- Strategic deal with OMNIO AB secures exclusive patent rights for plasminogen use for wound healing
- Deal provides ProMetic with proof of concept efficacy data in animals and humans
- Diabetic wounds affect more than 2 million patients in North America and necessitate an estimated 100,000 amputations annually in the USA alone
- Plasminogen to address an unmet medical need representing annual incremental healthcare costs as high as US$13 Billion in the US
LAVAL, QUEBEC, CANADA – November 11, 2015 – ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF)
(“ProMetic” or the “Corporation”) announced today that it has entered into a strategic agreement with Omnio AB (“Omnio”). The agreement exclusively provides ProMetic with a unique and competitive intellectual property position as well as a comprehensive proprietary understanding of the use of plasminogen in the field of hard-to-treat wounds.
Under the agreement, ProMetic has secured exclusive license rights to both issued and pending patents for the use of plasminogen related to wound healing. The agreement also provides ProMetic access to extensive preclinical data as well as unique proof of concept efficacy data in patients. Hard-to-treat wounds such as diabetic foot ulcers affect millions of patients in the United States and represent annual incremental healthcare costs as high as US$13 Billion. Studies have indicated that diabetics have a lifetime risk as high as 25% of developing foot ulcers and annual incident cases are cited to range from 3% to 10%.
Mr. Pierre Laurin, President and CEO of ProMetic commented: “Dr. Ny and his esteemed colleagues at Omnio have decades of hands-on experience demonstrating the ability of plasminogen to accelerate the healing of otherwise very hard-to-treat wounds. Combining their unique knowhow with our own clinical experience from our ongoing US plasminogen clinical trial bodes very well for improving the future management of diabetic wounds. The strategic development of multiple markets and indications for the same therapeutic product is just one of the ways we intend to maximize the return on our R&D investments”, added Mr. Laurin.
Dr Ny, Founder and CEO of Omnio, commented: “We are very pleased to now have access to ProMetic’s proprietary plasminogen and related manufacturing process and clinical experience. The fact that ProMetic’s plasma-derived plasminogen drug has already been proven safe and efficacious in humans combined with our own clinical experience in hard-to-treat wounds gives us great confidence as to the success of the upcoming wound healing clinical program, expected to commence in H2 2016”.
The agreement also provides for the creation of a center of excellence in Umea, Sweden to capitalize on the vast experience of Dr Tor Ny, founder of Omnio AB and Professor at the University of Umea. The two companies have entered into a long-term research collaboration that will further the understanding of the role of plasminogen in multiple medical conditions such as diabetic foot ulcers. The research collaboration will be funded by ProMetic and all arising intellectual property will be owned by ProMetic.
The financial terms of this agreement were not disclosed. This strategic agreement will be discussed in greater details during the upcoming third quarter financial results conference call.
Third Quarter 2015 Highlights and Financial Results Conference Call Information
ProMetic will host a conference call at 11:00am (EST) on Friday, November 13, 2015. The telephone numbers to access the conference call are (647) 427-7450 and 1-888-231-8191 (Toll-free). A replay of the call will be available from November 13, 2015 at 2:00 p.m. until November 20, 2015. The numbers to access the replay are 1-416-849-0833 (passcode: 77018963) and 1-855-859-2056 (passcode: 77018963). A live audio webcast of the conference call will be available through the following:
Plasminogen is a naturally occurring protein that is synthesized by the liver and circulates in the blood. Activated plasminogen, plasmin, is a fundamental component of the fibrinolytic system and is the main enzyme involved in the lysis of blood clots and clearance of extravasated fibrin. Plasminogen is therefore vital in wound healing, cell migration, tissue remodeling, angiogenesis and embryogenesis.
About Diabetic Foot Ulcers:
A diabetic foot ulcer is an open sore or wound that is commonly located on the bottom of the foot. Native Americans, African Americans, Hispanics, and older men are more likely to develop ulcers. People who use insulin are at higher risk of developing a foot ulcer, as are patients with diabetes-related kidney, eye, and heart disease. Being overweight and consumption of alcohol and tobacco also play a role in the development of foot ulcers. Ulcers form due to a combination of factors, such as lack of feeling in the foot, poor circulation, foot deformities, irritation and trauma, as well as duration of diabetes. Patients who have diabetes for many years can develop neuropathy, a reduced or complete lack of ability to feel pain in the feet due to nerve damage caused by elevated blood glucose levels over time. Vascular disease can complicate a foot ulcer, reducing the body’s ability to heal and increasing the risk for an infection. Elevations in blood glucose can reduce the body’s ability to fight off a potential infection and also slow healing.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (prometic.com) is an established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. ProMetic offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, anemia, neutropenia, cancer and autoimmune diseases/inflammation as well as certain nephropathies Headquartered in Laval (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and commercial activities in the U.S., Canada, Europe, Russia, Australia and Asia.
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 in ProMetic’s Annual Information Form for the year ended December 31, 2014, 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.