MONTREAL, QUEBEC, CANADA, and NEW YORK, NEW YORK, USA--(Marketwire - April 30, 2009) - ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic") and Sumitomo Corporation of America ("SCOA") announces that it has retained the services of SCOA and Summit Pharmaceuticals International ("SPI"), both wholly owned subsidiaries of Sumitomo Corporation ("Sumitomo") to advise ProMetic in its business development activities relating to PBI-1402 for the Japanese market.
In the course of ProMetic's partnering activities several Japanese companies have signaled their interest in PBI-1402. Consequently, ProMetic has retained the services of Sumitomo to capitalize on this asset. Sumitomo's reach and experience in various commercial fields will facilitate the leveraging of PBI-1402's value for this market.
"Sumitomo is pleased to advise and support ProMetic's activities that aim to increase PBI-1402's reach into the high-return environment of the Japanese market," said Mr. Yasunori Ishibashi, Senior Director of SCOA's Life Science Unit. "There is increasing demand in Japan for therapeutic drugs such as PBI-1402 that would treat anemia problems associated with cancer treatment and kidney disease. Our agreement with ProMetic allows them to access the global network and business development services of Sumitomo, while at the same time giving us an option for further investment down the road," states Mr. Ishibashi.
According to Mr. Masahiro Sasaki, President of SPI, "We believe that PBI-1402, with its novel mechanism of action, will become a promising drug for the treatment of anemia associated with cancer and kidney diseases. The need for such indication is high in Japan as well. We look forward to assisting ProMetic in choosing an appropriate partner for this compound, making the best of the abundant experiences and network of SPI."
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (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™ 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 Montreal (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.
About Sumitomo Corporation of America
Sumitomo Corporation of America (SCOA) is a wholly owned subsidiary of Sumitomo Corporation (SC), an integrated trading and investment enterprise engaged in multifaceted business activities, which include selling a variety of domestic products and services, conducting import/ export and trilateral business transactions, providing domestic and international business investment, and participating in numerous other profitable activities facilitated by its global network and the relationships of trust built with corporate business partners and consumers in various industrial sectors around the world. SC's Life Sciences Group has more than 40 years of proven pharmaceutical experience with over $400 million in Pharma sector revenue and 200 experienced professionals strategically located in New York, London, Tokyo, Osaka, Milan, Barcelona, Shanghai and Mumbai. The Group has 10 pharma related affiliate companies, including SPI which conducts total outsourcing from R&D to Commercial Stage. SCOA's Life Sciences Unit provides a gateway for entry into the Japanese marketplace through distribution, licensing and joint ventures. Additionally, SCOA provides financing and venture debt instruments to life sciences companies through its subsidiary Oxford Finance Corporation. Sumitomo's unique positioning and its integrated and complimentary suite of service offerings provides bio venture companies with a opportunity to advance their business models through efficient and rapid penetration into the Japanese and other international markets. SCOA Life Sciences Unit is based in SCOA's New York headquarters. For more information about SCOA, visit www.sumitomocorp.com.
About Summit Pharmaceuticals International Corporation
SPI is a wholly owned subsidiary of SC and is an integrated service company specializing in the area of pharmaceutical research and development. SPI has a good track record in activities such as, exclusive agent of ATCC (the world's largest gene/cell bank for research) of the USA, support of discovery research through distribution/sales of compound libraries for HTS (High Throughput Screening - high-speed technology for early drug candidate compounds selection in discovery research), supply of starting materials, intermediates and active pharmaceutical raw materials for pharmaceuticals, and intermediation/consultation services in license/co-research arrangements of promising drugs/diagnostics/technologies originating from domestic and foreign bio-ventures, pharmaceutical companies, universities and institutes. With the Pharmaceutical Affairs Law revision in 2005, SPI initiated its own drug development activities. For more information about SPI, visit www.summitpharma.co.jp.
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 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, 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.