ProMetic Life Sciences Inc.(TSX:PLI) announced today the signature of a license agreement and associated services and supply agreements with Nabi Biopharmaceuticals (NASDAQ:NABI) for the use of ProMetic’s Mimetic LigandsTM technology in the manufacturing of selected plasma-derived hyperimmune products.
Over the term of the license agreement, Nabi Biopharmaceuticals will pay ProMetic milestone payments upon the filing of a Biologic License Application (BLA) and upon licensure of hyperimmune products made using ProMetic’s technology. Nabi Biopharmaceuticals also will pay royalties on the sale of these products. The milestone payments could reach US $18 million if Nabi Biopharmaceuticals develops and obtains licensure of all the products that are the subject of the license agreement.
Nabi Biopharmaceuticals will use ProMetic’s Mimetic LigandsTM technology to extract directly from hyperimmune plasma the valuable hyperimmunes necessary to fight infections such as hepatitis C, or infections caused by staphylococcus. ProMetic has developed and manufactures robust affinity separation materials and developed processes which can be used to extract and purify biomolecules at very high yields. This is achieved by use of small chemical affinity ligands designed to specifically bind the target biomolecule, in this case, hyperimmune antibodies. Because of their use in the production of therapeutics, ProMetic’s affinity products are manufactured to strict quality standards at the company’s GMP-compliant manufacturing facility located on the Isle of Man.
“We are pleased to partner with one of the world’s leaders in the field of blood-derived products. Nabi HB has over 85% of the anti-hepatitis B immunoglobulin U.S. market for the prevention of hepatitis B re-infection in hepatitis B positive liver transplant patients. We are looking forward to helping, through our technology, in the treatment of diseases for which there are few options available.” stated Mr. Pierre Laurin, ProMetic’s President and CEO.
“We expect our partnership with ProMetic will allow us to develop our product pipeline with higher yields and fewer processing steps,” said Raafat Fahim Ph.D., Senior Vice President, Research, Technical and Production Operations, Nabi Biopharmaceuticals.
In addition, under separate services and supply agreements signed by the parties, ProMetic will provide technology transfer and support to Nabi Biopharmaceuticals for the use of the licensed Mimetic LigandsTM technology, as well as the supply of resins required for the licensed process.
Nabi Biopharmaceuticals, based in Boca Raton, Florida, operates a state-of-the-art-manufacturing facility and nine plasma collection centers, that provide the high titer antibody plasma used as raw material for the manufacture of hyperimmune products.
About ProMetic Life Sciences
ProMetic Life Sciences Inc. is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic LigandTM enabling 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 inflammation 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 and manufacturing facilities in the UK and business development activities in the US, Europe, Asia and MENA countries (Middle East and North Africa). Additional information is available on the Company’s website at www.prometic.com.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in powering the immune system to develop and market products that fight serious medical conditions. The company has three products on the market today: PhosLo® (calcium acetate), Nabi-HB® (Hepatitis B Immune Globulin (Human)), and AloprimTM (allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on developing products that address unmet medical needs and offer commercial opportunities in its core business areas: hepatitis and transplant, kidney disease (nephrology), Gram-positive bacterial infections and nicotine addiction. For a complete list of pipeline products, please go to: http://www.nabi.com/pipeline/index.php. The company is headquartered in Boca Raton, Florida. For additional information about Nabi Biopharmaceuticals, please visit Nabi’s Web site: http://www.nabi.com.
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 17 of the Company’s Annual Information Form for the year ended December 31, 2005, 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 INFORMATION Lippert / Heilshorn & Associates, Inc. Kim Golodetz Investor Relations KGolodetz@lhai.com
or
Lippert / Heilshorn & Associates, Inc. Lisa Lindberg Investor Relations LLindberg@lhai.com (212) 838-3777
