ProMetic Life Sciences Inc. (“ProMetic”) (TSX: PLI) announced the Company has completed the establishment of its U.S. subsidiary ProMetic BioTherapeutics, Inc. (PBT), to commercialize a technology platform developed under a collaborative agreement between ProMetic and the American Red Cross. Under a new agreement between ProMetic and American Red Cross, 16 of American Red Cross’s key scientists, working in American Red Cross’s facilities in Rockville and Gaithersburg, Maryland will work, among other things, on commercializing and licensing the Plasma Protein Purification System (PPPS) technology, which has been licensed to PBT. PBT will have exclusive use of this jointly-developed novel process for the bulk manufacturing of plasma-derived therapeutic proteins and exclusive access to the resins and filters developed and manufactured by ProMetic BioScience Ltd (“PBL”), based in the U.K., for the field of plasma-derived proteins. This will allow PBT to license to different parties worldwide its novel and proprietary processes while relying on the use of PBL’s proprietary resins/filters.
