MONTREAL, Canada, February 6 /PRNewswire/ --
- Shipment of Prion Capture Resin to MacoPharma in Q1 2008;
- MacoPharma Increased its Forecast for P-Capt(R) Filters Sale in 2008;
- Use of Affinity Prion Adsorbent for Plasma-Derived Products to Generate in Excess of CAD$25 M Over the Next 5 Years - CAD$4 M in 2008;
- 10th Product Approved by the FDA and or the EMEA, Contributing to Revenue Growth.
ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today provided an update on its business activities.
"Key milestones were achieved in January, a prelude to the announced growth for 2008 and beyond," stated Pierre Laurin, ProMetic's President and Chief Executive Officer. "With our Protein Technologies Business expected to be EBITDA positive this year, and to generate an EBITDA in excess of CAD$15 M in 2009, as well as a partnering of PBI-1402 in 2008, we clearly are on track to deliver value to our shareholders," added Mr. Laurin.
- ProMetic to ship prion capture resin in Q1 2008 for incorporation into the P-Capt(R) filter. This is in response to MacoPharma's increased product requirements to meet the expected sales of the P-Capt(R) filter to Ireland and the UK in 2008. This favorably impacts ProMetic revenue as of the first half of 2008. - ProMetic confirmed the decision of a major European plasma fractionator to scale-up the prion removal process. This process ensures the removal of any abnormal prion proteins that may be present in donated plasma and will add another level of safety to the already established treatment protocols. - Expected completion of the scale-up phase is June 2008, providing ProMetic approximately CAD$1 M; - Including Kedrion, this will signify two major European plasma fractionators using the prion reduction resin at scale, representing annual recurring revenue of $5 M. The initial five- year supply agreement is in final stage of negotiation with commercial quantities of resin supply commencing as soon as mid- 2008, following regulatory approval of the product. - The Food and Drug Administration ("FDA") has granted approval to Zymogenetics, Inc. for the commercial sale of Recothrom(R) a recombinant thrombin product which is manufactured using a synthetic- ligand affinity adsorbent supplied by ProMetic. This is one of ten licenced products that have now been approved for sale by the FDA and/or the European Medicines Agency ("EMEA") which uses ProMetic's purification technology as part of their manufacture or function. - Improved sensitivity by 80-fold of existing diagnostic devices was achieved by pre-treating the samples with PRDT's enhanced concentration technology. The results showed an added level of sensitivity to the BSE detection process, thereby reducing the risk of "false outcomes" with existing tests. This could allow for the detection of infectious prions at an earlier phase in the development of the disease, thus improving the safety of the food industry for the countries testing for BSE.
A more comprehensive update for PBI-1402 will be provided shortly as the Company is pursuing its clinical development and as partnership discussions are accelerating.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (http://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(TM) 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 Montréal (Canada), ProMetic has R&D facilities in the U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the US, 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 21 of ProMetic's Annual Information Form for the year ended December 31, 2006, 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.
