ProMetic Achieves Key Plasma Protein Manufacturing Milestone
January 22 2014 - 7:00AM
Marketwired
ProMetic Achieves Key Plasma Protein Manufacturing Milestone
- Milestone triggers $1.0 million payment
LAVAL, QUEBEC--(Marketwired - Jan 22, 2014) - ProMetic Life
Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the
"Corporation") announced today the achievement of the second
manufacturing milestone related to its strategic agreement
("Agreement") with Hematech Biotherapeutics Inc. ("Hematech")
triggering a $1.0 million payment to ProMetic. This milestone was
achieved following the successful completion of the first
large-scale production run at its ProMetic BioProduction Inc.
("PBP") plasma purification facility located in Laval, Quebec.
"The remarkable performance of ProMetic's manufacturing process
has been further confirmed with the biopharmaceuticals produced in
ProMetic's facility meeting the targeted product specifications",
stated Dr. Chan, Chairman of Hematech. "We are looking forward to
this proprietary manufacturing process being operational in our own
facility in Taipei", added Dr. Chan.
The Agreement with Hematech calls for additional milestone
payments in 2014 in relation to the filing of Investigational New
Drug ("IND") applications for two plasma-derived biopharmaceuticals
to be manufactured in ProMetic's facility.
Mr. Pierre Laurin, ProMetic's President and Chief Executing
Officer commented: "The achievement of this manufacturing milestone
was critical for the advancement of the plasminogen and other
plasma derived therapeutics respective clinical trial
programs".
More on the Hematech Agreement
Pursuant to the Agreement signed in May 2012, $10 million was
committed to ProMetic by Hematech for the non-exclusive
manufacturing rights related to ProMetic's proprietary plasma
protein purification system ("PPPS™"), said rights being exclusive
for Taiwan and for the co-exclusive commercialization rights to
plasminogen on a global basis. Hematech is expected to fund the
construction of its PPPS™ driven facility and to commence
manufacturing multiple plasma-derived biopharmaceuticals for
ProMetic and ProMetic's licensees in 2017.
Following the completion of clinical trials and regulatory
approval, ProMetic will manufacture plasminogen in its Laval
facility and will commercialize it, sharing net profits equally
with Hematech. Hematech's planned facility in Taiwan will be adding
significant manufacturing capacity to supply ProMetic with
different products such as Alpha-1 Antitrypsin ("AAT"), which PPPS™
can recover at superior yields compared to industry average.
Hematech will derive a manufacturing margin as it supplies such
plasma-derived biopharmaceuticals to ProMetic.
About Plasminogen:
Plasminogen is a naturally occurring protein that is synthesized
by the liver and circulates in the blood. Activated plasminogen,
plasmin, is an enzymatic component of the fibrinolytic system and
is the main enzyme involved in the lysis of clots and clearance of
extravasated fibrin. Plasminogen is therefore involved in wound
healing, cell migration, tissue remodeling, angiogenesis and
embryogenesis.
About AAT
More on Alpha1-Antitrypsin can be found on the Alpha
1-Antitrypsin foundation website at
http://alpha-1foundation.org/
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 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.
Pierre LaurinPresident and CEOProMetic Life Sciences
Inc.p.laurin@prometic.com+1.450.781.0115Frederic DumaisDirector,
Communications andInvestor RelationsProMetic Life Sciences
Inc.f.dumais@prometic.com+1.450.781.0115