Strategic Collaborations and Improved Balance Sheet
MONTREAL, April 20, 2001 – ProMetic Life Sciences Inc. (ProMetic; Toronto TSE symbol PLI), prometic.com, announced today its results for the year ended December 31, 2000. The company reported continued strength in its industrial bioseparation business; more aggressive development of products for the proteomics research market; and the acceleration of key research programs in therapeutics and prions. Among the year’s highlights were significant improvement in all financial parameters compared to the previous year; the elimination of long-term debt; and the forging of several strategic partnerships.
ProMetic’s annual report to shareholders is on file through SEDAR. An electronic version may be viewed through SEDAR or by logging on to the company’s website, prometic.com.
Pierre Laurin, President and CEO stated, “ProMetic has made substantial progress on several fronts during financial year 2000. Our financial condition is stronger and our Intellectual Property position has been further enhanced. With the Merck strategic alliance, we are now positioned to participate more aggressively in the fast-growing monoclonal antibodies market without having to invest and build the corporate infrastructure that would otherwise be required. We have accelerated our investment in proteomics, therapeutics and prions research, which we believe will contribute to increasing shareholder value.”
HIGHLIGHTS FOR THE FINANCIAL YEAR 2000
SIGNIFICANT MILESTONES ACHIEVED WITH COMMERCIAL APPLICATIONS
» Strategic Alliance with Merck KGaA, Darmstadt, Germany, for the purification of monoclonal antibodies.
» 2 new Collaborative Agreements with Aventis Behring for the purification of therapeutic proteins.
» Successful clinical results announced by Aventis for their Recombumin® 20%, a recombinant human albumin purified using ProMetic’s technology.
» Market approval of Provalis’ diabetes diagnostic kit Glycosal® in the USA, Europe and Japan and long-term agreement signed to supply the key affinity ligand used in the device.
» Strategic Alliance with Integrated Protein Technologies (Monsanto) for the purification of mAbs produced from transgenic plant expression programs.
» Ligands designed to target Prions (BSE/TSE-Mad Cow Disease).
» Ligands designed to target Endotoxins.
» Kits designed for the purification of DNA in research labs (launch expected in Q3 2001).
» Kits designed for the purification of proteins in proteomics research (launch expected in Q3 2001).
MILESTONES AND PROGRESS IN THERAPEUTICS
» Completion of equity transaction in Arriva Pharmaceuticals, Inc. (formerly AlphaOne Pharmaceuticals, Inc.) for recombinant alpha 1-antitrypsin for respiratory indications by inhalation and topical dermatological uses.
» Developed two compounds PBI-1101 and PBI-1402, for use in inflammatory conditions and cancer, respectively.
CONSOLIDATION OF INTELLECTUAL PROPERTY RIGHTS
» New patent coverage for Mimetic Ligands™ with USA patent issued.
» European Patent Office ruling validating Arriva-ProMetic patent position on recombinant alpha 1-antitrypsin (rAAT) and other protease inhibitors for the treatment of inflammatory skin conditions.
» In-licensing of patent rights from Convatec (Bristol-Myers Squibb) enabling partnerships in the development of medical applications for the diagnosis and treatment of cancer.
» Extension of the licensing agreement with DCV, Inc. (formerly a Dupont company), regarding a binding chemistry used by ProMetic, to include medical devices.
» Filing of new patent applications for the therapeutic compounds PBI-1101 and PBI-1402.
OUTLOOK FOR 2001
Commenting on expected milestones for 2001, Mr. Laurin said, “Going forward, ProMetic will continue to focus on partnering with strong companies who can help accelerate our corporate growth and maximize the value of our proprietary platform technology. We look forward to moving our lead therapeutic compounds into clinical trials over the next 12 months, which we believe will further enhance ProMetic’s value.”
Annual Report 2000 (PDF)
ProMetic Life Sciences Inc. (TSE: PLI), with headquarters in Montreal, Quebec, and additional facilities in the UK, owns proprietary enabling technology essential for use in therapeutics, large-scale drug purification, chemical genomics and proteomics, drug delivery and drug development. This existing technology can dramatically lower costs, increase yield, and improve efficacy of existing and new bio-pharmaceutical products. ProMetic accomplishes this through strategic partnerships and in-house therapeutic development.
This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to the Company’s ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products and to obtain contracts for its products and services and commercial acceptance of advanced affinity separation technology. Shareholders are cautioned that these statements are predictions and these actual events or results may differ materially from those anticipated in these forward-looking statements.
Contacts: ProMetic Worldwide