LAVAL, QUEBEC--(Marketwired - Jan. 22, 2014) - ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF), ("ProMetic" or the "Corporation") announced today the achievement of the second manufacturing milestone related to its strategic agreement ("Agreement") with Hematech Biotherapeutics Inc. ("Hematech") triggering a $1.0 million payment to ProMetic. This milestone was achieved following the successful completion of the first large-scale production run at its ProMetic BioProduction Inc. ("PBP") plasma purification facility located in Laval, Quebec.
"The remarkable performance of ProMetic's manufacturing process has been further confirmed with the biopharmaceuticals produced in ProMetic's facility meeting the targeted product specifications", stated Dr. Chan, Chairman of Hematech. "We are looking forward to this proprietary manufacturing process being operational in our own facility in Taipei", added Dr. Chan.
The Agreement with Hematech calls for additional milestone payments in 2014 in relation to the filing of Investigational New Drug ("IND") applications for two plasma-derived biopharmaceuticals to be manufactured in ProMetic's facility.
Mr. Pierre Laurin, ProMetic's President and Chief Executing Officer commented: "The achievement of this manufacturing milestone was critical for the advancement of the plasminogen and other plasma derived therapeutics respective clinical trial programs".
More on the Hematech Agreement
Pursuant to the Agreement signed in May 2012, $10 million was committed to ProMetic by Hematech for the non-exclusive manufacturing rights related to ProMetic's proprietary plasma protein purification system ("PPPS™"), said rights being exclusive for Taiwan and for the co-exclusive commercialization rights to plasminogen on a global basis. Hematech is expected to fund the construction of its PPPS™ driven facility and to commence manufacturing multiple plasma-derived biopharmaceuticals for ProMetic and ProMetic's licensees in 2017.
Following the completion of clinical trials and regulatory approval, ProMetic will manufacture plasminogen in its Laval facility and will commercialize it, sharing net profits equally with Hematech. Hematech's planned facility in Taiwan will be adding significant manufacturing capacity to supply ProMetic with different products such as Alpha-1 Antitrypsin ("AAT"), which PPPS™ can recover at superior yields compared to industry average. Hematech will derive a manufacturing margin as it supplies such plasma-derived biopharmaceuticals to ProMetic.
Plasminogen is a naturally occurring protein that is synthesized by the liver and circulates in the blood. Activated plasminogen, plasmin, is an enzymatic component of the fibrinolytic system and is the main enzyme involved in the lysis of clots and clearance of extravasated fibrin. Plasminogen is therefore involved in wound healing, cell migration, tissue remodeling, angiogenesis and embryogenesis.
More on Alpha1-Antitrypsin can be found on the Alpha 1-Antitrypsin foundation website at http://alpha-1foundation.org/
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a long established biopharmaceutical company with globally recognized expertise in bioseparations, plasma-derived therapeutics and small-molecule drug development. ProMetic offers its state of the art technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders and uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. 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 26 of ProMetic's Annual Information Form for the year ended December 31, 2012, 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.