LAVAL, QUEBEC, CANADA--(Marketwire - Oct. 12, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic"or the "Company") announced today that it has received a first $0.73 million follow-on purchase order under its supply agreement with Octapharma, a leading, Swiss based, independent global plasma fractionation company that specializes in human proteins.
This order relates 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 resumption of PrioClear® supply is scheduled to commence in the fourth quarter of 2011 with anticipated additional orders to be delivered in 2012 and beyond, as Octapharma's forecasts crystallize.
"We highly value our business relationship with Octapharma and are very excited to see their own outlook for their product improving significantly in the coming months. This is a further example of how ProMetic's technology is being applied by an industry Leader to develop best-in-class products." said Pierre Laurin, Chief Executive Officer of ProMetic Life Sciences Inc. "We believe ProMetic's prion-reduction technology to be particularly well suited to address the industry's significant untapped demand and growing needs for safer and differentiating plasma derived products" added Mr. Laurin.
"This new order further underpins our anticipated stronger second half for 2011 and positions us well for 2012 and beyond, towards achieving our corporate growth and profitability objectives" said Bruce Pritchard, Chief Financial Officer of ProMetic. Mr Pritchard added, "Recurring business of this nature galvanises ProMetic's financial strength by providing steady and reliable revenues."
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™ 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.