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
SYS-CON Events announced today that HTBase 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. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
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...
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...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that StorageCraft Technology Corp, a global leader in backup and disaster, 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. The StorageCraft family of companies, founded in 2003, provides award-winning backup, disaster recovery, system migration and data protection solutions for servers, desktops and laptops in addition to powerful data analytics.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
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 ...
SYS-CON Events announced today that Auditwerx 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. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
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...
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...