- ProMetic secures a world-wide proprietary position for IAIP
- ProMetic to pursue two orphan indications, including a pediatric orphan indication; all other indications to be pursued by ProThera.
- ProMetic to receive up to 22.5% equity stake in ProThera
- ProMetic designated as exclusive manufacturer and supplier of IAIP for all indications
LAVAL, QC, Nov. 19, 2015 /CNW Telbec/ - ProMetic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("ProMetic" or the "Corporation") announced today that it has entered into a strategic partnership with ProThera Biologics Inc. ("ProThera") for the development and commercialization of human plasma-derived Inter-alpha Inhibitor Proteins. The agreements provide ProMetic with global, exclusive intellectual property rights to commercialize products for two clinical indications and both companies have strategic interest in the other's IAIP-related therapeutic areas through a royalty- bearing cross-license agreement.
Under the terms of the deal, ProMetic and ProThera each will perform development services in order to advance IAIP to the clinic by 2017. ProMetic has received an initial 11.25 % equity stake in ProThera and such equity position to be increased to 22.5% following the achievement of an early-stage development milestone. Further, ProMetic will exclusively manufacture IAIP for clinical trial requirements and commercial sales for all indications.
"We are very pleased to be collaborating with ProThera on the development of IAIP. The combination of our proprietary PPPSTM manufacturing platform and clinical development expertise with ProThera's world-class understanding of IAIP and unique intellectual property will contribute to the successful development and commercialization of this plasma-derived protein", commented Mr. Pierre Laurin, President and CEO of ProMetic. "We look forward to pursuing multiple unmet medical needs to be treated with IAIP by both ProMetic and ProThera"
Dr. Yow-Pin Lim, CEO of ProThera, commented: "Accessing ProMetic's proprietary manufacturing platform to produce high quality plasma-derived therapeutics and ProMetic's deep industry knowledge were key factors in our decision to partner our IAIP intellectual property and technological expertise. We look forward to ProMetic joining ProThera as an equity and strategic commercialization partner and believe this will accelerate the development of our mutual IAIP clinical programs".
"This partnership fits well with our corporate strategy of maximizing the revenue output from every liter of plasma processed under our proprietary platform as well as with our goal of becoming a major player in the development and marketing of niche, high-value orphan drugs", stated Mr. Bruce Pritchard, Chief Operating Officer of ProMetic.
About Inter-alpha Inhibitor Proteins
Inter-alpha Inhibitor Proteins (IAIP) are a family of naturally occurring proteins found in high concentration in human plasma and play an important role in the regulation of host immune response. Research shows that IAIP play a key role in fighting acute inflammatory diseases including whole-body inflammation (shock syndrome or sepsis), due to infection, trauma or injury. IAIP exert their effects through multiple anti-inflammatory pathways, but importantly they function by binding to, and neutralizing, the toxic effects of extracellular histones released from dying cells. There is now a broad and growing recognition that IAIP are one of the body's first lines of defense against severe inflammation and they serve as important immunomodulators. IAIP treatment has been shown to be effective in many pre-clinical models of acute inflammatory disease and decreased IAIP levels in patients correlate with increased morbidity and mortality for multiple diseases.
About ProThera Biologics Inc.
ProThera Biologics, Inc. is a Rhode Island-based biotechnology company, pioneering the development of highly innovative products based on Inter-alpha Inhibitor Proteins (IAIP) for the treatment and detection of severe inflammatory diseases. The Company was founded in 2002 to focus on the critical role and commercial potential of IAIP for treating acute life-threatening inflammatory diseases. The discovery research was originated in the basic research laboratories of the co-founders, Yow-Pin Lim, MD/PhD and Douglas C. Hixson, PhD. at Lifespan's Rhode Island Hospital. Currently led by Yow-Pin Lim, M.D./PhD. and Denice Spero, Ph.D., the company is backed by the Slater Technology Fund and has received continuous funding grants from the National Institutes of Health with multiple Phase I and II Small Business Innovation Research (SBIR) grants over the past 10 years. ProThera has developed a novel process to purify Inter-alpha Inhibitor Proteins from human plasma, and has conducted ground-breaking research into the usage of IAIP to fight acute inflammation across multiple indication areas. Replenishing IAIP to treat acute inflammation is the basis for ProThera Biologics' biotherapeutic and monitoring the levels of IAIP to assess a patient's immune status is the basis for ProThera's diagnostic tests. By combining both the predictive test and the therapeutic proteins ProThera offers a rational and integrated solution to treat acute deadly systemic inflammatory conditions.
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 commercial activities in the U.S., Canada, Europe, Russia, Asia and Australia.
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, 2014, 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.
SOURCE ProMetic Life Sciences Inc.
For further information: Pierre Laurin, President and CEO, ProMetic Life Sciences Inc, [email protected], 450.781.0115; Frederic Dumais, Senior Director, Communications & Investor Relations, ProMetic Life Sciences Inc., [email protected], 450-781-0115