IND Indy Diarytech Limited Com

ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX:PFSCF), ("ProMetic" or the
"Corporation") announced today the achievement of a milestone related to its
strategic agreement ("Agreement") with Hematech Biotherapeutics Inc.
("Hematech") worth $1.5 million. A second milestone representing another $1.0
million is also expected to be achieved this quarter. 


Pursuant to the Agreement signed in May 2012, $10 million was committed to
ProMetic by Hematech for the non-exclusive manufacturing rights related to
ProMetic's proprietary plasma protein purification system ("PPPS(TM)"), said
rights being exclusive for Taiwan and for the co-exclusive commercialization
rights to plasminogen on a global basis. Hematech is expected to fund the
construction of its PPPS(TM) driven facility and to commence manufacturing
multiple plasma-derived biopharmaceuticals for ProMetic and ProMetic's licensees
in 2017. 


As part of the Agreement, $2.0 million was paid to ProMetic in 2012 and $2.5
million worth of milestone payment are expected to impact H2 2013. The Agreement
calls for additional milestone payments in 2014 in relation to the filing of
Investigational New Drug ("IND") applications for two plasma-derived
biopharmaceuticals.


"We are very pleased with the progress achieved this year by ProMetic regarding
its plasma purification facility. The commissioning of ProMetic's facility this
year is key to the design of our own facility in Taipei", stated Dr Chan,
Chairman of Hematech. "Our additional manufacturing capacity will serve to
address identified unmet medical needs", added Dr Chan. 


Following the completion of clinical trials and regulatory approval, ProMetic
will manufacture plasminogen in its Laval facility and will commercialize it,
sharing profits equally with Hematech. Hematech's planned facility in Taiwan
will be adding significant manufacturing capacity to supply ProMetic with
Alpha-1 Antitrypsin ("AAT") and other valuable therapeutic proteins that
PPPS(TM) can recover at superior yields compared to industry average. Hematech
will derive a manufacturing margin as it supplies AAT and other
biopharmaceuticals to ProMetic. 


"The start-up of our plasma manufacturing facility will enable the production of
orphan drugs targeting unmet medical needs", mentioned Mr. Pierre Laurin,
ProMetic's President and Chief Executing Officer. "This milestone achievement
bodes well for the advancement of both plasminogen and other plasma derived
therapeutics with their manufacturing taking place at ProMetic's existing and
Hematech's future facilities", added Mr. Laurin. 


About Plasminogen:

Plasminogen is a naturally occurring protein that is synthesized by the liver
and circulates in the blood. Activated plasminogen, plasmin, is an enzymatic
component of the fibrinolytic system and is the main enzyme involved in the
lysis of clots and clearance of extravasated fibrin. Plasminogen is therefore
involved in wound healing, cell migration, tissue remodeling, angiogenesis and
embryogenesis.


About AAT

More on Alpha1-Antitrypsin can be found on the Alpha 1-Antitrypsin foundation
website at http://alpha-1foundation.org/


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. 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 on page 26 of ProMetic's Annual Information Form for the year ended
December 31, 2012, 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pierre Laurin
President and CEO
ProMetic Life Sciences Inc.
p.laurin@prometic.com
+1.450.781.0115


Frederic Dumais
Director, Communications and
Investor Relations
ProMetic Life Sciences
f.dumais@prometic.com
+1.450.781.0115

Indy Diarytech Limited Com (TSXV:IND)
Historical Stock Chart
From Oct 2024 to Nov 2024

Indy Diarytech Limited Com (TSXV:IND)
Historical Stock Chart
From Nov 2023 to Nov 2024