- Active pharmaceutical ingredient to be manufactured at ProMetic’s Laval, Quebec facility
LAVAL, QUEBEC, CANADA – December 20, 2012 – ProMetic Life Sciences Inc. (TSX: PLI) (“ProMetic” or the “Corporation”) today announced that it is developing a second plasma derived biopharmaceutical for NantPharma.
This development program emanates from ProMetic’s Plasma Protein Purification System (“PPPSTM“) and Prion Reduction Technology. ProMetic is responsible for the development and manufacturing services, including the production in its Laval, Quebec facility of cGMP bulk active product to enable the IND filing and provide product required for bioequivalence trials. Upon FDA approval, ProMetic will exclusively manufacture and supply the commercial requirements of the cGMP bulk active to NantPharma, who will be responsible for completing the final sterile manufacturing steps.
Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic Life Sciences Inc, commented: “We are pleased to be adding a second plasma derived product to be developed in partnership with NantPharma. The financial contribution toward product development programs in 2013 from Hematech Biotherapeutic Inc and NantPharma is expected to exceed $10 million and our facility’s operational launch scheduled for the second half of 2013 is one of our top corporate priorities for 2013”.
This second plasma derived biopharmaceutical development program follows the previously disclosed formation by NantPharma and ProMetic of a biopharmaceutical company, NantPro BioSciences, LLC, whose primary mission is to develop and commercialize a plasma-derived biopharmaceutical product for the US market.
About NantPharma LLC
NantPharma is a NantWorks company whose products include high quality, biologically derived pharmaceuticals. NantPharma operates a number of drug manufacturing and research facilities throughout the US. NantWorks recently announced a $125 million investment by leading investment firm Blackstone in NantPharma. For more information, see www.nantworks.com
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (http://prometic.com/) is a biopharmaceutical company specializing 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 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 24 of ProMetic’s Annual Information Form for the year ended December 31, 2011, 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.