Welcome!

News Feed Item

ProMetic Reports its 2014 Annual and Special Meeting of Shareholders Highlights

- 2014 revenues expected to significantly exceed 2013 revenues

LAVAL, QUEBEC -- (Marketwired) -- 05/14/14 -- ProMetic Life Sciences Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the "Corporation") today reported the highlights from its 2013 annual and special meeting of shareholders and Board of Directors election results.

ProMetic confirmed that it was anticipating its baseline revenue in 2014 to significantly exceed 2013 level and that its ongoing transition towards becoming a vertically integrated, specialty Biopharmaceutical Corporation is well under way and progressing as planned. Baseline revenues combining affinity resin sales and licensing and services revenues are expected to nearly double compared to 2013, mainly driven by partnering deals for product assets that will have reach clinical stage.

During the presentation, management confirmed the drug development pipeline activities for 2014:


--  The PBI-4050 clinical program is expected to enroll diabetic patients
    with chronic kidney disease in H2 2014; 
    
--  The plasminogen clinical program and regulatory pathway has been
    confirmed during a pre-IND meeting with the FDA and ProMetic expect to
    start enrolling patients in early H2 2014; 
    
--  The IVIG clinical program and regulatory pathway has been confirmed
    during a pre-IND meeting with the FDA and ProMetic expect to start
    enrolling patients in late 2014; 
    
--  ProMetic expect to start enrolling patients for its Alpha 1 Antitrypsin
    clinical trial in Q1 2015; and 
    
--  ProMetic expect to have 2 additional plasma-derived orphan drugs enabled
    in 2014. 

In line with its new commercialization strategy, the Corporation is developing more of its assets to an advanced stage prior to partnering. This is allowing ProMetic to retain a greater portion of the future returns from those high-value products and lucrative markets, thereby ultimately increasing shareholder value.

"We expect 2014 to be a pivotal year for ProMetic. Some of our lead drug candidates, from both the plasma derived and small molecules segments, are scheduled to commence clinical trial stages in patients during the second half of the year", mentioned Mr Pierre Laurin, President and CEO of ProMetic Life Sciences. "Our product pipeline is developing as planned and the filing of various INDs over the coming months will demonstrate the significant depth and value our proprietary technologies can generate", added Mr Laurin.

2014 Corporate Objectives:

ProMetic communicated the following corporate objectives during its annual and special meeting of shareholders:


--  Continued growth of the bioseparation business; 
    
--  Manufacturing of required GMP clinical trial material at ProMetic
    BioProduction Inc. in Laval, Quebec for ongoing plasma derived
    development programs; 
    
--  Advancing several plasma derived drug candidates to clinical trial
    stages; 
    
--  Enabling of new orphan drug candidates; 
    
--  Securing additional orphan drug designations; 
    
--  Advancing lead small molecule drug candidate to patients clinical trial
    stage; and 
    
--  Developing and entering into new partnering deals/strategic alliances to
    provide market access and further manufacturing capacity.  

The current auditors, Ernst & Young, were reappointed as auditors of the Corporation, to hold office until the next annual meeting of shareholders.

The following Directors were elected to hold offices until the next annual meeting of shareholders or until their successors are elected or appointed:


Dr. Simon Best                                                              
Dr. Raymond Hakim                                                           
Mr. Charles Kenworthy                                                       
Mr. Pierre Laurin                                                           
Ms. Louise Menard                                                           
Mr Paul Mesburis                                                            
Dr. John Moran                                                              
Ms Nancy Orr                                                                
Mr. Bruce Wendel                                                            
Mr Benjamin Wygodny                                                         

Detailed voting results for the meeting are available on SEDAR at www.sedar.com

New Directors Elected

Dr. Simon Best was elected as a new board member and appointed as Chairman of the board. Dr Best is a seasoned leader from the global biotech industry.

Commenting the election of the new Director and the resignation of ProMetic's Chairman of the Board of Directors, Mr. Pierre Laurin, President and Chief Executing Officer of ProMetic commented; "I would like to welcome Dr Simon Best to our Board of Directors. I am convinced we will greatly benefit from his vast industry experience. I would also like to thank Kym for his contribution and leadership as Chairman of the Board of ProMetic over the past three years and as a Board member for the past nine years. I am also pleased that the Corporation will continue to benefit from Kym's expertise in the capital markets as a special advisor to my office", added Mr. Laurin. He also thanked Mr. Robert Lacroix for 14 years of dedicated service to the Board of ProMetic.

Due to the number of votes against the proposal to increase the maximum number of restricted share unit reserved for issuance under the restricted share unit ("RSU") plan and to amend the RSU plan to add members of the Board of Directors as eligible to participate under the RSU plan, the Board of Directors decided to withdraw the proposal.

About Dr Simon Best

Dr Best has served, both as a Founder, CEO and Chairman or Board Member of Lifescience companies and as a Chairman or Trustee of major industry bodies and public sector institutions, in the UK, USA, Europe, Asia and Latin America. He is also an experienced Angel, Venture Capital and Private Equity investor. Through the 90's, Dr. Best became a leading international figure - initially as a champion of GM Food technology and then as the CEO of the company formed at the Roslin Institute in 1998 to exploit medical applications of the technology that produced Dolly The Sheep. Dr. Best is a past Vice-Chairman of the US Biotechnology Industry Organisation and Chairman of the UK BioIndustry Association. He built 3 substantial Lifescience ventures between 1991 and 2005 - Zeneca Plant Science (Delaware, USA), Roslin BioMed and Ardana (Edinburgh, UK), and between 2010 and 2012 refocussed and rationalised a 4th - Aquapharm (Oban, UK), a pioneering marine biotechnology company. Between 2005 and 2010, he was an Entrepreneur-in-Residence for TVM Capital's MENA Fund in UAE and India and in 2008 co-founded PAR Equity LLP in Edinburgh. He was awarded the London Business School Alumni Achievement Prize in 2007. He holds an MBA from London Business School and an Honorary Doctorate and B.Mus from York University. In 2007, he was elected a Fellow of the Royal Society of Edinburgh. In 2008, he was awarded an OBE by Queen Elizabeth II and appointed a Visiting Professor of Medicine by the University of Edinburgh.

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
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will discuss the vast to...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...