- Plasma-derived Orphan Drug Plasminogen and Alpha1-Antitrypsin (AAT) development milestones achieved
- cGMP plasma purification facility launch on schedule to enable orphan drugs IND filings
- PBI-4050 on track to enter clinical trial stage in September 2013
- $5.2 million of product sales & service revenues in Q2 2013 vs. $2.7 million in Q2 2012
- $9.6 million of product sales & service revenues in H1 2013 vs. $3.8 million in H1 2012
- $9.6 million total revenues YTD 2013 vs. $7.4 million total revenues YTD 2012
LAVAL, QUEBEC, CANADA – August 14, 2013 – ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("ProMetic" or the "Corporation") today reported revenues of $5.2 million and a net loss of $2.5 million for the second quarter ended June 30, 2013. H1 2013 product sales and service revenues totaled $9.6 million, an increase of $5.8 million compared to H1 2012.
"We have systematically progressed against each of our key strategic objectives during the second quarter", stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer, who added, "We have invested to advance, as planned, our key value drivers including getting our cGMP Laval facility up and running. With PBI-4050 soon entering clinical trials and our upcoming ability to manufacture high value plasma-derived therapeutics, we are uniquely well positioned to capitalize on the growing global need and interest for orphan drugs."
Commenting on the financial results for the quarter, Mr. Bruce Pritchard, ProMetic's Chief Financial Officer stated, "Our product sales and service revenues have progressed according to plan, reaching a total of $9.6m year to date, compared to $3.8 million in the first half of 2012." He added, "In the first half of 2012, $3.5m of revenue had arisen from licensing transactions, which contributed directly to the bottom line. Licensing and milestone revenues are expected to impact H2 2013".
Second Quarter 2013 Highlights
The Corporation further advanced several of its key corporate initiatives contributing to the platform for future growth. Significant progress has been accomplished with the revamping and the hiring of key operational and management staff for the Laval based plasma purification facility. The Corporation also reports that all required development work related to taking its lead drug candidate PBI-4050 into the clinical trial stage in September 2013 is proceeding on schedule and generating promising preliminary results.
Key quarterly highlights also include:
- The Corporation's orphan designated drug, Plasminogen, met further development milestones and remains on schedule to enter clinical trial stages in the coming months;
- ProMetic's Alpha1-antitrypsin three-fold recovery yield advantage confirmed over current industry average;
- Five PBI-4050 presentations selected for the forthcoming European Respiratory Society Annual Conference in Barcelona, Spain during September 7 – 11 2013;
- Head Office relocated as a result of ProMetic BioProduction expanding according to plan
- The Corporation expanded its existing strategic collaboration with Sartorius Stedim Biotech ("SSB") to include a contribution of equipment to ProMetic's plasma purification facility as well as an agreement for the co-commercialization of PPPSTM on a global basis;
- The Corporation received a $4.8 million purchase order under its ongoing supply agreement with Octapharma AG, a leading, Swiss based,independent global plasma fractionation company that specializes in human proteins. Total shipments to Octapharma are expected to significantly increase in 2013 as compared to 2012; and
- The Corporation entered into a licensing and long-term affinity resin supply agreement with one of its existing clients, a global leader in the biotherapeutics industry.
Second Quarter 2013 Financial Results
The financial information in regards to the three-month period ended June 30, 2013 should be read in conjunction with the Corporation's financial statements as well as the Management's Discussion and Analysis dated August 8, 2013.
Revenues for the three-month period ended June 30, 2013 were $5.2 million compared to $6.3 million for the same period in the previous year (which included $3.5 million of one-time license fees in H1 2012). Product sales and service revenues for the three-month period ended June 30, 2013 were $5.2 million compared to $2.7 million for the same period in 2012. 2013 year-to-date product sales and service revenues totaled $9.6 million compared to $3.8 million in 2012. This increase of $5.8 million in H1 2013 over last year`s same period was achieved without any contribution from licensing revenues.
ProMetic generated a net loss of $2.5 million for the quarter ended June 30, 2013, compared to a net profit of $0.8 million for the same 2012 period. ProMetic generated a net loss of $4.6 million for the first six month of 2013 compared to a net loss of $3.9 million for the same 2012 period. The increase in net
loss is primarily due to corporate investments relating to the advancement of PBI-4050, the plasma-derived orphan drugs and revamping of the Laval facility.
Mr. Pritchard commented: "Having commenced investing in value drivers during the first half of 2013, I am pleased that we have been offered, and are on the verge of closing a debt facility on favourable commercial terms that will allow the completion of the Laval plant in the timelines previously indicated".
"We are pleased to have kept the year to date net loss in line with the one for the same period of 2012 despite the absence of receiving similar up-front license revenues which directly contribute to our bottom-line. This clearly shows that the level of financial resources spent to bring forward our lead drug candidate in the clinics, our plasma purification facility to a state of operational readiness and other corporate initiatives was appropriate and in line with our budgeted expenditures", stated Mr. Bruce Pritchard, ProMetic's Chief Financial Officer.
Second Quarter 2013 Conference Call Information
ProMetic will host a conference call at 11:00 am (EDT) on Thursday August 15, 2013 to discuss its second quarter 2013 highlights and financial results. The telephone numbers to access the conference call are 1-416-981-9020 (International) and 1-800-756-3565 (Toll-free). A replay of the call will be available from August 15, 2013 at 1:00 pm until August 29, 2013. The numbers to access the replay are 1-416-626-4100 (passcode: 21670523) and 1-800-558-5253 (passcode: 21670523). A live audio webcast of the conference call will be available through the following: http://www.gowebcasting.com/4787
Additional Information in Respect to the Three month Period ended June 30, 2013
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. 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 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, 2012, 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.