CAMBRIDGE, United Kingdom and MONTREAL, Dec. 9 /PRNewswire-FirstCall/ - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces that its U.K.-based subsidiary, ProMetic BioSciences Ltd ("PBL"), has signed a Long-term Supply Agreement (the "Agreement") with a world-leading European Biopharmaceutical company estimated to be worth up to $35 M over the next six years, with first shipment delivery starting this quarter. This Agreement will provide access to one of ProMetic's proprietary affinity adsorbents for incorporation into this company's manufacturing process.
"This agreement provides further evidence of the underlying growth in the demand for ProMetic's proprietary affinity adsorbents," commented Dr. Steve Burton, PBL's Chief Executive Officer. Dr. Burton added: "Due to reasons of client confidentiality the terms of the Agreement and the name of ProMetic's partner remain undisclosed."
"More and more biopharmaceutical products that have received or are expecting to receive approval from the regulatory agencies such as the Food and Drug Administration or the European Medicines Agency are now manufactured using ProMetic's affinity adsorbent products," stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "ProMetic's affinity adsorbent products are therefore locked into the regulated manufacturing processes of these biopharmaceuticals and represent long-term recurring and growing annuity revenues for the Company," concluded Mr. Laurin.
About ProMetic BioSciences Ltd
Using its unique and proprietary Mimetic Ligand(TM) technology, ProMetic BioSciences Ltd ("PBL") specializes in the development and manufacture of robust affinity separation materials which provide very high levels of purification. This is achieved by use of small chemical affinity ligands designed to bind a target biomolecule specifically and reversibly. In view of their use for the production of therapeutics, ProM
|SOURCE Prometic Life Sciences Inc.|
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