ProMetic Life Sciences Inc.
TSX : PLI
OTCQX : PFSCF

ProMetic Life Sciences Inc.

May 19, 2015 07:00 ET

ProMetic Enters Into Strategic Long-Term Manufacturing Agreement With Emergent BioSolutions

- Provides ProMetic with additional cGMP, FDA-licensed manufacturing capacity of up to 250,000 liters of plasma processing per annum

- Enables the acceleration of additional IND filings

- Technology transfer commencing in July 2015

- Manufacturing scale-up to follow in 2015

LAVAL, QUEBEC--(Marketwired - May 19, 2015) - ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX:PFSCF) ("ProMetic" or the "Corporation") announced today that it has entered into a strategic manufacturing agreement with Emergent BioSolutions ("Emergent"). The long-term manufacturing agreement provides ProMetic with access to additional cGMP capacity in an FDA-licensed facility, located in Winnipeg, Canada. ProMetic will use this capacity for the development and manufacture of plasma-derived biopharmaceuticals using ProMetic's proprietary plasma purification platform, known as Plasma Protein Purification System ("PPPS™"). The additional product manufacturing capacity will provide the ability to process up to 250,000 liters of plasma annually with the potential for further expansion should the parties agree.

"This agreement leverages both companies' respective strengths and capabilities," mentioned Mr. Pierre Laurin, President and CEO of ProMetic Life Sciences Inc. "The effective manufacturing capacity in terms of product output of the combined Laval and Winnipeg facilities significantly exceeds that of a similarly sized Cohn facility due to the superior purification efficiency of our proprietary manufacturing process. We expect the flexibility provided by this additional capacity to accelerate our development capabilities, clinical/regulatory activities and contribute faster to our revenue growth," added Mr. Laurin.

ProMetic will commence transferring its technology and manufacturing process into Emergent's Winnipeg facility in July, 2015, followed by the scale-up and manufacturing by Emergent of cGMP biopharmaceuticals to enable ProMetic to pursue additional IND filings.

Commenting on securing long-term manufacturing services from Emergent, Mr. Bruce Pritchard, ProMetic's Chief Operating Officer and Chief Financial Officer mentioned: "Accessing readily available, FDA-licensed, manufacturing capacity in North America allows us to significantly de-risk our commercial strategy. This is a very synergistic and complementary addition to our Laval facility. It provides us with manufacturing capacity to support the upcoming regulatory filings and commercial launches of multiple plasma-derived therapeutics ahead of the anticipated manufacturing capacity from our other strategic partners scheduled to come on line in 2017 - 2018".

This 15-year manufacturing agreement involves an initial annual minimum payment of approximately $4M per year, rising to $7M per year in 2018 and to $9M per year by 2021, for an aggregate total of minimum fees exceeding $100M over the life of the contract. This minimum payment secures a defined capacity. The agreement allows for a flexible approach for the use of resources up to that value, and any additional resources used beyond that minimum cost will be charged on an as-used basis.

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. A number of both the plasma-derived and small molecule products are under development for orphan drug indications. 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 in ProMetic's Annual Information Form for the year ended December 31, 2014, 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.
    p.laurin@prometic.com
    450-781-0115

    Frederic Dumais
    Director, Communications & Investor Relations
    ProMetic Life Sciences Inc.
    f.dumais@prometic.com
    450-781-0115