $12 million through warrant financing

ProMIS Neurosciences Inc. (NASDAQ: PMN) announced a private placement financing that will generate approximately $12 million in gross proceeds through a combination of warrant sales and exercises.

The biotechnology company entered into a purchase agreement with existing institutional and accredited investors to sell $3 million worth of warrants at $0.1875 per share. The warrants carry an exercise price of $1.25 per warrant share, are immediately exercisable, and expire five years from issuance.

The financing included participation from existing institutional investors, including Ally Bridge Group. The private investment in public equity financing is expected to close on July 29, 2025, subject to customary closing conditions.

An additional $9 million in proceeds will come from the exercise of existing warrants, bringing total gross proceeds to approximately $12 million before deducting fees and offering expenses.

ProMIS plans to use the proceeds to advance clinical development of PMN310, its lead therapeutic candidate, as well as for working capital and general corporate expenses. The company develops therapeutic antibodies targeting toxic misfolded proteins in neurodegenerative diseases including Alzheimer's disease, amyotrophic lateral sclerosis, and Parkinson's disease.

The securities were sold in a transaction not involving a public offering and have not been registered under the Securities Act of 1933. The company has agreed to file a registration statement with the SEC for the resale of common shares issuable upon warrant exercise.

ProMIS maintains offices in Cambridge, Massachusetts, and Toronto, Ontario.

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