ProMetic Reports Its First Quarter 2014 Highlights and Financial Results
May 14 2014 - 6:00AM
Marketwired
ProMetic Reports Its First Quarter 2014 Highlights and Financial
Results
LAVAL, QUEBEC--(Marketwired - May 14, 2014) - ProMetic Life
Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the
"Corporation")
- Revenues of $5.7 million in Q1 2014
- IVIG clinical program and regulatory pathway confirmed in
pre-IND meeting with the FDA - initiation in patients expected in
late 2014
- Plasminogen clinical program and regulatory pathway confirmed
in pre-IND meeting with the FDA - initiation in patients expected
in early H2 2014
ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic"
or the "Corporation") today reported revenues of $5.7 million for
the first quarter ended March 31, 2014, an increase of $1.3 million
compared to revenues of $4.4 million for the first quarter of
2013.
"Our first quarter 2014 financial results are in line with our
expectations", stated Mr. Bruce Pritchard, Chief Financial Officer
of ProMetic Life Sciences Inc. "We anticipate our product and
service revenues from the bioseparation technologies to continue
growing. We also anticipate partnering some of our plasma protein
products in 2014 and are confident that such partnering will take
place at enhanced values", added Mr. Pritchard.
"We expect 2014 to be a pivotal year for ProMetic. Some of our
lead drug candidates, from both the plasma derived and small
molecules platforms, are scheduled to enter clinical trial stages
in patients during the second half of the year", mentioned Mr.
Pierre Laurin, President and CEO of ProMetic Life Sciences Inc.
"Our product pipeline is developing as planned and the filing of
various INDs over the coming months will demonstrate the
significant depth and value which our proprietary platform
technologies can generate", added Mr. Laurin.
First Quarter 2014 Highlights and Results
First Quarter 2014 Business Highlights
- The Corporation announced the completion of the first
commercial-scale production run at its ProMetic BioProduction Inc.
plasma purification facility located in Laval, Quebec;
- The Corporation appointed Dr. John Moran as its new Chief
Medical Officer ("CMO"), effective as of March 1st, 2014;
- The Corporation 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;
- The Corporation received approximately $3.2 million from
InvHealth Holding Inc. ("Invhealth"), a corporation wholly-owned
and controlled by Mr. Pierre Laurin, President and Chief Executing
Officer of ProMetic, as via the repayment of the amended and
restated loan entered into in March, 2010 with by ProMetic and
InvHealth; and
- The Corporation reported a successful Pre-Investigational New
Drug ("Pre-IND) meeting with the US Food and Drug Administration
("FDA") for its IVIG product currently under development under
NantPro,LLC.
More on First Quarter 2014 Financial Results
The financial information for the first quarter ended March 31,
2014 should be read in conjunction with the Corporation's interim
consolidated financial statements as well as the Management's
Discussion and Analysis for the quarter ended March 31, 2014.
Total revenues for the first quarter ended March 31, 2014 were
$5.7 million compared to $4.4 million for the first quarter ended
March 31, 2013. Revenues from the sale of goods amounted to $3.2
million compared to $1.9 million for the same period in 2013.
Service revenues remained essentially the same during the quarter
ended March 31, 2014 compared to the same period in 2013.
ProMetic generated a net loss of $8.6 million for the quarter
ended March 31, 2014 compared to a net loss of $2.1 million for the
quarter ended March 31, 2013. Of the $8.6 million net loss incurred
in the first quarter of 2014, a total of $3.8 million comes from a
non-cash item, the variation in fair value of the warrant liability
associated to the Thomvest financing transaction.
ProMetic will be discussing its first quarter 2014 highlights
and financial results during its annual and special meeting of
shareholders taking place at 10:30am (EST) on Wednesday, May 14,
2014. A live audio webcast of the annual and special meeting of
shareholders will be available via the corporate website at:
http://www.gowebcasting.com/5531
Additional Information in Respect to the First Quarter ended
March 31, 2014
ProMetic's MD&A and interim consolidated financial
statements for the quarter ended March 31, 2014 have been filed on
Sedar (http://www.sedar.com/) and will be available on the
Corporation's website at www.prometic.com.
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.com+1.450.781.0115Frederic DumaisDirector,
Communications andInvestor RelationsProMetic Life Sciences
Inc.f.dumais@prometic.com+1.450.781.0115