|By Marketwired .||
|May 14, 2014 06:00 AM EDT||
LAVAL, QUEBEC -- (Marketwired) -- 05/14/14 -- ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the "Corporation")
-- Revenues of $5.7 million in Q1 2014 -- IVIG clinical program and regulatory pathway confirmed in pre-IND meeting with the FDA - initiation in patients expected in late 2014 -- Plasminogen clinical program and regulatory pathway confirmed in pre-IND meeting with the FDA - initiation in patients expected in early H2 2014
ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the "Corporation") today reported revenues of $5.7 million for the first quarter ended March 31, 2014, an increase of $1.3 million compared to revenues of $4.4 million for the first quarter of 2013.
"Our first quarter 2014 financial results are in line with our expectations", stated Mr. Bruce Pritchard, Chief Financial Officer of ProMetic Life Sciences Inc. "We anticipate our product and service revenues from the bioseparation technologies to continue growing. We also anticipate partnering some of our plasma protein products in 2014 and are confident that such partnering will take place at enhanced values", added Mr. Pritchard.
"We expect 2014 to be a pivotal year for ProMetic. Some of our lead drug candidates, from both the plasma derived and small molecules platforms, are scheduled to enter clinical trial stages in patients during the second half of the year", mentioned Mr. Pierre Laurin, President and CEO of ProMetic Life Sciences Inc. "Our product pipeline is developing as planned and the filing of various INDs over the coming months will demonstrate the significant depth and value which our proprietary platform technologies can generate", added Mr. Laurin.
First Quarter 2014 Highlights and Results
First Quarter 2014 Business Highlights
-- The Corporation announced the completion of the first commercial-scale production run at its ProMetic BioProduction Inc. plasma purification facility located in Laval, Quebec; -- The Corporation appointed Dr. John Moran as its new Chief Medical Officer ("CMO"), effective as of March 1st, 2014; -- The Corporation entered into a new agreement with a leading vaccines company, for the development of an affinity adsorbent and associated purification process for the production of a novel vaccine product; -- The Corporation received approximately $3.2 million from InvHealth Holding Inc. ("Invhealth"), a corporation wholly-owned and controlled by Mr. Pierre Laurin, President and Chief Executing Officer of ProMetic, as via the repayment of the amended and restated loan entered into in March, 2010 with by ProMetic and InvHealth; and -- The Corporation reported a successful Pre-Investigational New Drug ("Pre-IND) meeting with the US Food and Drug Administration ("FDA") for its IVIG product currently under development under NantPro,LLC.
More on First Quarter 2014 Financial Results
The financial information for the first quarter ended March 31, 2014 should be read in conjunction with the Corporation's interim consolidated financial statements as well as the Management's Discussion and Analysis for the quarter ended March 31, 2014.
Total revenues for the first quarter ended March 31, 2014 were $5.7 million compared to $4.4 million for the first quarter ended March 31, 2013. Revenues from the sale of goods amounted to $3.2 million compared to $1.9 million for the same period in 2013. Service revenues remained essentially the same during the quarter ended March 31, 2014 compared to the same period in 2013.
ProMetic generated a net loss of $8.6 million for the quarter ended March 31, 2014 compared to a net loss of $2.1 million for the quarter ended March 31, 2013. Of the $8.6 million net loss incurred in the first quarter of 2014, a total of $3.8 million comes from a non-cash item, the variation in fair value of the warrant liability associated to the Thomvest financing transaction.
ProMetic will be discussing its first quarter 2014 highlights and financial results during its annual and special meeting of shareholders taking place at 10:30am (EST) on Wednesday, May 14, 2014. A live audio webcast of the annual and special meeting of shareholders will be available via the corporate website at: http://www.gowebcasting.com/5531
Additional Information in Respect to the First Quarter ended March 31, 2014
ProMetic's MD&A and interim consolidated financial statements for the quarter ended March 31, 2014 have been filed on Sedar (http://www.sedar.com/) and will be available on the Corporation's website at www.prometic.com.
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. A number of both the plasma-derived and small molecule products are under development for orphan drug indications. 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.
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 in ProMetic's Annual Information Form for the year ended December 31, 2013, 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.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 6, 2016 01:00 AM EST Reads: 1,836
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 12:45 AM EST Reads: 800
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 6, 2016 12:30 AM EST Reads: 3,856
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 6, 2016 12:30 AM EST Reads: 1,189
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Dec. 6, 2016 12:30 AM EST Reads: 4,569
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 6, 2016 12:00 AM EST Reads: 852
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Dec. 5, 2016 11:45 PM EST Reads: 4,290
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 5, 2016 10:45 PM EST Reads: 2,069
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 10:30 PM EST Reads: 1,051
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 10:30 PM EST Reads: 975
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Dec. 5, 2016 09:00 PM EST Reads: 4,953
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 5, 2016 08:45 PM EST Reads: 494
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 5, 2016 07:45 PM EST Reads: 2,224
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 5, 2016 07:45 PM EST Reads: 2,087
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 5, 2016 07:15 PM EST Reads: 393