Navigation Links
Prometic reaches understanding for commercialisation of several biopharmaceutical products and strategic investment
Date:8/5/2008

MONTREAL, Aug. 5 /PRNewswire-FirstCall/ - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces today that it has reached an understanding with a fully integrated, U.S.-based, biotechnology company with respect to the development and global commercialization of several biopharmaceutical products in ProMetic's Protein Technology Division.

In addition to licensing, development and milestone fees as well as on-going royalties on sales of products, the definitive agreements will provide for an initial strategic investment in ProMetic of $7 million at a share price of $0.47. This transaction is anticipated to provide a significant funding commitment towards the development and commercialization of the products, which will contribute to ProMetic's revenue growth as early as 2008.

The definitive agreements will also provide for possible additional investments in ProMetic, which may be triggered by either the biotechnology company or ProMetic, upon fulfillment of certain predetermined conditions. Further, the definitive agreements will provide the biotechnology company to have a right to representation on ProMetic's board of directors.

Definitive agreements regarding the deal, which will be subject to customary closing conditions, including TSX approval, are intended to be negotiated and executed in the following weeks.

The Company will file a short form base shelf prospectus or "shelf registration" with Canadian securities regulators in part to facilitate the completion of this transaction.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. (http://www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand(TM) 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 Montreal (Canada), ProMetic has R&D facilities in the U.K., the U.S. and Canada, manufacturing facilities in the U.K. 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 21 of ProMetic's Annual Information Form for the year ended December 31, 2007, under the heading "Risk Factors". 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.


'/>"/>
SOURCE PROMETIC LIFE SCIENCES INC.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. ProMetic and MacoPharma announce successful completion of P-Capt(R) prion reduction filter clinical studies
2. ProMetic announces scale-up of prion removal resin in plasma product for biopharmaceutical use
3. ProMetic provides business update - Over $35 million worth of business secured in January
4. ProMetic announces signature of definitive license agreement with Kedrion for two hyperimmune products
5. ProMetic reports continued positive data in PBI-1402 phase II trial in chemotherapy-induced anemia
6. ProMetic and Sartorius Stedim Biotech collaborate on technology transfer deals in Asia
7. Prometic to present at the American Chemical Society
8. ProMetic to obtain controlling stake in Pathogen Removal and Diagnostic Technologies Inc.
9. ProMetic presents preclinical data for prostate and pancreatic cancer at the AACR Meeting
10. Prometic provides information for its Annual and Special Meeting of Shareholders
11. ProMetic announces Octapharma publication of PRDTS prion removal resin in Octaplas(R) manufacturing process at 30th International Congress of the International Society for Blood Transfusion meeting in Macao SAR, China
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... SHANGHAI , Jan. 19, 2017 /PRNewswire -- ... medical device open-access capability and technology platform, today ... a leading biology focused preclinical drug discovery contract ... Biosciences will become a wholly-owned subsidiary of WuXi, ... core competences and providing greater services. The acquisition ...
(Date:1/19/2017)... and GAITHERSBURG, Md. , ... PIP) and Altimmune, Inc., a privately-held immunotherapeutics company ... a definitive agreement for the merger of PharmAthene ... investors include Novartis Venture Fund, HealthCap, Truffle Capital ... a fully-integrated and diversified immunotherapeutics company with four ...
(Date:1/19/2017)... ... January 18, 2017 , ... LabRoots , the ... around the world, was today awarded the "Best Science & Technology Social Networking ... merit and decided upon by a dedicated team of researchers and analysts. , ...
(Date:1/19/2017)... , Jan. 18, 2017  Northwest Biotherapeutics, Inc. (OTCQB: ... personalized immune therapies for operable and inoperable solid tumor ... Chief Technical Officer of NW Bio, will present at ... 2017, at the Hyatt Regency Hotel in ... chair the session entitled "New Therapeutic Approaches – Expanding ...
Breaking Biology Technology:
(Date:12/20/2016)... LONDON , Dec. 20, 2016 ... car sharing, rental and leasing is stoking significant ... of radio frequency technology, Bluetooth low energy (BLE), ... emerge as the next wave of wireless technologies ... vehicle access system to advanced access systems opens ...
(Date:12/16/2016)... DUBLIN , Dec 16, 2016 Research ... Access System Market - Global Forecast to 2021" report to ... ... projected to grow at a CAGR of 14.06% from 2016 to ... 2016, and is projected to reach 854.8 Million by 2021. The ...
(Date:12/15/2016)... ... has announced the addition of the "Global Military Biometrics Market 2016-2020" ... global military biometrics market to grow at a CAGR of 7.5% during ... on an in-depth market analysis with inputs from industry experts. The report ... The report also includes a discussion of the key vendors operating in ...
Breaking Biology News(10 mins):