04:41 PM EDT, 04/01/2024 (MT Newswires) -- ProMIS Neurosciences Inc. , a biotechnology company, on Monday said net loss was US$13.2 million for the full year ended December 31, 2023, compared to a net loss of $18.1 million for full year in 2022.

Cash and cash equivalents were $12.6 million as of December 31, 2023, compared to $5.9 million as of December 31, 2022. During the third quarter of 2023, the company raised $20.4 million in gross proceeds from a private investment in public equity financing, less $2.7 million of issuance costs.

Among key highlights in its earnings statement, ProMis said top-line data from a first-in-human Phase 1a clinical trial of PMN310 as a treatment for Alzheimer's disease is "on track" for mid-2024

Neil Warma, Interim Chief Executive Officer, in a statement said. "As previously noted, we are nearing completion of the Phase 1a single ascending dose (SAD) clinical trial of PMN310 in AD and remain on track to report top-line data midyear, which will include safety data and PMN310 exposure levels in blood and cerebrospinal fluid (CSF). Moving forward, our goal is to advance PMN310 into a Phase 1b multiple ascending dose (MAD) study in AD patients, which could provide the first proof-of-concept data demonstrating that PMN310 has the potential to positively benefit patients with AD. This is a very exciting opportunity for both ProMIS and the AD patients we aim to serve. In addition, it may have the potential to lead the way for us to advance our differentiated platform in other neurodegenerative diseases, such as ALS, MSA and Parkinson's disease.

"We are diligently identifying ways to explore the potential application of our differentiated platform while not distracting our focus from our lead development program, PMN310, and our tight control on cash management. Specific to our pipeline candidates, we have and will continue to publish and present key data as each progresses and remain excited about the early data generated across a number of neurodegenerative diseases. We look forward to the ongoing development of our novel antibody therapies and to achieving a number of potentially value-creating milestones throughout the balance of the year."