Press release from Marketwire
ProMetic Enters Into New Product Program With an Existing Multinational Client
New development program to generate approximately $2.7 million over the next 18 months
Thursday, July 24, 2014
ProMetic Enters Into New Product Program With an Existing Multinational Client08:39 EDT Thursday, July 24, 2014
LAVAL, QUEBEC--(Marketwired - July 24, 2014) - July 24, 2014 - ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the "Corporation") announced today the signing of an agreement (the "Agreement") by ProMetic's UK subsidiary, ProMetic Biosciences Ltd ("PBL"), with one of its existing multinational clients, a global leader in the biotherapeutics industry.
The agreement relates to the development and scale-up of a new affinity resin and associated manufacturing process in order to enhance the quality and purity of an existing biopharmaceutical product manufactured in large quantities.
The Agreement will provide ProMetic with initial service revenues of up to $2.7 million over the next 18 months and is expected to lead to a subsequent long-term agreement for the manufacture and supply of the new affinity resin when performance targets are achieved. Revenues arising from the recurring purchase of resin for such type of commercial use are typically in the range of $5 million to $8 million per year.
Dr. Steve Burton, PBL's Chief Executive Officer said: "The enhanced purity and additional improvements to existing manufacturing processes derived from using ProMetic's purification technologies provide our clients with a significant competitive advantage. We are pleased to see global leaders in this space recognizing this added value by initiating new development and commercial initiatives with us".
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.
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 in ProMetic's Annual Information Form for the year ended December 31, 2013, 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