News & Events
ProMetic announces agreement to commercialize prion capture technology
- Collaboration agreement complementary to ProMetic's already existing relationships for prion capture technology platform
- Allows ProMetic to accelerate development of prion capture technology applications
- Extends ProMetic's reach into emerging unmet markets
MONTREAL, QUEBEC, CANADA - January 5, 2010 - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announced today that it has entered into a collaboration agreement with Abraxis BioScience, Inc. (NASDAQ:ABII) ("Abraxis") to develop and commercialize various applications deriving from ProMetic's prion capture technology platform (the "Agreement"). As part of the Agreement, Abraxis and ProMetic will equally share in the cost for the development of such new applications as well as the financial rewards arising from their commercialization.
Due to the changing landscape surrounding prion transmission and the worldwide mounting interest in improving the safety profile of blood-derived therapeutics, both companies believe that this arrangement will allow them to more fully exploit ProMetic's validated prion capture technology platform.
"Abraxis' corporate strategy includes bringing to the market innovative solutions that provide safer therapies for patients," indicated Mr. Bruce Wendel, Abraxis' Executive Vice President for Corporate Development. Mr. Wendel further added: "ProMetic's innovative protein technologies have already been validated in different commercial applications licensed for sale by the Food and Drug Administration and the European Medicines Agency".
Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer commented: "We are very excited that Abraxis shares our vision and recognises the significant commercial potential and societal relevance of ProMetic's prion capture technology. ProMetic will greatly benefit from Abraxis' significant resources and knowledge in bringing therapeutics to market. Abraxis' international reach and relevant experience in improving the safety profile of established therapies, in conjunction with ProMetic's vast expertise and technological assets in this field, will surely deliver a winning combination".
This Agreement is complementary to ProMetic's outstanding commercial arrangements regarding the exploitation of its prion capture technology platform, such as those with MacoPharma SA for the commercialization of the P-Capt® prion capture filter and with Octapharma AG for OctaplasLG®, the only commercially available prion-reduced plasma for transfusion.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (http://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 LigandTM 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 Montréal (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.
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 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, under the heading "Risk and Uncertainties related to ProMetic's business". 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. All amounts are in Canadian dollars unless indicated otherwise.
For further information please contact:
President and CEO
ProMetic Life Sciences Inc.
Manager, Investor Relations & Communications
ProMetic Life Sciences Inc.