MONTREAL, QUEBEC--(MARKET WIRE)--Aug 7, 2007 -- ProMetic Life Sciences Inc. (Toronto:PLI.TO - News) (“ProMetic”) and Instituto de Tecnologia do Parana of Brazil (“Tecpar”) have launched the Tecpar Project, following the agreement that was previously announced earlier this year to develop an initial biopharmaceutical product and adapt Tecpar’s facility to enable local manufacturing of high-value biopharmaceuticals relying on ProMetic’s technology.
Principals from these two parties held their kick-off meeting in Brazil last week where definitive project timelines and allocation of responsibilities were confirmed.
“This international project involves several different parties under ProMetic’s management and requires careful planning,” stated Patrick Gurgel Ph.D., Director of the Tecpar Project within ProMetic who added “This kick-off meeting allowed us to review and validate the work programs necessary to the initiation of the project”.
“We are pleased that as a result of the product development, the technology transfer, and the construction of the new production area, Tecpar will become a center of excellence for additional programs,” commented Stephane Archambault, Vice-President, Finance for ProMetic. “From these confirmed timelines we can anticipate revenues of C$3 million over the third and fourth quarters of 2007 and an additional C$8 million projected in 2008.”
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 U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the U.S., Europe, Asia and in the Middle-East.
About Tecpar
Instituto de Tecnologia do Parana of Brazil (“Tecpar”) (www.tecpar.br) is a state-owned enterprise from Parana state, in Southern Brazil, with a mission of contributing to the technical progress of economic activities and improvement of quality of life by adopting innovative solutions. Tecpar is a known center of excellence for activities involving research, development, and production in the areas of pharmaceuticals (biologicals and fine chemistry) and biofuels, as well as services in the areas of metrology, assays and certification.
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, the Company’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 the Company 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 the Company’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.
Contact: Contacts: ProMetic Life Sciences Inc. Pierre Laurin President and CEO 514-341-2115 p.laurin@prometic.com ProMetic Life Sciences Inc. Anne Leduc Manager, Communications 514-341-2115 ext.2234 a.leduc@prometic.com
Source: ProMetic Life Sciences Inc.
