An anonymous director reports

PROMIS NEUROSCIENCES ANNOUNCES $20.4 MILLION PRIVATE PLACEMENT FINANCING

Promis Neurosciences Inc. has entered into a securities purchase agreement with certain new and existing accredited investors to issue and sell an aggregate of approximately $20.4-million of (a) common share units, each consisting of one of the company's common shares and one warrant to purchase one common share, and (b) prefinanced units, each consisting of one prefinanced warrant to purchase one common share and one warrant. The common share units were sold at a price of $1.88 per unit and the prefinanced warrants were sold at a price of $1.87 per unit through a private investment in public equity (PIPE) financing.

The PIPE included participation from Affinity Asset Advisors LLC, Ally Bridge Group, Sphera Healthcare, and other institutional and individual accredited investors.

Promis anticipates the gross proceeds from the PIPE to be approximately $20.4-million, before deducting fees to the placement agents and other offering expenses payable by the company. The financing is expected to close on Aug. 23, 2023, subject to customary closing conditions.

Proceeds from the PIPE financing are expected to be used to advance the clinical development of PMN310, Promis's lead therapeutic candidate, as well as for working capital and other general corporate expenses.

Certain directors and officers of the company are subscribing for up to approximately $145,000 of common share units. The issuance of common share units to insiders will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to Section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to Section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25 per cent of the company's market capitalization.

About Promis Neurosciences Inc.

Promis Neurosciences is a development-stage biotechnology company focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer's disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). The company's proprietary target discovery engine applies a thermodynamic, computational discovery platform -- Promis and Collective Coordinates -- to predict novel targets known as disease-specific epitopes on the molecular surface of misfolded proteins. Using this unique approach, the company is developing novel antibody therapeutics for AD, ALS and MSA. Promis has offices in Toronto, Ont., and Cambridge, Mass.

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