MONTREAL, QUEBEC, CANADA - February 8, 2008 - ProMetic Life Sciences Inc. (TSX:PLI) (“ProMetic”) discloses the terms of the agreement entered into with Millipore Corporation (NYSE:MIL) (“Millipore”).
ProMetic has entered into a binding agreement with Millipore that is being executed in two phases; the initial licence and the subsequent long-term licence. As part of the initial licence ProMetic’s bioseparation technology is being tested and marketed at large in Millipore’s client base. Further terms of the initial licence call for ProMetic to provide Millipore with access to its latest-generation MAbsorbentTM products developed for the commercial manufacture of monoclonal antibodies (“MAbs”) and antibody fragments (“Fabs”) and collaboration with Millipore on applications development, product marketing and sales for these products.
Provisions of the subsequent long-term licence are:
Millipore to be awarded global marketing and distribution rights for existing MAbsorbentTM products manufactured by ProMetic and rights to co-develop and manufacture new antibody purification products based on ProMetic’s Mimetic LigandTM technology; $19 M minimum revenues to ProMetic expected over the first five years; For ProMetic to retain manufacturing rights for existing MAbsorbentTM products; For ProMetic to retain the rights to the application of MAbsorbentTM products and technology for the manufacture of polyclonal antibodies from human plasma; The co-development of new antibody purification products incorporating bioseparation technology from both Companies. Execution of a subsequent long-term licence agreement is subject to the achievement of certain commercial and technical performance targets to the satisfaction of both parties.
ProMetic previously disclosed in August 2007 that the performance of its new MAbsorbentTM ligands against set targets was validated in collaboration with seven leading antibody producer companies in the United States and Europe, achieving key performance milestones targeted at the purification of their recombinant MAbs and Fabs.
Forward Looking Statements
This document 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.
For further information please contact:
Patrick Sartore Corporate Secretary ProMetic Life Sciences Inc. p.sartore@prometic.com +1.514.341.2115
ProMetic Life Sciences Inc. 8168 Montview Road Mount-Royal, Québec H4P 2L7 +1.514.341.2115 info@prometic.com
