- Product platform expected to generate additional plasma-derived orphan drugs in 2015
- 2 PBI-4050 Phase II clinical trials expected to produce efficacy data in patients during 2015
- Expansion of clinical programs and further IND filings in 2015
- Grant of additional orphan drug designations anticipated during 2015
- Balance sheet recently strengthened allowing for advancement of multiple clinical programs
- 2015 revenues expected to exceed those of 2014
LAVAL, QUEBEC, CANADA – May 13, 2015 – ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF)
(“ProMetic” or the “Corporation”) today reported the highlights from its 2015 annual and special meeting of shareholders and Board of Directors election results.
ProMetic confirmed that it has successfully advanced both its plasma-derived and small molecule therapeutics platforms, enabling the Corporation to expand its development pipeline. Having recently strengthened its financial position with the $50 M bought deal financing, ProMetic is well positioned to execute on such initiatives.
During the presentation, management confirmed that they anticipated the following milestones for 2015:
- The interim report on clinical results from its PBI-4050 open label phase II clinical trial in patients suffering from metabolic syndrome and resulting Type 2 diabetes;
- The interim report on clinical results from its PBI-4050 open label phase II clinical trial in patients suffering from idiopathic pulmonary fibrosis (“IPF”);
- The initiation of a PBI-4050 Phase II clinical trial in patients suffering from chronic kidney diseases associated with diabetes in the USA and in Canada;
- The initiation of PBI-4050 Phase II clinical trial in a subgroup of patients suffering from metabolic syndrome and fibrosis in Europe;
- The completion of the patient enrolment in the plasminogen clinical program and the pursuit of a new clinical indication;
- The completion of adult patients enrolment in the IVIG clinical program;
- The scale-up and preparation of the Alpha-1 Antitrypsin clinical program, for a phase I-III study;
- The scale-up and preparation of the C1-esterase inhibitor clinical program, for a phase I-III study; and
- The continued development of new bioprocesses to enable the production of further plasma-derived drug candidates.
Commenting on the continued evolution of the business strategy, Pierre Laurin, ProMetic’s President and CEO stated, “The anticipated clinical efficacy data from both plasma derived and small molecules drug candidates combined with the rapid growth of our product pipeline, provides us with significant growth opportunities that capitalize on our past investments in our proven platforms.”
In addition to the above-mentioned product development and regulatory milestones, ProMetic communicated that it expects:
- Continued growth of its bioseparation business;
- The closing of partnering deals
- To access markets, core competencies & provide additional financial contribution
- To access additional and complementary manufacturing capacity
- To access IP and create new and proprietary plasma-derived biopharmaceuticals
- To supply therapeutic proteins to licensees
- The CEO provided additional guidance with regards to the potential NASDAQ listing and the optimal context under which such scenario would be considered by the board. During the meeting, Mr. Laurin stated “While a listing on NASDAQ is almost inevitable for ProMetic as it continues to grow its pipeline of promising drugs and expand its operations in the USA, our focus remains to execute on the current business plan and deliver on our milestones. Nevertheless, we remain in a constant state of readiness for an optimal listing.”
The current auditors, Ernst & Young, were reappointed as auditors of the Corporation, to hold office until the next annual meeting of shareholders.
The following Directors were elected to hold offices until the next annual meeting of shareholders or until their successors are elected or appointed:
Dr. Simon Best
Mr. Andrew Bishop
Mr. Stefan Clulow
Dr. Raymond Hakim
Mr. Charles Kenworthy
Mr. Pierre Laurin
Ms. Louise Ménard
Mr. Paul Mesburis
Dr. John Moran
Ms Nancy Orr
Mr. Bruce Wendel
Mr. Benjamin Wygodny
Detailed voting results for the meeting are available on SEDAR at www.sedar.com
New Director Elected
Mr. Andrew Bishop is a Partner and Co-Founder of Bingley Capital Inc., and brings over 20 years of experience in advising biotech and health care companies. He has worked on over 100 financing and M&A transactions over his career. Prior to establishing Bingley Capital in 2009, he held senior roles in investment banking, including Head of Health Care Investment Banking at HSBC Securities (Canada) Inc., where he covered biotech, pharma, and specialty pharma companies. He started his career in investment banking focused on companies in Quebec. For the past 9 years, Mr. Bishop has also served as a Director and Chair of Willow Breast & Hereditary Cancer Support, a not-for-profit organization focused on breast and hereditary cancer. Mr. Bishop received an International M.B.A. (Honours) from the Schulich School of Business at York University, and a Bachelor of Arts in Political Science and Economics from McGill University. He also received his Chartered Financial Analyst designation.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (prometic.com) is a long 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 and orphan drugs. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. A number of both the plasma-derived and small molecule products are under development for orphan drug indications. 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 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, 2013, 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.