Welcome!

News Feed Item

ProMetic Reports Its First Quarter 2014 Highlights and Financial Results

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.

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Pentaho has announced orchestration capabilities that streamline the entire machine learning workflow and enable teams of data scientists, engineers and analysts to train, tune, test and deploy predictive models. Pentaho’s Data Integration and analytics platform ends the ‘gridlock’ associated with machine learning by enabling smooth team collaboration, maximizing limited data science resources and putting predictive models to work on big data faster – regardless of use case, industry, or languag...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Addteq will exhibit at SYS-CON's DevOps Summit at Cloud Expo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Addteq specializes in creating innovative solutions to solve business processes through the use of DevOps automation. Addteq was founded on the firm belief that automation is essential for successful software releases. Addteq's products and services are centered around the fundamental approach of understanding the pr...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...