ProMIS Neurosciences Inc., a pharmaceutical company, announced today that it has regained compliance with the NASDAQ's minimum value requirement for continued listing on the NASDAQ Capital Market. This development follows a period of non-compliance with the NASDAQ Listing Rule 5550(b)(2), which necessitates a minimum market value of listed securities of $35 million.
The notification of compliance was received by ProMIS Neurosciences on Monday, July 22, 2024, as indicated by the company's recent 8-K filing with the U.S. Securities and Exchange Commission. The compliance was achieved after the company's common shares maintained a closing market value of $35 million or greater for at least 10 consecutive business days, from July 8, 2024, to July 19, 2024.
The company's interim Chief Executive Officer, Neil Warma, signed the SEC filing, marking the official confirmation of the regained status. The NASDAQ Capital Market is a key platform for companies like ProMIS Neurosciences, providing access to a broad set of investors and the potential for increased liquidity.
This announcement marks the end of the compliance issue, with the NASDAQ Stock Market Listing Qualifications Staff considering the matter closed. ProMIS Neurosciences, headquartered in Toronto, Canada, is listed under the ticker symbol NASDAQ:PMN and is classified within the pharmaceutical preparations industry.
The resolution of the compliance matter is a positive step for ProMIS Neurosciences, ensuring its continued presence on a major stock exchange. The information reported is based on the company's official statement in the press release.
In other recent news, ProMIS Neurosciences secured approximately $30.3 million in a private investment in public equity (PIPE) financing agreement, with potential for an additional $92.4 million upon exercise of the warrants, contingent on shareholder approval.
The financing, which involves both new and existing investors, is expected to close in 2024, with Guggenheim Securities, Ceros Financial Services, and Leede Financial participating in the arrangement. The funding will be used to advance the clinical development of PMN310, ProMIS's lead therapeutic candidate for Alzheimer's Disease.
In addition to the financial news, ProMIS has reported positive preliminary results from its Phase 1a clinical trial of PMN310 in healthy volunteers. The trial demonstrated that PMN310 was well-tolerated and successfully crossed the blood-brain barrier. ProMIS's CEO, Neil Warma, and Chief Medical Officer, Dr. Larry Altstiel, expressed optimism about these results and the potential for advancing PMN310 into the next phase of clinical trials.
These recent developments highlight the company's progress in the pursuit of a differentiated treatment option for Alzheimer's disease. ProMIS's focus on toxic oligomers, believed to play a critical role in Alzheimer's pathology, offers a different approach from treatments targeting amyloid plaques. The full dataset from the trial is expected to be presented at a medical meeting later this year.
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