- Cash position of $56.7 million at end of second quarter
- Revenues for the second half of 2015 expected to exceed $20 million
- Revenue of $2.9 million recognized during second quarter of 2015
- Closing of agreements with Emergent Biosolutions for strategic long-term manufacturing to process plasma and acquisition of plasma collection center
- Plasminogen safe and well tolerated in plasminogen deficient patients
- First twelve patients with Metabolic Syndrome with Type 2 Diabetes enrolled in PBI-4050 phase II trial
LAVAL, QUEBEC, CANADA – August 13, 2015 – ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF)
(“ProMetic” or the “Corporation”) today reported its second quarter ended June 30, 2015 highlights and financial results.
“With our cash position combined with proceeds generated from our commercial activities, we are well positioned to execute on our development plans for our plasma-derived and small-molecule therapeutics”, said Mr. Bruce Pritchard, Chief Operating and Chief Financial Officer of ProMetic Life Sciences Inc. “We anticipate revenues in the second half of 2015 to exceed $20 million, based on already secured orders”, added Mr. Pritchard.
“We have achieved one of the key objectives by securing additional production capacity. This will also allow us to accelerate our development program and will contribute to our expected revenue growth”, mentioned Mr. Pierre Laurin, President and CEO of ProMetic Life Sciences Inc. “Moreover, our clinical programs are progressing well and we look forward to providing updates as we continue to advance our lead drug candidates in the clinics”, added Mr. Laurin.
Second Quarter 2015 Business Highlights
During the second quarter of 2015, ProMetic:
- Completed a $57.6 million bought deal financing comprised of 22.1 million common shares, including over-allotment, in the capital of the Corporation at a price of $2.60 per share;
- Selected C1 Esterase Inhibitor (“C1-INH”) as its next plasma-derived drug candidate to be developed. The C1-INH protein is most commonly used for the treatment of hereditary angioedema (“HAE”), a rare genetic disorder in which C1-INH is lacking;
- Entered into a strategic long-term manufacturing agreement with Emergent BioSolutions (“Emergent”) providing ProMetic with access to additional cGMP processing capacity of up to 250,000 liters of plasma annually in an FDA-licensed facility, located in Winnipeg, Canada;
- Presented new pre-clinical data at the American Thoracic Society 2015 International Conference held in Denver, USA, on PBI-4050, its orally active anti-fibrotic drug candidate in phase II clinical trials for the treatment of IPF whereby in the gold standard animal model used to emulate pulmonary fibrosis in humans, PBI-4050 performed favorably compared to Nintedanib, one of the two FDA-approved products for such medical use;
- Presented new data at the European Renal Association (ERA) annual meeting in London, UK confirming that PBI-4050’s anti-fibrotic effect demonstrated in the kidney in several different animal models has been successfully reproduced in human kidney cell lines during in vitro experiments;
- Provided an update regarding its strategic partnership with GENERIUM Pharmaceuticals (“GENERIUM”) confirming that the construction of Generium’s GMP plasma purification facility is progressing rapidly and ahead of the originally anticipated timelines with the facility designed to process up to 600,000 liters of plasma annually expected to be operational in H2 2017;
Subsequent to quarter end:
- Received an orphan drug designation status for its human plasma derived plasminogen drug by the European Commission for the treatment of plasminogen deficiency.
- Plasminogen was confirmed to be safe and well tolerated in plasminogen-deficient patients and the Corporation is proceeding to the administration of a higher dose;
- Completed the acquisition of Emergent BioSolutions’ (“Emergent”) plasma collection center located in Winnipeg, Canada which was announced in May. Emergent’s plasma collection center is an FDA and Health Canada licensed plasma collection facility;
- Enrolled the first twelve patients with Type 2 Diabetes and Metabolic Syndrome in PBI-4050 Phase II clinical trial.
More on Second Quarter 2015 Financial Results
The financial information for the second quarter ended June 30, 2015 should be read in conjunction with the Corporation’s condensed interim consolidated financial statements as well as the Management’s Discussion and Analysis for the quarter and six months ended June 30, 2015.
The Corporation finished the second quarter ended June 30, 2015 with a strong cash position of $56.7 million.
Total revenues for the second quarter ended June 30, 2015 were $2.9 million compared to $4.4 million for the second quarter ended June 30, 2014. Revenues from the sale of goods amounted to $2.7 million compared to $3.1 million for the same period in 2014. Service revenues were $0.2 million for the quarter ended June 30, 2015 compared to $1.3 million for the quarter ended June 30, 2014. The decrease is due to lower product sales and the fact that services billed to NantPro are being eliminated upon consolidation due to its acquisition from a control perspective in May 2014.
ProMetic generated a net loss of $14.8 million for the quarter ended June 30, 2015 compared to a net earnings of $23.4 million for the quarter ended June 30, 2014. The increase in the net loss is mainly due to the fact that in the second quarter 2014, the Corporation had recognized an aggregate gain of $32.3 million in relation to the Nantpro business combination whereas this transaction did not impact in the second quarter 2015. The Corporation incurred total R&D costs of $10.6 million and administration, selling and marketing expenses costs of $3.7 million in the second quarter of 2015 compared to $9.7 million in total R&D costs and $2.7 million in administration, selling and marketing expenses costs in the second quarter of 2014.
Second Quarter 2015 Conference Call Information
ProMetic will host a conference call at 11:00am (EST) on Friday, August 14, 2015. The telephone numbers to access the conference call are (647) 788-4922 (International) and 1-877-223-4471 (Toll-free). A replay of the call will be available from August 14, 2015 at 2:00 p.m. until August 21, 2015. The numbers to access the replay are 1-416-621-4642 (passcode: 83098287) and 1-800-585-8367 (passcode: 83098287). A live audio webcast of the conference call will be available through the following: http://www.gowebcasting.com/6649..
Additional Information in Respect to the Second Quarter ended June 30, 2015
- ProMetic’s MD&A and condensed interim consolidated financial statements for the quarter ended June 30, 2015 have been filed on SEDAR (http://www.sedar.com/) and will be available on the Corporation’s website at prometic.com.
- Election of Directors voting results at the last AGM
|Name of Nominee||For||Against||Withheld|
|Raymond M. Hakim||162,205,006||99.34||n/a||n/a||1,072,634||0.66|