LAVAL, QUEBEC, CANADA--(Marketwire - April 24, 2012) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic" or the "Corporation") announced today the signing of an agreement by ProMetic's UK subsidiary, ProMetic Biosciences Ltd ("PBL") with a European biotechnology manufacturing company.
Under this new agreement, ProMetic will develop an affinity resin product and its related manufacturing process. This will provide ProMetic's client, a leader in its field, with a biosimilar product thereby enhancing the client's ability to increase its share of a well-established and lucrative market.
The agreement provides ProMetic with initial service revenues of $1.4 million with work commencing immediately. The work performed under this agreement is anticipated to lead to a long-term agreement for the manufacture and supply of the affinity resin for use in the client's scale-up and routine commercial production of the product.
"ProMetic's state-of-the-art technology allows us to custom design affinity products according to each client's specific needs, providing them with high-performance manufacturing processes, enhanced quality and lower cost biological products" said Dr. Steve Burton, PBL's Chief Executive Officer. "Furthermore, the application of our novel purification technology enables biosimilar manufacturers to avoid existing intellectual property developed and used for production of the original products and to generate new intellectual property around the new process which provides them with a competitive advantage" added Dr Burton.
"This is yet another new commercial agreement expected to contribute to our strong and growing revenue base for 2012 and beyond", mentioned Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic. "We anticipate adding more clients and products to our roster over the coming weeks as we continue demonstrating the significant benefits of using our proven and enabling manufacturing platforms", added Mr. Laurin.
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 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 24 of ProMetic's Annual Information Form for the year ended December 31, 2011, 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.