- $2 M to ProMetic over the next 12 months
- $30 M plus potential annual revenue to ProMetic derived from first
- Kedrion has in-licensed ProMetic's yield improving technology
- Incorporation of ProMetic's prion reduction technology in Kedrion's
MONTREAL, Feb. 26 /CNW Telbec/ - ProMetic Life Sciences Inc. ("ProMetic")
(TSX:PLI) announced today that it has signed the definitive agreement for
development of two hyperimmunes with Kedrion S.p.A. ("Kedrion").
Terms of this agreement call for upfront and milestone payments, as well
as service fees to ProMetic amounting to $2 M over the next 12 months.
Potential revenues to ProMetic from Hepatitis B Hyperimmune are to exceed
$30 M annually, and are derived from royalties on Kedrion sales in Europe and
ProMetic sales in North America, which are expected to commence in 2011.
The first product to be developed will target the Hepatitis B Hyperimmune
market which is currently estimated in Europe and in the U.S. to be at $200 M
and is expected to be at $400 M by 2015.
Kedrion has in-licensed ProMetic's technologies for the manufacturing of
hyperimmune products in Europe. Royalties, licensing and service fees for the
sales of products in Europe will be paid by Kedrion to ProMetic with ProMetic
retaining the commercial rights for the fully developed hyperimmune products
for the North American market. ProMetic will in turn pay Kedrion royalties on
its sales of the hyperimmune products in North America.
The product development program, including the clinical trial designed to
meet U.S. and European regulatory requirements will be funded by Kedrion. Full
scale commercial manufacturing will then take place in Kedrion's facility in
"This agreement with Kedrion will leverage ProMetic's ability to
penetrate into the North American hyperimmune product market and expand on our
existing revenue base," commented Mr. Pierre Laurin, President and Chief
Executive Officer of ProMetic.
More about Hepatitis B
HB, hepatitis B IVIG is primarily used in preventing reinfection with
hepatitis B in HBV positive liver transplant patients. It is also used in the
treatment of acute exposure to hepatitis B following acute exposure to blood
containing HBsAg, perinatal exposure of infants born to HBsAg-positive
mothers, sexual exposure to HBsAg positive persons, and household exposure of
infants to persons with acute hepatitis B virus infection. The groups usually
considered at risk are hepatitis B researchers and workers, and many health
care professionals. This group is estimated to lead to a demand for
45,000 doses per year of hepatitis B immune globulin. Pricing varies, but a
reasonable rule of thumb is $900 per treatment. The market hepatitis B immune
globulin in the U.S. is estimated $42 M in 2005. This should grow at a
10% AAGR to $67.6 M by 2010. (The Blood Industry, Copyright (C) Business
Communications Co., Inc., Norwalk, CT USA, Web: www.bccresearch.com)
More about Kedrion S.p.A.
Kedrion is a biopharmaceutical company specializing in the development,
production and distribution of plasma-derived products. In Italy, Kedrion is
the main reference point for the National Health Service as regards the
production of plasma-derived drugs. Moreover, its skills are also put to use
in strategic partnerships with overseas health services. Kedrion is present in
over 40 countries, and is in 6th place in the world for volume of fractionated
plasma and 7th for sales. The quality of its products, its continuous
commitment to research and development, its consistent industrial capacity and
its consolidated presence on the national and international market are the
company's main areas of competitiveness.
Kedrion is located in Castelvecchio Pascoli, in the province of Lucca,
Tuscany, and has two production plants, Kedrion Bolognana, in the vicinity of
Lucca, and Hardis S. Antimo, in the vicinity of Naples. Kedrion's operations
cover three different areas of business: production and distribution of
plasma-derived products, Contract Manufacturing and transfer of technological
know how. The three principal types of plasmaderivates produced by Kedrion
are: standard and hyperimmune immunoglobulin, albumin and coagulation factors
(procoagulants and anticoagulants). Its Website is www.kedrion.com.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (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 Montréal (Canada), ProMetic has R&D facilities in the UK, the USA and
Canada, manufacturing facilities in the UK and business development activities
in the USA, 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, 2006, 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.
For further information:
For further information: Company Inquiries: Pierre Laurin, President and
CEO, ProMetic Life Sciences Inc., (514) 341-2115, firstname.lastname@example.org; Anne
Leduc, Manager, Investor Relations & Communications, ProMetic Life Sciences
Inc., (514) 341-2115, email@example.com; Dominic Sicotte, Echoes Financial
Network Inc., (514) 842-9551, firstname.lastname@example.org; Investor
Relations: Bruce Voss, Lippert/Heilshorn & Associates, (310) 691-7100,
BVoss@lhai.com; Kim Golodetz, Lippert/Heilshorn & Associates, (212) 838-3777,
KGolodetz@lhai.com; Media Relations: Jules Abraham, Lippert/Heilshorn &
Associates, (212) 838-3777, Jabraham@lhai.com