MONTREAL, Feb. 6 /PRNewswire-FirstCall/ - ProMetic Life Sciences Inc. (“ProMetic”) today provided an update on its business activities.
“Key milestones were achieved in January, a prelude to the announced growth for 2008 and beyond,” stated Pierre Laurin, ProMetic’s President and Chief Executive Officer. “With our Protein Technologies Business expected to be EBITDA positive this year, and to generate an EBITDA in excess of $15 M in 2009, as well as a partnering of PBI-1402 in 2008, we clearly are on track to deliver value to our shareholders,” added Mr. Laurin.
A more comprehensive update for PBI-1402 will be provided shortly as the Company is pursuing its clinical development and as partnership discussions are accelerating.
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 US, 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.
CONTACT: Company Inquiries: Pierre Laurin, President and CEO, ProMetic
Life Sciences Inc., (514) 341-2115, p.laurin@prometic.com; Dominic Sicotte,
Echoes Financial Network Inc., (514) 842-9551,
dsicotte@echoesfinancial.com; Anne Leduc, Manager, Communications, ProMetic
Life Sciences Inc., (514) 341-2115, a.leduc@prometic.com; Investor
Relations: Bruce Voss, Lippert/Heilshorn & Associates Lippert, (310)
691-7100, BVoss@lhai.com; Kim Golodetz, Lippert/Heilshorn & Associates,
(212) 838-3777, KGolodetz@lhai.com; Media Relations: Jules Abraham,
Lippert/Heilshorn & Associates, (212) 838-3777, Jabraham@lhai.com