ProMetic Achieves $1.0 Million Milestone With Hematech
LAVAL, QUEBEC--(Marketwire - Dec. 5, 2012) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic" or the "Corporation") announced today the achievement of the first milestone related to the advancement of a plasma-derived biopharmaceutical product targeting a rare medical condition ("Orphan Drug") in partnership with Hematech Biotherapeutics Inc. ("Hematech").
The $1.0 million milestone payment is part of an overall $10 million drug licensing and development agreement concluded with Hematech in May, 2012, of which $1.0 million was already paid to ProMetic as an upfront fee. The agreement calls for additional milestone payments totaling $8.0 million, of which $4 million are expected to be achieved over the course of the next 12 to 15 months.
Following the completion of clinical trials and regulatory approval, the Orphan Drug will be commercialized jointly by ProMetic and Hematech on a global basis (excluding China), with both parties sharing profits equally. The Orphan Drug will be manufactured by ProMetic in its Laval, Quebec facility and in HBI's planned facility in Taiwan.
"We are pleased with the timely achievement of this first milestone. It confirms the potential of our plasma purification manufacturing platform and its related processes to eventually and efficiently produce best-in-class orphan drug products", mentioned Mr. Pierre Laurin, ProMetic's President and Chief Executing Officer. "This milestone achievement bodes well for the advancement of other plasma derived therapeutics currently under development to take place at the future Hematech Taiwanese manufacturing facility", added Mr. Laurin.
About Orphan Drug
An orphan drug is a pharmaceutical agent that has been developed specifically to treat a rare medical condition, the condition itself being referred to as an orphan disease. The assignment of orphan status to a disease and to any drugs developed to treat it is a matter of public policy in many countries, and has resulted in medical breakthroughs that may not have otherwise been achieved due to the economics of drug research and development. Orphan drugs generally follow the same regulatory development path as any other pharmaceutical product, in which testing focuses on pharmacokinetics and pharmacodynamics, dosing, stability, safety and efficacy. However, some statistical burdens are lessened in an effort to maintain development momentum.
About ProMetic's Plasma Protein Purification System (PPPS(TM))
The Plasma Protein Purification System (PPPS(TM)) allows for the targeting and removal of multiple high-value proteins from a single plasma sample at unprecedented activity levels using ProMetic's Mimetic Ligand(TM) adsorbent technology. This system also provides for the recovery of new biotherapeutics as they are discovered and identified. The effect of this process is to reduce the significant losses incurred when using the more conventional Cohn precipitation process.
About Hematech Botherapeutics Inc.
Hematech Biotherapeutics Inc. is a privately held biotechnology company with headquarters located in Taipei, Taiwan. Hematech Biotherapeutics Inc. is extensively involved in the sponsorship, development and production of therapeutic drug particularly in the area of hematology. Hematech Biotherapeutics Inc. maintains an extensive collaborative network with industrial partners and is committed to the development of safe, high-quality, and low cost therapeutics. Major shareholders of Hematech Biotherapeutics Inc. include a publicly listed medical service and logistics company in Taiwan.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a biopharmaceutical company specializing 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 fibrosis, hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. 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 on page 24 of ProMetic's Annual Information Form for the year ended December 31, 2011, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO
ProMetic Life Sciences Inc.
Director, Communications and Investor relations
Prometic Life Sciences Inc.