ProMetic BioSciences, Inc. Signs Long-Term Supply Agreement With Major Global Pharmaceutical Company and Secures $8.9 M Initial Order for Mimetic Ligand(TM) Product
Published: Sep 24, 2009
MONTREAL, QUEBEC, CANADA--(Marketwire - September 24, 2009) - ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic") today announced the signing of a long-term supply agreement (the "Agreement") with a major global pharmaceutical company for a Mimetic Ligand™ affinity adsorbent developed and manufactured by ProMetic's UK subsidiary, ProMetic Biosciences Ltd. The Agreement is for an initial 5-year term and includes customary provisions for supply of a purification component used by ProMetic's client for the manufacture of a biopharmaceutical product currently in Phase III clinical trials and about to undergo manufacturing scale-up in anticipation of regulatory approval and market launch within the timeframe of the Agreement.
This latest application for a Mimetic Ligand™ product is anticipated to require large volumes of Mimetic Ligand™ adsorbent and is expected to provide recurring revenues from orders placed over the duration of the Agreement. An initial order has been received for the purchase of $8.9 M of product to be supplied in a series of consignments between the last quarter of 2009 and mid-2010.
According to Dr. Steve Burton, Chief Executive Officer of ProMetic Biosciences Ltd: "The signing of this agreement is very significant as it confirms the Company as a leading supplier of bioseparation products and technology to the biopharmaceutical industry. To be selected as a key supplier to big pharma for a very large-scale manufacturing process underscores the quality and performance of our products and the confidence of ProMetic's clients in our ability to meet their future needs".
Mr. Pierre Laurin, President and Chief Executive Officer of the ProMetic Group said: "This latest agreement validates ProMetic's past investments in its bioseparation technologies and will provide significant revenues over the coming months". Mr. Laurin added: "I am rightly proud of the recent achievements of the Company's bioseparations business team which continues to expand its client and applications base and provides increasing revenues for the Company. This significantly reduces ProMetic's reliance on other sources of finance to fund its on-going operations."
About Mimetic Ligand™ Adsorbents
Mimetic Ligands™ are stable synthetic affinity ligands developed and manufactured by ProMetic for use in purification of biopharmaceutical products. These proprietary materials enable ProMetic's clients to develop high-performance and cost-effective manufacturing processes. A growing number of companies are adopting Mimetic Ligand™ products for use in the manufacture of licenced biopharmceuticals, particularly for recombinant proteins such as albumin fusion proteins where ProMetic's Mimetic Blue® adsorbents are rapidly becoming the industry standard for the purification of this increasingly important class of biopharmaceutical products.
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 UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., 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 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, 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. All amounts are in Canadian dollars unless stated otherwise.
ProMetic Life Sciences Inc.
Pierre Laurin, President and CEO
ProMetic Life Sciences Inc.
Manager, Investor Relations & Communications
Echoes Financial Network Inc.