- Kedrion has in-licensed ProMetic's yield improving technology
- $30 M potential annual revenue derived from ProMetic sales of the first
hyperimmune product in the U.S. market
- Incorporation of ProMetic's technology in Kedrion's manufacturing
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. Potential revenues to ProMetic from Hepatitis B
Hyperimmune direct sales in North America are to exceed $30 M annually, 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, who
will be the holder of the products registration for both markets.
"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
More about Kedrion S.p.A.
Kedrion (www.kedrion.com) is a biopharmaceutical company specialized in
the development, production, commercialization and distribution of
plasma-derived products. Born in 2001 following the rationalisation and
upgrading of other companies working in this field, it acquired a heritage of
expertise that secures it a prominent role in Italy, in Europe and in the
world. Kedrion is present in over 40 countries. It's head office is in
Tuscany, Castelvecchio Pascoli, near Lucca.
In Italy, Kedrion is a partner of the National Health Service for the
production of plasma-derived medicinal products. In addition, its expertise
serves other strategic partnerships with health institutions in other
Kedrion's activities are carried on through different companies and three
authorized production plants: Bolognana, near Lucca (Tuscany); S. Antimo, near
Naples; Gvdvllo, near Budapest. Kedrion works in four business areas:
production and commercialization of plasma-derived products obtained from the
plasma fractionation process; commercialization of flu vaccines and synthetic
pharmaceutical products; plasma collection and commercialization in foreign
markets; other activities, among them in particular transfer of technological
know-how. The three principal types of plasma-derived products produced by
Kedrion are: standard and hyperimmune immunoglobulin, albumin and coagulation
factors (procoagulants and anticoagulants).
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: Kedrion Inquiries: Stefano Guazzini, Kedrion
Scientific Director, Mob. + 39.348.6559660, email@example.com; Iria
Cogliani, Kedrion Communication Area, Mob. +39.320.9191125,
firstname.lastname@example.org; Company Inquiries: Pierre Laurin, President and CEO,
ProMetic Life Sciences Inc., +1.514.341.2115, email@example.com; Dominic
Sicotte, Echoes Financial Network Inc., +1.514.842.9551,
firstname.lastname@example.org; Anne Leduc, Manager, Investor Relations &
Communications, ProMetic Life Sciences Inc., +1.514.341.2115,
email@example.com; Investor Relations: Bruce Voss, Lippert / Heilshorn &
Associates, +1.310.691.7100, BVoss@lhai.com; Kim Golodetz, Lippert / Heilshorn
& Associates, +1.212.838.3777, KGolodetz@lhai.com; Media Relations: Jules
Abraham, Lippert / Heilshorn & Associates, +1.212.838.3777, Jabraham@lhai.com