- Published: 09 December 2008
- Written by Editor
ProMetic Signs $35 M Long-Term Supply Agreement With European Biopharmaceutical Company
ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic") announces that its U.K.-based subsidiary, ProMetic BioSciences Ltd ("PBL"), has signed a Long-term Supply Agreement (the "Agreement") with a world-leading European Biopharmaceutical company estimated to be worth up to $35 M over the next six years, with first shipment delivery starting this quarter. This Agreement will provide access to one of ProMetic's proprietary affinity adsorbents for incorporation into this company's manufacturing process.
"This agreement provides further evidence of the underlying growth in the demand for ProMetic's proprietary affinity adsorbents," commented Dr. Steve Burton, PBL's Chief Executive Officer. Dr. Burton added: "Due to reasons of client confidentiality the terms of the Agreement and the name of ProMetic's partner remain undisclosed."
"More and more biopharmaceutical products that have received or are expecting to receive approval from the regulatory agencies such as the Food and Drug Administration or the European Medicines Agency are now manufactured using ProMetic's affinity adsorbent products," stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "ProMetic's affinity adsorbent products are therefore locked into the regulated manufacturing processes of these biopharmaceuticals and represent long-term recurring and growing annuity revenues for the Company," concluded Mr. Laurin.
About ProMetic BioSciences Ltd
Using its unique and proprietary Mimetic Ligand(TM) technology, ProMetic BioSciences Ltd ("PBL") specializes in the development and manufacture of robust affinity separation materials which provide very high levels of purification. This is achieved by use of small chemical affinity ligands designed to bind a target biomolecule specifically and reversibly. In view of their use for the production of therapeutics, ProMetic's affinity products are manufactured according to a strict quality system based on good manufacturing practice at PBL's ISO 9001:2000 certified manufacturing facility on the Isle of Man, which completed a Pounds Sterling 1.5 million expansion in 2005. PBL also operates an R&D laboratory located on the Cambridge Science Park, U.K.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (http://www.prometic.com/) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand(TM) 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 Montreal (Canada), ProMetic has R&D facilities in the U.K., the U.S. and Canada, manufacturing facilities in the U.K. 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 21 of ProMetic's Annual Information Form for the year ended December 31, 2007, under the heading "Risk Factors". 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.
ProMetic Life Sciences Inc.
Pierre Laurin, President and CEO
ProMetic Life Sciences Inc.
Manager, Investor Relations and Communications
ProMetic BioSciences Ltd
Chief Executive Officer
Echoes Financial Network Inc.
SOURCE: ProMetic Life Sciences Inc.