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Press release from Marketwire

ProMetic on Target for Its Plasma-Derived Therapeutics Business

- Second tranche of funds received; brings total investment in NewCo to date at $1.5 M - ProMetic's headquarters on schedule to move to NewCo's facility by end of March - NewCo's manufacturing facility on target to commence operations by end of 2011

Monday, February 28, 2011

ProMetic on Target for Its Plasma-Derived Therapeutics Business06:00 EST Monday, February 28, 2011MONTREAL, QUEBEC--(Marketwire - Feb. 28, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announced today that the Company received a second $750,000 investment tranche for its new subsidiary NewCo. This brings the total equity investment received to date to $1,500,000, as part of a $2,500,000 commitment. On February 7, 2011, ProMetic announced that it had created NewCo to enter into a long-term lease on very favorable conditions for an existing state-of-the-art facility and to undertake the development and manufacturing of high-value plasma-derived therapeutic biosimilars for ProMetic's current and future clients. This facility, located in Laval, Quebec's biotech cluster, will have a targeted processing capacity of 150,000 L, allowing the supply of products with a market value exceeding $100,000,000 per annum.The Company also disclosed that NewCo would be funded via third-party investments; with ProMetic's existing clients it is anticipated that NewCo will rapidly become self-sustaining through end product services and sales. "This enabling project for ProMetic is attracting significant interest from strategic players and investors," stated Pierre Laurin, ProMetic's President and Chief Executive Officer.NewCo will allow the Company to benefit, at commercial scale, from the competitive advantage provided by its proven Plasma Protein Purification System ("PPPS™") as well as its prion capture technologies. The manufacturing plant will supply plasma-derived therapeutic products to ProMetic's existing and future clients, as well as allowing ProMetic to provide technology transfer and skills training services. The plant is expected to start up operations by the end of 2011, provide cGMP products to be used by clients in early 2012, and reach full operating capacity by 2014."The preparatory work for the relocation of ProMetic's headquarters to NewCo's facility has already started and the move should be completed by the end of March," commented Bruce Pritchard, ProMetic's Chief Financial Officer. About the Plasma Protein Purification System The Plasma Protein Purification System ("PPPS™") allows for the targeting and removal of multiple high-value proteins from a single plasma sample at unprecedented activity levels using ProMetic's Mimetic Ligand™ adsorbent technology. This system also provides for the recovery of new biotherapeutics as they are discovered and identified. The effect of this process is to reduce the significant losses incurred when using the more conventional Cohn precipitation process. About ProMetic Life Sciences Inc. ProMetic Life Sciences Inc. (www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand™ technology. This technology is used in large-scale purification of biologics and the elimination of pathogens. ProMetic is also active in therapeutic drug development with the mission to bring to market effective, innovative, lower cost, less toxic products for the treatment of hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Montréal (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe, Asia and in the Middle-East. Forward Looking Statements This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, ProMetic's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of ProMetic to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 24 of ProMetic's Annual Information Form for the year ended December 31, 2009, under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless stated otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: Pierre LaurinProMetic Life Sciences Inc.President and CEO514-341-2115p.laurin@prometic.comORAnne LeducProMetic Life Sciences Inc.Manager, Investor Relations & Communications514-341-2115a.leduc@prometic.comwww.prometic.com