ProMetic Enters Into $1.6 Million Development Agreement With New Client
February 06 2014 - 1:24PM
Marketwired
ProMetic Enters Into $1.6 Million Development Agreement With New
Client
LAVAL, QUEBEC--(Marketwired - Feb 6, 2014) - ProMetic Life
Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the
"Corporation") announced today that its UK based subsidiary,
ProMetic BioSciences Ltd. ("PBL"), has entered into a new agreement
with a leading vaccines company, for the development of an affinity
adsorbent and associated purification process for the production of
a novel vaccine product.
Under this new Agreement, PBL will use its ligand design and
screening capabilities to identify Mimetic™ affinity ligand(s) with
the ability to capture and purify the novel vaccine product. Once
suitable ligands have been identified, they will be further
developed to provide an affinity resin product and associated
process conditions to be used in commercial vaccine manufacturing
by PBL's client.
The Agreement is structured to provide ProMetic with potential
initial service revenues of up to $1.6 million over the next twelve
months assuming successful completion of ongoing milestones, with
work commencing immediately. This agreement is also anticipated to
lead to a subsequent long-term agreement for the manufacture and
supply of the affinity resin for use in scale-up and commercial
production of the vaccine product.
"ProMetic's state-of-the-art affinity technology has
demonstrated capability to develop affinity purification solutions
for almost any target biomolecule including genetically engineered
viral surface proteins which form the basis of a growing number of
vaccine products" said Dr. Steve Burton, PBL's Chief Executive
Officer. "Vaccines are produced in large quantities and must be
highly purified to avoid any unwanted side-effects which are
generally considered to be unacceptable in the case of a
therapeutic product given to healthy individuals to protect against
viral infection" added Dr Burton.
"We are pleased to be adding a new client for which we will have
the opportunity to demonstrate the outstanding performance of our
purification technologies", mentioned Mr. Pierre Laurin, President
and Chief Executive Officer of ProMetic. "We believe our
bioseparation solutions to be especially well suited for the
purification of products manufactured in large quantities given the
superior purification yield and economic advantages they provide",
added Mr. Laurin.
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 and Investor relationsProMetic Life Sciences
Inc.f.dumais@prometic.com+1.450.781.0115