ProMetic Life Sciences Inc.
TSX : PLI
OTCQX : PFSCF

ProMetic Life Sciences Inc.

May 13, 2015 12:01 ET

ProMetic Reports Its First Quarter 2015 Highlights and Financial Results

- Net loss of $20.4M after expensing $9.9M of R&D and $9.5M of non-cash, accounting adjustments

- PBI-4050 cleared by Health Canada to commence clinical trials in both metabolic syndrome and resulting type 2 diabetes and IPF

- Orphan drug designation granted by FDA for PBI-4050 for the treatment of IPF

- ProMetic's shares included in the S&P/TSX Composite Index

- PBI-4050 successfully completed Phase Ib trial in patients where it was found to be safe, well tolerated and without significant adverse events

LAVAL, QUEBEC--(Marketwired - May 13, 2015) - ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the "Corporation") today reported its first quarter 2015 results at its Annual General Meeting of its Shareholders. "Our first quarter 2015 financial results are broadly in line with our expectations. Our expenses are consistent with the number of clinical and pre-clinical assets being developed simultaneously by the company from both its small molecule and plasma-derived platforms", stated Mr. Bruce Pritchard, Chief Financial Officer of ProMetic Life Sciences Inc. "Although revenues were lower than in the first quarter of 2014, we anticipate that position to reverse as we progress through the year", added Mr. Pritchard.

"Our multiple clinical programs are progressing as expected. We anticipate commencing additional clinical trials in patients later in 2015 for both our small molecule orally active anti-fibrotic lead drug candidate, PBI-4050, and some plasma derived therapeutics", mentioned Mr. Pierre Laurin, President and CEO of ProMetic Life Sciences Inc. "With numerous drug candidates progressing through advanced stages of clinical development, we continue to build value in the business", added Mr. Laurin.

First Quarter 2015 Business Highlights

ProMetic successfully continued its transition into a vertically integrated biopharmaceutical corporation with a rapidly growing pipeline of drug candidates targeting underserved patient populations in both existing and emerging markets.

During the first quarter of 2015, ProMetic:

  • Announced the approval for its orally active anti-fibrotic lead drug candidate PBI-4050 to commence the clinical trial in patients suffering from metabolic syndrome and resulting Type 2 diabetes, following the CTA clearance by Health Canada;

  • Announced the approval for its orally active anti-fibrotic lead drug candidate PBI-4050 to commence the clinical trial in patients suffering from Idiopathic Pulmonary Fibrosis, following the CTA clearance by Health Canada;

  • Announced an $11.4 million purchase order for the supply of affinity resin from an existing client, a global leader in the biotherapeutics industry;

  • Announced the grant of an orphan drug designation status by the FDA for its orally active anti-fibrotic lead drug candidate, PBI-4050, for the treatment of IPF;

  • Announced its inclusion to the S&P/TSX Composite Index;

  • Reported that it has successfully completed its PBI-4050 Phase Ib multi-dose clinical trial in patients with chronic kidney disease. ProMetic's orally active lead drug candidate, PBI-4050, was found to be safe and well tolerated without any serious adverse events reported; and

  • Announced and closed a $50 million bought deal offering to fund strategic growth initiatives subsequent to quarter end.

More on First Quarter 2015 Financial Results

The financial information for the first quarter ended March 31, 2015 should be read in conjunction with the Corporation's condensed interim consolidated financial statements as well as the Management's Discussion and Analysis for the quarter ended March 31, 2015.

ProMetic generated a net loss of $20.4 million for the quarter ended March 31, 2015 compared to a net loss of $8.7 million for the quarter ended March 31, 2014. Of the $20.4 million net loss incurred in the first quarter of 2015, approximately $9.5 million comes from the variation in fair value of the warrant liability and the loss on debt extinguishment which do not affect cash. In addition, the corporation increased its investment in R&D costs incurring a total of $9.9 million in the quarter.

Total revenues for the first quarter ended March 31, 2015 were $1.9 million compared to $5.7 million for the first quarter ended March 31, 2014. Revenues from the sale of goods amounted to $1.4 million compared to $3.2 million for the same period in 2014. Service revenues were $0.5 million for the quarter ended March 31, 2015 compared to $2.5 million for the quarter ended March 31, 2014. The decrease is due to lower product sales and the fact that services billed to NantPro are being eliminated upon consolidation due to its acquisition from a control perspective in May 2014.

ProMetic will be discussing its first quarter 2015 highlights and financial results during its annual and special meeting of shareholders taking place at 10:30am (EST) on Wednesday, May 13, 2015. A live audio webcast of the annual and special meeting of shareholders will be available via the corporate website at: http://www.gowebcasting.com/events/prometic/2015/05/13/prometic-annual-and-special-meeting-of-shareholders/play

Additional Information in Respect to the First Quarter ended March 31, 2015

ProMetic's MD&A and condensed interim consolidated financial statements for the quarter ended March 31, 2015 have been filed on SEDAR (http://www.sedar.com/) and will be available on the Corporation's website at www.prometic.com.

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 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