ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

October 26, 2011 07:30 ET

Octapharma Locks-in Binding Forecast to Exceed $2M for ProMetic's Prion Capture Resin for H1 2012

-Binding forecast in excess of $2 Million for the first 6 month of 2012

-New forecast incremental to $0.73 Million order announced earlier this month

LAVAL, QUEBEC, CANADA AND CAMBRIDGE, UNITED KINGDOM--(Marketwire - Oct. 26, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic"or the "Company") announced today that it has received a binding forecast from Octapharma for in excess of $2 million of prion capture resin for the first half of 2012. This is in addition to the October 12, 2011 $0.73 million purchase order announcing the resumption of PrioClear® to Octapharma under its existing supply agreement, bringing total expected deliveries of the product to around $3 Million between December 2011 and June 2012.

The recently announced resumption of supply as well as the new binding requirement for the first six month of 2012 are all related to the purchase of PrioClear®, a proprietary prion capture resin incorporated into Octapharma's manufacturing process for its solvent/detergent treated plasma product, Octaplas®LG. Octaplas®LG is currently approved for marketing in 4 countries (Germany, Switzerland, Portugal and Australia) with several more approvals pending in the European Union (United Kingdom, Ireland, Belgium, Netherlands, Luxemburg, Sweden and Finland). The deliveries of PrioClear® supply are scheduled to commence in the fourth quarter of 2011 and run until the end of June 2012. Further binding forecasts for the second half of 2012 and beyond are anticipated at a later time.

"We are extremely pleased to have seen Octapharma quickly confirm binding forecasts for the first half of 2012 following the recent resumption of prion capture resin under our supply agreement. This is further confirmation of the anticipated growing demand for our state of the art technological solutions." said Pierre Laurin, Chief Executive Officer of ProMetic Life Sciences Inc. "We expect the industry's migration towards safer plasma derived products to steadily continue and even accelerate in the coming months" added Mr. Laurin.

"This, along with other anticipated increasing demand for our proprietary affinity adsorbents, will significantly contribute to stabilizing underlying revenues and improving the general financial position of the company" said Bruce Pritchard, Chief Financial Officer of ProMetic.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. ( is a biopharmaceutical company specializing 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 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, 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 23 of ProMetic's Annual Information Form for the year ended December 31, 2010, 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

  • Pierre Laurin
    President and CEO
    ProMetic Life Sciences Inc.

    Frederic Dumais
    Director, Communications and
    Investor Relations
    ProMetic Life Sciences