MONTREAL, QUEBEC, CANADA--(Marketwire - July 7, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic"or the "Company") announced today the receipt of a $ 4 million follow-on purchase order pursuant to a long-term supply agreement entered into with a major global pharmaceutical company in 2009.
This $ 4 million purchase order relates to the purchase of a proprietary Mimetic Ligand™ affinity adsorbent developed and manufactured by ProMetic's UK subsidiary, ProMetic Biosciences Ltd and is to be supplied during the third and fourth quarters of 2011.
"This order reinforces our anticipated revenue growth from this business segment and further secures an expected stronger second half for 2011. The Company has once more clearly demonstrated its ability to be a leading supplier of bioseparation products and technologies to the biopharmaceutical industry for large-scale manufacturing processes" commented Bruce Pritchard, Chief Financial Officer of Prometic.
"Repeat orders from such a major client strongly underscore ProMetic's ability to consistently meet its clients' large scale present and future manufacturing process needs. Furthermore, they reduce our need for equity financing to successfully execute our strategic initiatives" mentioned Mr. Pierre Laurin, President and CEO of ProMetic.
The Supply Agreement includes customary provisions for the supply of a purification component used by ProMetic's client for the manufacture of a biopharmaceutical product undergoing manufacturing scale-up in anticipation of regulatory approval and market launch.
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 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, 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 23 of ProMetic's Annual Information Form for the year ended December 31, 2010, 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.