ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

September 06, 2011 07:00 ET

ProMetic BioSciences Ltd Provides Corporate Update

- $0.8 million working capital grant from the Isle of Man Government received to support revenue growth

- Revenues from PBL operations expected to exceed $6.0 million in H2 2011

- 5th consecutive year of profitability expected for PBL in 2011

- ISO9000 certificate extended for further 3 years by British Standards Institution

ISLE OF MAN, UNITED KINGDOM--(Marketwire - Sept. 6, 2011) - ProMetic BioSciences Ltd ("PBL"), the Isle of Man subsidiary of ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic"or the "Company"), provided today a corporate update confirming the receipt of a $0.8 million working capital grant from the Isle of Man Government Department of Economic Development to support revenues from PBL expected to exceed $6.0 million in H2 2011.

PBL intends to use the $0.8 million non-dilutive working capital grant from the Isle of Man Government's Department of Economic Development to support its expansion and revenue growth from export of products and services to key international markets.

The Company also confirms that PBL has already started shipping on its previously announced $4 million follow-on purchase order pursuant to a long-term supply agreement entered into with a major global pharmaceutical company in 2009 as well as further contract announcements anticipated to materialize in the second half of 2011.

Bruce Pritchard, ProMetic's Chief Financial Officer commented, "Our Isle of Man subsidiary, PBL, will achieve as planned, profitability for the fifth year in a row in 2011 on the back of a strong performance in the 2nd half of this year".

PBL also had its ISO9000 certificate extended for another three years following a successful review of its quality systems by the British Standards Institution ("BSI"). The BSI audits did not reveal any non-conformities whatsoever with the requirement of the standard putting PBL in the top 10% of companies operating to this international quality management standard.

"PBL has established a proven, high quality, manufacturing operation for bioseparation products which is valued by our clients and which underpins the company's growth in sales of products used by global biopharmaceutical companies in their manufacturing processes" mentioned PBL's Chief Executive Officer, Dr. Steve Burton.

"We are very pleased to have received this non-dilutive second grant from the Isle of Man Government. We highly value and appreciate their timely cooperation as we start increasing the scope and strategic importance of our Isle of Man operations in response to the accelerating growth and demand for our products and services from key international markets" said Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "We are convinced that our Isle of Man operations will play an increasingly important role in insuring our global corporate objectives are surpassed" added Mr. Laurin.

The repayable working capital grant bears interest at a rate of 5% per annum and is repayable in 5 installments ending in December of 2011.

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 US, 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 24 of ProMetic's Annual Information Form for the year ended December 31, 2009, 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 Inc.