MONTREAL, QUEBEC--(Marketwire - March 8, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today announced, that on the back of its growing operations, the Company has elected to split the roles of Chairman and Chief Executive Officer. Mr. G.F. Kym Anthony has agreed to accept the position of Chairman of the Board of Directors in order to better support ProMetic's Chief Executive Officer with the execution of key value drivers during 2011. Mr. Anthony has been a longtime serving member of ProMetic's Board of Directors.
"This is a pivotal year for ProMetic. The level of moving parts involved in the execution of ProMetic's strategic plan for our different business units requires the undivided attention of Mr. Pierre Laurin, our President and Chief Executive Officer. The recently created NewCo subsidiary for the manufacturing of plasma-derived therapeutics is just one example of what is expected to create shareholder value this year," stated Mr. Anthony who went on to add: "ProMetic's Board of Directors fully supports Mr. Laurin's vision for the Company. As Chairman, I will devote more time to support the Chief Executive Officer and to manage the Board and governance functions of the business".
Mr. Laurin commented: "I am delighted that Kym has decided, amongst his various options, to make ProMetic's future growth his priority. The Company will benefit, through Kym's increased involvement, from the additional wealth of experience that he brings to the position of Chairman and to the building of value for corporations. In addition, ProMetic is demonstrating best corporate governance practices by separating the role of Chairman of the Board from that of Chief Executive Officer".
Over the last two years, the Company has appointed a Board member to act as Lead Director in support of the Chief Executive Officer and as liaison with the Board and Mr. Benjamin Wygodny served in this capacity. With the Company's continued growth, the separation of the roles of Chairman and Chief Executive Officer is now formalized through Mr. Anthony's nomination as Chairman, in effect replacing the position of Lead Director. Mr. Wygodny will continue in his mandate as a Director on ProMetic's Board.
About Mr. G.F. Kym Anthony
Mr. G.F. Kym Anthony is an experienced and successful capital markets executive with over 30 years in the financial services and investment banking industries. He rose through the senior executive ranks of CIBC and its investment bank unit, Wood Gundy. He later became the Chair and Chief Executive Officer of TD Securities and a Vice-Chair of TD Bank, where he led the creation and development of TD Securities. Mr. Anthony was also the President and Chief Executive Officer of National Bank Financial, the investment banking and capital markets unit of National Bank of Canada for six years and CEO of Dundee Securities. Mr. Anthony has held a number of senior positions in the financial services industry, including being Chair of the Investment Dealers Association of Canada, and serves on several corporate and nonprofit boards. Mr. Anthony is also currently Chairman of Broadacre Agriculture and DFG Investment Advisors and a board member of ComDev International.
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.