ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

May 05, 2010 11:00 ET

ProMetic Provides Guidance for 2010 at Its Annual and Special Meeting of Shareholders

MONTREAL, QUEBEC, CANADA--(Marketwire - May 5, 2010) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") reports on financial guidance for 2010 provided during its Annual and Special Meeting of Shareholders (the "Meeting") held on May 5, 2010.

During the Meeting revised guidance was given regarding the Company's estimated financial projections for 2010, indicating that Full Year revenues are anticipated to be in the range of $20.0 million, resulting in an expected net loss for the Full Year 2010 of $5.6 million, equivalent to $0.02 per share.

EBITDA, a non-Canadian GAAP measure which is employed by the Company to measure its performance, is expected to be $(2.9) million for the Full Year 2010.

Revisions have been made to guidance taking into account the strengthening of the Canadian Dollar against the British Pound. The majority of revenues are generated in British Pounds but converted to Canadian Dollars as part of the financial reporting process. Anticipated British Pound revenues remain unchanged since the previous guidance. There will be a similar impact on costs incurred in British Pounds and this, coupled with ongoing cost control, allows the Company to retain its earnings guidance for the year.

In addition to guidance for the Full Year, the Company also provided guidance in relation to the First Quarter and First Half 2010. The table below summarizes these figures.

  First Qtr. Half Year Full Year
  2010 (Est.) 2010 (Est.) 2010 (Est.)
Revenues 3,100 8,100 20,000
Net Loss 3,100 4,900 5,600
Net Loss per share (basic and diluted) 0.01 0.02 0.02
EBITDA* (2,400) (3,500) (2,900)

The Company also provided long-range guidance with regards to revenue relating to its Protein Technologies business showing that annual sales could reach between $80 million to $130 million in 2014, depending on the level of adoption of the P-Capt® filter in the United-Kingdom and Ireland. Once again, this revenue guidance excludes possible revenue from the Therapeutics Division.

About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") ( is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand™ 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 Montréal (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 "forwardlooking" 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 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, 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.

Contact Information

  • ProMetic Life Sciences Inc.
    Pierre Laurin
    President and CEO
    ProMetic Life Sciences Inc.
    Anne Leduc
    Manager, Investor Relations & Communications