Wednesday, 17 June 2020

TRADE ALERT: ProMIS Neurosciences Announces Highly Accurate Antibody Test For COVID-19

We are issuing a trade alert on ProMIS Neurosciences, Inc. (ARFXF) (PMN.TO), which is up 60% to $0.295 on 4 million volume in early morning trading but we think can run much higher in the coming days after announcing a highly accurate antibody test for COVID-19. Even at $0.295 it has only a $80 million market cap which is peanuts compared to other COVID test companies like MedMira Inc. (MMIRF) (MIR.V) which has a market cap of around $400 million. We are up to 900 followers on our ValueTrades blog despite not giving out a lot of alerts, a fact that we think is indicative of a successful, diligent and prudent stock picking history. If you like our picks you can also follow this blog by clicking the follow button on the top of the left hand panel. We have 38 followers so far on here. You can follow us on Twitter @StockTradePicks which has over 4,400 followers.

The news is as follows:

ProMIS Neurosciences and collaborator BC Neuroimmunology announce significant progress on development of highly accurate antibody test for COVID-19

Serology test achieves 99.9% sensitivity and 99.5% specificity for SARS CoV-2; ProMIS proprietary peptide antigens to detect neutralizing antibodies in next development phase

TORONTO and CAMBRIDGE, Mass., June 17, 2020 (GLOBE NEWSWIRE) -- ProMIS Neurosciences, Inc. (TSX: PMN) (OTCQB: ARFXF), a company with unique, core technology to predict novel targets on the molecular surface of complex proteins, and its collaborator BC Neuroimmunology Lab Inc. (BCNI), have created a highly accurate antibody test for SARS CoV-2. In validation testing, the serology assay achieved accuracy comparable to that of the industry leaders. Incorporation of ProMIS’ proprietary peptide antigens in the next phase of development is anticipated to support determination of whether or not antibodies detected in the serology assay possess virus neutralizing activity.
The antibody test developed in collaboration with BCNI is based on the use of surface plasmon resonance (SPR) technology, a sophisticated nanotechnology platform that offers advantages compared to ELISA (enzyme-linked immunosorbent assay), the current standard for assay creation. In particular, the latest SPR platforms offer the possibility for high-volume testing.
The current version of the ProMIS-BCNI antibody test achieves 99.90% sensitivity and 99.50% specificity for SARS CoV-2, the novel coronavirus causing COVID-19 and can be used to detect immune exposure to the virus. But the key step in development of a ‘best in class’ test is to create an assay that not only detects the presence of antibodies specific for the SARS CoV-2 virus but importantly, also allows to determine whether or not the detected antibodies have neutralizing activity, potentially conferring protection from COVID-19. As previously announced, using its unique technology platform ProMIS has identified 18 potential antibody targets (also called peptide antigens) that appear to be unique to the spike protein halo of SARS CoV-2. The next phase of ‘best in class’ assay development will involve testing to determine whether the antibodies that bind to one or more of these peptide antigens, as determined by surface plasmon resonance (SPR), are neutralizing antibodies.
“Starting next year, and throughout 2021 and beyond, we anticipate that billions of people will receive COVID-19 vaccines,” stated ProMIS executive chairman, Eugene Williams. “This is an unprecedented effort that showcases the capability and commitment of our industry. But it also means that billions of individuals will be vaccinated with very little information about the durability and variability of response to these new vaccines. We expect that vaccine companies worldwide and top research hospitals and government agencies will be looking for high volume, accurate, next generation serology tests with the ability to deliver more nuanced data regarding neutralizing antibodies. That is the rapidly emerging unmet need we are looking to serve as we progress development of our potentially ‘best in class’ SPR-based serology assay.”

Disclosure: We are long PMN.TO

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