ProMIS Neurosciences raises $20.4M in PIPE financing to fund clinical development

ProMIS Neurosciences Inc.

Gross proceeds of ~$20.4M from sale of common share units at $1.88/unit and pre-funded units at $1.87/unit.
Participation from Affinity Asset Advisors, Ally Bridge Group, Sphera Healthcare and other accredited investors.
Proceeds to advance clinical development of PMN310, lead therapeutic candidate, and for working capital.
Insiders (directors and officers) subscribing for ~$145,000 of units under related party transaction exemptions.
Financing expected to close on August 23, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ProMIS Neurosciences Inc. entered into Unit Purchase Agreement with selected investors that qualify as accredited investors valued at approximately $20.4 million (effective 2023-08-21).

Action: entry
Agreement: equity purchase
Counterparty: selected investors that qualify as accredited investors
Value: approximately $20.4 million
Effective: 2023-08-21

Exact text from the filing

On August 21, 2023, ProMIS Neurosciences Inc. (the “ Company ”) entered into an Unit Purchase Agreement (the “ Unit Purchase Agreement ”) with selected investors that qualify as “accredited investors” (the “ PIPE Investors ”), as defined in Rule 501(a) of Regulation D promulgated under the United States Securities Act of 1933, as amended (the “ Securities Act ”), for the purpose of raising approximately $20.4 million in gross proceeds for the Company (the “ Offering ”).

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Source: SEC EDGAR

accession 0001104659-23-094126

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