The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

ProMetic Biosciences Inc. ("PBI") Provides Corporate Update

Tuesday, September 27, 2011

ProMetic Biosciences Inc. ("PBI") Provides Corporate Update07:00 EDT Tuesday, September 27, 2011LAVAL, QUEBEC--(Marketwire - Sept. 27, 2011) -ProMetic BioSciences Inc. (TSX:PLI)- Accepted for 4 presentations at the American Society of Nephrology ("ASN") forthcoming Annual Meeting - New data confirms significant reduction of fibrosis in Chronic Kidney Disease ("CKD") and Acute Kidney Injury ("AKI") models. - $700,000 financing received from Investissement Québec ("IQ") ProMetic BioSciences Inc. ("ProMetic"), the therapeutic research subsidiary of ProMetic Life Sciences Inc. (TSX:PLI), provided today a corporate update. ProMetic announces that it has been selected to present four presentations at ASN's Kidney Week conference to be held in Philadelphia, PA, from November 8 to November 13, 2011. ProMetic will present scientific data demonstrating the ability of its orally active lead compounds PBI-4050 and PBI-4419 to significantly reduce fibrosis in kidneys in both acute and chronic settings. The data to be presented is part of a development program to prepare these drug candidates for clinical trials."We are very pleased that our work was chosen for presentation at this prestigious conference. Fibrosis is responsible for the gradual deterioration of kidney function in CKD patients leading to the need for dialysis" said Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "This is a significant unmet medical need which affects millions of patients worldwide and costs billions of dollars to the healthcare system. We therefore believe our drug candidates will contribute to delay the need for dialysis, prevent organ failure, improve the clinical outcome and life expectancy in CKD patients and reduce costs to the healthcare system". It is estimated that more than 26 million Americans suffer from CKD.The American Society of Nephrology Kidney Week is the world's premier nephrology meeting with more than 13,000 kidney professionals from around the globe getting together to exchange knowledge and learn the latest scientific and medical advances in the field. ProMetic also announces that it has received $700,000 from Investissement Québec as part of a unique 2011 Tax Credit program to finance the company's Research and Development Tax Credit. ProMetic will be eligible for an additional $250,000 in Q4 2011. "This is yet another example of our endeavour to secure non-dilutive financing whenever and wherever possible" commented Bruce Pritchard, ProMetic's Chief Financial Officer. More on PBI-4419 and PBI-4050PBI-4419 and PBI-4050 are first-in-class, orally active, drug candidates in development for the treatment of various inflammatory and fibrotic conditions. These compounds directly address fibrosis and have displayed efficacy in multiple in vivo models as evidenced by reduced fibrosis and improved kidney function. Both compounds act via a novel mechanism of action involved in the regulation of the inflammation/fibrosis process. About ProMetic Life Sciences Inc. ProMetic Life Sciences Inc. ("ProMetic") (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 U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the US, Europe, Asia and in the Middle-East.Forward Looking StatementsThis 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 and Uncertainties related to ProMetic's business". 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 indicated otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: President and CEOPierre LaurinProMetic Life Sciences Incp.laurin@prometic.com+1.450.781.0115ORDirector, Communications & Investor RelationsFrederic DumaisProMetic Life Sciencesf.dumais@prometic.com+1.450.781.0115