MONTREAL, QUEBEC--(MARKET WIRE)--Feb 26, 2008 -- ProMetic Life Sciences Inc. ("ProMetic") (Toronto:PLI.TO - News) announced today that it has signed the definitive agreement for development of two hyperimmunes with Kedrion S.p.A. ("Kedrion").
Terms of this agreement call for upfront and milestone payments, as well as service fees to ProMetic. Potential revenues to ProMetic from Hepatitis B Hyperimmune direct sales in North America are to exceed $30 M annually, which are expected to commence in 2011.
The first product to be developed will target the Hepatitis B Hyperimmune market which is currently estimated in Europe and in the U.S. to be at $200 M and is expected to be at $400 M by 2015.
Kedrion has in-licensed ProMetic's technologies for the manufacturing of hyperimmune products in Europe. Royalties, licensing and service fees for the sales of products in Europe will be paid by Kedrion to ProMetic with ProMetic retaining the commercial rights for the fully developed hyperimmune products for the North American market. ProMetic will in turn pay Kedrion royalties on its sales of the hyperimmune products in North America.
The product development program, including the clinical trial designed to meet U.S. and European regulatory requirements will be funded by Kedrion, who will be the holder of the products registration for both markets.
"This agreement with Kedrion will leverage ProMetic's ability to penetrate into the North American hyperimmune product market and expand on our existing revenue base," commented Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic.
More about Hepatitis B
HB, hepatitis B IVIG is primarily used in preventing reinfection with hepatitis B in HBV positive liver transplant patients. It is also used in the treatment of acute exposure to hepatitis B following acute exposure to blood containing HBsAg, perinatal exposure of infants born to HBsAg-positive mothers, sexual exposure to HBsAg positive persons, and household exposure of infants to persons with acute hepatitis B virus infection. The groups usually considered at risk are hepatitis B researchers and workers, and many health care professionals.
More about Kedrion S.p.A.
Kedrion (www.kedrion.com) is a biopharmaceutical company specialized in the development, production, commercialization and distribution of plasma-derived products. Born in 2001 following the rationalisation and upgrading of other companies working in this field, it acquired a heritage of expertise that secures it a prominent role in Italy, in Europe and in the world. Kedrion is present in over 40 countries. It's head office is in Tuscany, Castelvecchio Pascoli, near Lucca.
In Italy, Kedrion is a partner of the National Health Service for the production of plasma-derived medicinal products. In addition, its expertise serves other strategic partnerships with health institutions in other countries.
Kedrion's activities are carried on through different companies and three authorized production plants: Bolognana, near Lucca (Tuscany); S. Antimo, near Naples; Godollo, near Budapest. Kedrion works in four business areas: production and commercialization of plasma-derived products obtained from the plasma fractionation process; commercialization of flu vaccines and synthetic pharmaceutical products; plasma collection and commercialization in foreign markets; other activities, among them in particular transfer of technological know-how. The three principal types of plasma-derived products produced by Kedrion are: standard and hyperimmune immunoglobulin, albumin and coagulation factors (procoagulants and anticoagulants).
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (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 Montreal (Canada), ProMetic has R&D facilities in the UK, the USA and Canada, manufacturing facilities in the UK and business development activities in the USA, 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.
Kedrion Scientific Director
Mob. + 39.348.6559660
Kedrion Communication Area
Company Inquiries: ProMetic Life Sciences Inc.
President and CEO
ProMetic Life Sciences Inc.
Manager, Investor Relations & Communications
Lippert / Heilshorn & Associates
Lippert / Heilshorn & Associates
Echoes Financial Network Inc.
Lippert / Heilshorn & Associates
Source: ProMetic Life Sciences Inc.