- Next stage revenues to exceed $2 million in 2012
LAVAL, QUEBEC, CANADA – December 12, 2011 – ProMetic Life Sciences Inc. (TSX: PLI) (“ProMetic”) announced today that it has completed a significant milestone related to an ongoing commercial development program with a multinational company to improve the manufacturing process of an existing biopharmaceutical product. The achievement of this milestone leads to the next stage of the development program and should result in the scaling up of the manufacturing process in 2012.
Activities under the next stage will provide ProMetic with additional service revenues expected to exceed $2 million throughout 2012. This development work is also anticipated to lead to a subsequent long-term agreement for the manufacture and supply by ProMetic of the relevant affinity resin. Revenues arising from the recurring purchase of resin for such kind of commercial applications once regulatory approval have been granted are typically in the range of $ 3 M to $ 6 M per year.
Bruce Pritchard, Chief Financial Officer of ProMetic commented “This milestone is meaningful on two fronts: It confirms that 2012 is shaping up to be a much stronger year for Prometic in terms of revenue and it should add yet another significant long-term annuity revenue stream as we supply affinity resin to our customer once their improved product reaches commercial status”.
“This achievement clearly demonstrates the biopharmaceutical industry’s need for our leading edge purification technologies and our capacity to execute on our business development initiatives. We are very pleased to, once again, report that our technology has delivered in terms of expected product yield and purity”, mentioned Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic Life Sciences Inc.
Further details were not disclosed for reasons of client confidentiality.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (“ProMetic”) (http://prometic.com/) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary MimeticTM Ligand 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 Laval (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK 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 27 of ProMetic’s Annual Information Form for the year ended December 31, 2010, 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. All amounts are in Canadian dollars unless stated otherwise.