Navigation Links
ProMetic to obtain controlling stake in Pathogen Removal and Diagnostic Technologies Inc.
Date:4/9/2008

- ProMetic to acquire common stock held by American Red Cross, in a

cashless transaction, taking ProMetic's stake in PRDT to 77% - American Red Cross to remain involved on the Board of Directors of PRDT

MONTREAL and CAMBRIDGE, England, April 9 /PRNewswire-FirstCall/ - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces that ProMetic has signed a Letter of Intent ("LOI") to acquire the American Red Cross' ("ARC") common stock holding in Pathogen Removal and Diagnostic Technologies Inc. ("PRDT"), the joint venture established by ProMetic and ARC in 2002 to develop and commercialize products to diagnose and reduce pathogens in blood, blood derivatives, biopharmaceuticals and other biological products.

The transaction contemplated by the LOI is a natural progression following commercialization of the P-Capt(R) filter and the prion reduction resin that was fully licenced to ProMetic.

The terms of the LOI provide for an ongoing royalty stream to ARC based on income derived from PRDT technology. In exchange, ProMetic will raise its ownership position in PRDT to 77% by acquiring ARC's 51% stake in PRDT. The remaining 23% will continue to be held by the academic co-founders. ARC will continue to hold its preferred stock and maintain representation on the Board of Directors.

"With the commercialization of the PRDT technology well underway and the projected strong market demand for this technology, ProMetic's increased stake in PRDT to 77% will allow for the revenues derived from the technology to be fully consolidated into ProMetic's financial results," stated Mr. Bruce Pritchard, ProMetic's Vice President of Corporate Development. Mr. Pritchard added: "The structure of this deal is beneficial to both parties, allowing ARC to share in the ongoing success of the jointly developed technology, whilst not requiring a cash payment by ProMetic".

"ARC has played a pivotal role within PRDT in advancing the technology to a
'/>"/>

SOURCE PROMETIC LIFE SCIENCES INC.
Copyright©2008 PR Newswire.
All rights reserved

0

GOOD

Page: 1 2 3 4 5 6 7

Related biology technology :

1. Prometic to present at the American Chemical Society
2. ProMetic and Sartorius Stedim Biotech collaborate on technology transfer deals in Asia
3. ProMetic reports continued positive data in PBI-1402 phase II trial in chemotherapy-induced anemia
4. ProMetic announces signature of definitive license agreement with Kedrion for two hyperimmune products
5. ProMetic provides business update - Over $35 million worth of business secured in January
6. ProMetic announces scale-up of prion removal resin in plasma product for biopharmaceutical use
7. ProMetic and MacoPharma announce successful completion of P-Capt(R) prion reduction filter clinical studies
8. PerOs obtains USDA Establishment and Product Licenses for its oral vaccine formulations
9. China Kangtai Cactus Biotech, Inc. Obtains $500,000 Equity Financing
10. NEXCORE Technology Obtains Licenses for Revolutionary Fluid Management System
11. Genelex Corporation Defends Consumers Right to Obtain DNA Information:

