ProMetic Reports its 2014 Annual and Special Meeting of
Shareholders Highlights
- 2014 revenues expected to significantly exceed 2013
revenues
- PBI-4050 clinical program to enroll diabetic patients with
chronic kidney disease in H2 2014
- IVIG and Plasminogen clinical programs and regulatory pathways
confirmed in pre-IND meeting with the FDA - initiation in patients
expected in H2 2014
- Alpha 1 Antitrypsin initiation in patients expected in Q1
2015
- Additional plasma-derived orphan drugs to be enabled in
2014
- Dr Simon Best appointed as chairman of the Board
LAVAL, QUEBEC--(Marketwired - May 14, 2014) - ProMetic Life
Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the
"Corporation") today reported the highlights from its 2013 annual
and special meeting of shareholders and Board of Directors election
results.
ProMetic confirmed that it was anticipating its baseline revenue
in 2014 to significantly exceed 2013 level and that its ongoing
transition towards becoming a vertically integrated, specialty
Biopharmaceutical Corporation is well under way and progressing as
planned. Baseline revenues combining affinity resin sales and
licensing and services revenues are expected to nearly double
compared to 2013, mainly driven by partnering deals for product
assets that will have reach clinical stage.
During the presentation, management confirmed the drug
development pipeline activities for 2014:
- The PBI-4050 clinical program is expected to enroll diabetic
patients with chronic kidney disease in H2 2014;
- The plasminogen clinical program and regulatory pathway has
been confirmed during a pre-IND meeting with the FDA and ProMetic
expect to start enrolling patients in early H2 2014;
- The IVIG clinical program and regulatory pathway has been
confirmed during a pre-IND meeting with the FDA and ProMetic expect
to start enrolling patients in late 2014;
- ProMetic expect to start enrolling patients for its Alpha 1
Antitrypsin clinical trial in Q1 2015; and
- ProMetic expect to have 2 additional plasma-derived orphan
drugs enabled in 2014.
In line with its new commercialization strategy, the Corporation
is developing more of its assets to an advanced stage prior to
partnering. This is allowing ProMetic to retain a greater portion
of the future returns from those high-value products and lucrative
markets, thereby ultimately increasing shareholder value.
"We expect 2014 to be a pivotal year for ProMetic. Some of our
lead drug candidates, from both the plasma derived and small
molecules segments, are scheduled to commence clinical trial stages
in patients during the second half of the year", mentioned Mr
Pierre Laurin, President and CEO of ProMetic Life Sciences. "Our
product pipeline is developing as planned and the filing of various
INDs over the coming months will demonstrate the significant depth
and value our proprietary technologies can generate", added Mr
Laurin.
2014 Corporate Objectives:
ProMetic communicated the following corporate objectives during
its annual and special meeting of shareholders:
- Continued growth of the bioseparation business;
- Manufacturing of required GMP clinical trial material at
ProMetic BioProduction Inc. in Laval, Quebec for ongoing plasma
derived development programs;
- Advancing several plasma derived drug candidates to clinical
trial stages;
- Enabling of new orphan drug candidates;
- Securing additional orphan drug designations;
- Advancing lead small molecule drug candidate to patients
clinical trial stage; and
- Developing and entering into new partnering deals/strategic
alliances to provide market access and further manufacturing
capacity.
The current auditors, Ernst & Young, were reappointed as
auditors of the Corporation, to hold office until the next annual
meeting of shareholders.
The following Directors were elected to hold offices until the
next annual meeting of shareholders or until their successors are
elected or appointed:
Dr.
Simon Best |
Dr.
Raymond Hakim |
Mr.
Charles Kenworthy |
Mr.
Pierre Laurin |
Ms.
Louise Ménard |
Mr
Paul Mesburis |
Dr.
John Moran |
Ms
Nancy Orr |
Mr.
Bruce Wendel |
Mr
Benjamin Wygodny |
Detailed voting results for the meeting are available on SEDAR
at www.sedar.com
New Directors Elected
Dr. Simon Best was elected as a new board member and appointed
as Chairman of the board. Dr Best is a seasoned leader from the
global biotech industry.
Commenting the election of the new Director and the resignation
of ProMetic's Chairman of the Board of Directors, Mr. Pierre
Laurin, President and Chief Executing Officer of ProMetic
commented; "I would like to welcome Dr Simon Best to our Board of
Directors. I am convinced we will greatly benefit from his vast
industry experience. I would also like to thank Kym for his
contribution and leadership as Chairman of the Board of ProMetic
over the past three years and as a Board member for the past nine
years. I am also pleased that the Corporation will continue to
benefit from Kym's expertise in the capital markets as a special
advisor to my office", added Mr. Laurin. He also thanked Mr. Robert
Lacroix for 14 years of dedicated service to the Board of
ProMetic.
Due to the number of votes against the proposal to increase the
maximum number of restricted share unit reserved for issuance under
the restricted share unit ("RSU") plan and to amend the RSU plan to
add members of the Board of Directors as eligible to participate
under the RSU plan, the Board of Directors decided to withdraw the
proposal.
About Dr Simon Best
Dr Best has served, both as a Founder, CEO and Chairman or Board
Member of Lifescience companies and as a Chairman or Trustee of
major industry bodies and public sector institutions, in the UK,
USA, Europe, Asia and Latin America. He is also an experienced
Angel, Venture Capital and Private Equity investor. Through the
90's, Dr. Best became a leading international figure - initially as
a champion of GM Food technology and then as the CEO of the company
formed at the Roslin Institute in 1998 to exploit medical
applications of the technology that produced Dolly The Sheep. Dr.
Best is a past Vice-Chairman of the US Biotechnology Industry
Organisation and Chairman of the UK BioIndustry Association. He
built 3 substantial Lifescience ventures between 1991 and 2005 -
Zeneca Plant Science (Delaware, USA), Roslin BioMed and Ardana
(Edinburgh, UK), and between 2010 and 2012 refocussed and
rationalised a 4th - Aquapharm (Oban, UK), a pioneering marine
biotechnology company. Between 2005 and 2010, he was an
Entrepreneur-in-Residence for TVM Capital's MENA Fund in UAE and
India and in 2008 co-founded PAR Equity LLP in Edinburgh. He was
awarded the London Business School Alumni Achievement Prize in
2007. He holds an MBA from London Business School and an Honorary
Doctorate and B.Mus from York University. In 2007, he was elected a
Fellow of the Royal Society of Edinburgh. In 2008, he was awarded
an OBE by Queen Elizabeth II and appointed a Visiting Professor of
Medicine by the University of Edinburgh.
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. A number of both the
plasma-derived and small molecule products are under development
for orphan drug indications. 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 in
ProMetic's Annual Information Form for the year ended December 31,
2013, 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.com450.781.0115 Frederic DumaisDirector,
Communications & Investor RelationsProMetic Life Sciences
Inc.f.dumais@prometic.com450-781-0115