Alzheimer’s drugmaker ProMIS gains on positive early trial data

Shares of ProMIS Neurosciences, which makes drugs for Alzheimer’s disease and amyotrophic lateral sclerosis (ALS), gained more than 5% on Wednesday, October 30. This came after the company released positive data from the earliest stage of clinical trials for its Alzheimer’s treatment. Currently, only two treatments are FDA-approved for Alzheimer’s: one jointly developed by Biogen and Eisai, and Eli Lilly’s drug.

Details

On Wednesday, quotes on small-cap ProMIS Neurosciences climbed more than 5% on the Nasdaq to $1.09 per share. During the session, the stock reached as high as $1.24 per share, up 20% versus the previous close, with trading volume more than five times the average. 

Before the opening bell, ProMIS announced that its Alzheimer’s drug candidate, PMN310, had proved to be well-tolerated and achieved adequate concentrations in cerebrospinal fluid. The company tested PMN310 on healthy volunteers in this phase Ia clinical trial. The preliminary results indicate its potential for target engagement in Alzheimer’s patients, Larry Altstiel, chief medical officer at ProMIS, was quoted as saying in the press release. ProMIS plans to begin a phase Ib clinical trial involving patients with mild cognitive impairment due to Alzheimer’s and its early stages by the end of this year.

Context

As of now, the U.S. FDA has approved only two Alzheimer’s treatments. The first, Eisai-Biogen’s drug, Leqembi, was green-lighted in early 2023. Then, earlier this year, Kisunla, a drug from U.S.-based Eli Lilly, was given the OK by regulators. Both drugs target amyloid, a substance that forms plaque in the brain, which, according to the Wall Street Journal, is thought to contribute to the worsening of Alzheimer’s and brain degeneration. Note that the currently available treatments do not cure the disease but only slow its progression.

PMN310 differs by targeting only one specific form of amyloid — soluble amyloid beta oligomers — rather than all three amyloid forms, which include plaques. Recent studies suggest that it is these oligomers, rather than amyloid plaques, that are neurotoxic. In other words, oligomers fuel the development of the disease, with plaques merely a byproduct. ProMIS aims to prove that therapies targeting only these toxic proteins, without affecting other amyloid forms, are safer. Meanwhile, the European Medicines Agency (EMA) has declined to approve Leqembi, stating that its risks outweighed its benefits, as some patients had reportedly suffered brain hemorrhages.

The ProMIS drug is still in very early clinical trials, and there is no guarantee of success. Recall that in early September, Athira Pharma stock plummeted after the company announced that its Alzheimer’s treatment had failed to perform significantly better than placebo. Still, Athira has continued working on the drug.

Besides PMN310, ProMIS has in the works a drug for amyotrophic lateral sclerosis (ALS) and a vaccine to prevent Alzheimer’s (which has yet to reach the animal testing stage).

Stock performance

ProMIS stock is off nearly 39% over the last 12 months. According to MarketWatch, the two analysts who cover the company have a “buy” recommendation. Their average target price is $8.75 per share, implying upside of almost 700%.