Post Your Comments:
*Name:
*Comment:
*Email:
(Date:11/25/2009)...wswire/ - Cytochroma today announced the appointme...Dr. Moldt will replace Mr. Ulrik Spork as the Novo...mber of Board members remains unchanged at six mem...Moldt to the board and look forward to benefiting ...tinues to make progress in becoming a leading CKD-...
(Date:11/24/2009)...wswire-FirstCall/ -- IES (Nasdaq: IESC ), a leadi...ons systems and services for the commercial, indus...t its commercial business group has been awarded a...electrical systems for the Level 4 bio-safety lab ...cal Research Institute of Infectious Diseases (USA...
(Date:11/24/2009)..., Iceland, November 24 d...ed that it has received notice from,the Nasdaq Sto...ck will be,suspended as of November 30, 2009 and a... Exchange Commission, which will remove deCODE,s c...pany files an appeal to the Nasdaq,Listing Qualifi...
(Date:11/24/2009).... 24 NeurogesX, Inc. (Na... on developing and commercializing novel pain mana...onno, President and Chief Executive Officer, is sc...y Health Care Conference, to be held December 1-2,...w York. ,, Mr. DiTonno and Stephen Ghiglieri, ...
Breaking Biology Technology:Cytochroma Announces Appointment of Peter Moldt to Board of Directors 2Integrated Electrical Services Awarded Contract to Provide Electrical Systems for U.S. Army Medical Research Institute of Infectious Diseases 2deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal 2deCODE Receives Delisting Notice From Nasdaq, Plans to Appeal 3NeurogesX to Present at Piper Jaffray Health Care Conference 2NeurogesX to Present at Piper Jaffray Health Care Conference 3
...Q3 Results, FRANKLIN, Mass., Nov. 20 Echo Therap...nced financial results for the,third quarter ended...er 30,2007, net loss was $8,677,000 or $.70 per sh... the same period in 2006. For the nine months ende... $1.05 per share, compared,to $4,229,000 or $1.60 ...
...mentation Technology, Ser...ris has been selected as,the first awarded supplie...,by Provista, one of the nation,s leading group pu...nt, Spheris will provide Provista customers with,a... in addition to,industry-leading outsource service...
...ia E to be Featured, HOFFMAN ESTATES, Ill., Nov. ...r additions to existing,technology, Siemens Medica... is,propelling the field of molecular medicine to ...ing oncology, neurology and cardiology, Siemens wi...nologies at the 93rd,Scientific Assembly and Annua...
Other Biology Technology:Echo Therapeutics Reports Third Quarter 2007 Results 2Echo Therapeutics Reports Third Quarter 2007 Results 3Echo Therapeutics Reports Third Quarter 2007 Results 4Echo Therapeutics Reports Third Quarter 2007 Results 5Echo Therapeutics Reports Third Quarter 2007 Results 6Provista Awards Agreement to Spheris 2Delivering Molecular Imaging Solutions Across Clinical Specialties: Siemens Showcases New Technologies at RSNA 2007 2Delivering Molecular Imaging Solutions Across Clinical Specialties: Siemens Showcases New Technologies at RSNA 2007 3Delivering Molecular Imaging Solutions Across Clinical Specialties: Siemens Showcases New Technologies at RSNA 2007 4Delivering Molecular Imaging Solutions Across Clinical Specialties: Siemens Showcases New Technologies at RSNA 2007 5
(Date:11/24/2009)...(LRI) today named 12 new grant recipients for 2009...ovative work across a broad spectrum of lupus rese...lty, and potential to drive scientific discovery t...disease of systemic lupus. , The 2009 grants go ...ss the nation and include interdisciplinary and hi...
(Date:11/24/2009)...a protein that may help gut bacteria bind to the g...y probiotic producers to identify strains that are...otics need to interact with cells lining the gut t...surfaces in the gut they are more likely to stick ...Dr Nathalie Juge from the Institute of Food Resear...
(Date:11/24/2009)...remarkable class of ring-shaped protein motors has...erkeley National Laboratory (Berkeley Lab) using a... at the Advanced Light Source (ALS). These protein...replication, and are vital to the survival of all ...ch as the human papillomavirus, which has been lin...
Breaking Biology News(10 mins):Lupus Research Institute announces 2009 novel research grants 2Lupus Research Institute announces 2009 novel research grants 3A sticky solution for identifying effective probiotics 2Atomic-level snapshot catches protein motor in action 2Atomic-level snapshot catches protein motor in action 3Atomic-level snapshot catches protein motor in action 4Syngenta Licenses Chromatin Gene Stacking Technology for Sugar Cane 12800 1Syngenta Licenses Chromatin Gene Stacking Technology for Sugar Cane 12800 2Syngenta Licenses Chromatin Gene Stacking Technology for Sugar Cane 12800 3Register to Win a Ski Weekend and Make Your Synthesis Easier with EasyMax 26amp 3B 238482 3B 3A the First Automated Chemistry Development Tool That Re 12796 1Register to Win a Ski Weekend and Make Your Synthesis Easier with EasyMax 26amp 3B 238482 3B 3A the First Automated Chemistry Development Tool That Re 12796 2HealthSource of Chicago 3A New Techniques for Back Pain Relief in Chicago 50144 1HealthSource of Chicago 3A New Techniques for Back Pain Relief in Chicago 50144 2HealthSource of Chicago 3A New Techniques for Back Pain Relief in Chicago 50144 3HealthSource of Chicago 3A New Techniques for Back Pain Relief in Chicago 50144 4
..., Professor of Molecular Biophysics and Biochemist...gh Research Institute Award. , The award is given... Biology to recognize outstanding scientific contr...careers. , Strobel will give the award lecture, t...osomes, and Riboswitches, at the societys annual m...
...lobal Innovation Imperatives (Gii) project swung i... first session at the American Chemical Societys (... joint collaboration between the ACS Committee on ... Industry, seeks to combat worldwide health, envir...-based solutions, particularly those relating to c...
...nt of the children in the U.S. carry backpacks. Ty...ourth of the childs body weight (22 percent) and w...sician researchers examined the effect heavy-loade... the straps can significantly increase pressure wh...d that strap pressures with loads as small as ten ...
Other Biology News:Yale University's Strobel recognized for work on RNA 2At ACS' national meeting, global initiative set to tackle water issues 2Backpack straps can decrease blood flow in the shoulder and arm 2
T4 Polynucleotide Kinase Exchange Reaction Buffer from Invitrogen
Rabbit Anti-Human JTV1 Polyclonal Antibody, Unconjugated from Proteintech Group, Inc.
IMAGEQUANT 400 IQTL from GE Healthcare, formerly Amersham Biosciences
IMAGEQUANT 100 IQTL from GE Healthcare, formerly Amersham Biosciences
Biology Products: