LAVAL, QUEBEC--(Marketwire - Sept. 22, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic"or the "Company") announced today that it has won a first order from a leading Chinese biopharmaceutical company for a large scale biomanufacturing process, successfully continuing to expand its reach in Asia.
This initial order relates to the purchase of a proprietary Mimetic Ligand™ affinity adsorbent, developed and manufactured by ProMetic's UK subsidiary, ProMetic Biosciences Ltd, for the manufacturing scale-up of a biosimilar product in China. The supply of this order is scheduled for the fourth quarter of 2011. This particular biosimilar product targets a large unmet medical need affecting hundreds of thousands of patients. Once the product has been validated within this specific manufacturing process, a long-term supply agreement is anticipated. Revenues arising from the recurring purchase of affinity adsorbent for such type of commercial use are typically in the range of $ 3 M to $ 5 M per year.
"ProMetic's products and process expertise enable our customers to produce lower-cost high quality biosimilars and achieve substantial benefits even in the most highly competitive and cost conscious emerging markets" said Steve Burton, CEO of ProMetic Biosciences.
The production value of China's pharmaceutical industry is projected to grow at an average annual rate of 22% from 2010 to 2019 and become the 4th largest domestic pharmaceutical market, according to a report issued by the Southern Medicine Economic Research Institute (SMERI). The strong performance is attributed to the steady growth of China's economy, an aging population and the increasing government investment in healthcare. Notably, the Chinese government has channeled a total of RMB850 billion (US$124.82 billion) into healthcare reform from 2009 to 2011.
"China's pharmaceutical industry is growing rapidly and shows great potential for our process chromatography product range" said Steve Profit, Head of Business Development. "We offer a broad range of low cost and high performance products that are proving to be beneficial in the Chinese and Worldwide biosimilar markets."
ProMetic will be presenting its capabilities to leading biotech and pharmaceutical companies at China's largest conference for the biopharmaceutical industry, Bio-World 2011, in late November. Dr Steve Burton's presentation will focus on "Modern Cost-Effective Solutions for the Capture and Purification of Biosimilars". ProMetic will also provide on-site expertise on their purification products and services, to help customers meet their commercial objectives and regulatory requirements.
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.