Press release from Marketwire
ProMetic Progresses Into a Licensing and Long-Term Supply Agreement With an Existing Multinational Client
- ProMetic's latest commercial application of its affinity resin technology key to enabling an improved next-generation biopharmaceutical product - Agreement follows successful development and scale-up - Annual revenues expected to exceed $6 million
Monday, July 08, 2013
ProMetic Progresses Into a Licensing and Long-Term Supply Agreement With an Existing Multinational Client06:30 EDT Monday, July 08, 2013
LAVAL, QUEBEC--(Marketwired - July 8, 2013) - ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the "Corporation") announced today that it has entered into a licensing and long-term affinity resin supply agreement with one of its existing clients, a global leader in the biotherapeutics industry.
This agreement follows the successful development and scale-up of a new affinity resin specifically designed to enhance the quality and purity of an existing biopharmaceutical product manufactured in multi-ton quantities. The signing of this agreement signifies the commencement of commercial supply of the new affinity resin for use in production of the biopharmaceutical product. The overall demand for this affinity resin is expected to grow significantly as the purification process incorporating the new affinity resin is rolled-out across the client's global manufacturing sites for its biopharmaceutical product. Total revenues arising from the new resin are expected to ramp up quickly to exceed $6.0 million on an annual basis.
"We are very pleased to have met and exceeded our client's performance targets once more and delivered a new affinity adsorbent on-time and within budget, as demonstrated by the recently completed scale-up of the affinity resin", said Dr. Steve Burton, Chief Executive Officer of ProMetic BioSciences Ltd. "The superior product quality and purity profile derived from the utilization of ProMetic's affinity technology places our client in a position to increase its respective market share" added Dr Burton.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a long established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. ProMetic offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. Headquartered in Laval (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 and Asia.
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 26 of ProMetic's Annual Information Form for the year ended December 31, 2012, 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.
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ProMetic Life Sciences Inc.
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ProMetic Life Sciences Inc.
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