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LAVAL, QC, ROCKVILLE, MD and CAMBRIDGE, United Kingdom, Sept. 3, 2019 /CNW Telbec/ - Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic" or the "Company"), a biopharmaceutical company focused on developing novel therapeutics to treat unmet needs in patients with liver, respiratory and kidney disease, primarily in rare or orphan diseases, announced today its intention to change its name as part of a global rebrand in support of its new vision and values. Subject to the customary approvals, including stock exchange and shareholder approvals, the Company expects the name change will be effective in October 2019.
"This proposed name change underscores our determination to focus on the Company's promising future in further developing our products and businesses for the benefit of patients around the world with serious unmet medical needs" stated Kenneth Galbraith, Chief Executive Officer of the Company. "We believe that Liminal BioSciences Inc. truly represents the Company's new vision and values, and that a name change in conjunction with the NASDAQ listing application for our common shares is an appropriate time. We look forward to reporting on our progress at Liminal in the months and years ahead to our shareholders".
A special meeting of Prometic shareholders, to be held in Montreal, Quebec, has been called for October 3, 2019 to consider the change, which must be approved by at least two-thirds of the votes cast by the holders of Prometic's common shares, either present in person or represented by proxy at the special meeting. A management information circular for the special meeting is available under Prometic's profile on SEDAR at www.sedar.com and is being mailed to Prometic's shareholders.
Upon receipt of shareholder approval, Prometic will file Articles of Amendment to effect the change of name and expects that its common shares will commence trading on the NASDAQ and Toronto Stock Exchange under the new name in the fourth quarter of 2019.
Certain information provided in this news release constitutes forward-looking statements, including the intention of the Company to complete the Consolidation and the amount of Common Shares after giving effect to the Consolidation. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Prometic believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Management Information Circular, Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Prometic or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Prometic (www.prometic.com) is an innovative biopharmaceutical company with a broad pipeline of small molecule therapeutics under development to treat unmet needs in patients with liver, respiratory and kidney disease, with a focus on rare or orphan diseases. Prometic's differentiated research involves the study of several G-protein-coupled-receptors, GPR40, GPR120 and GPR84, known as free fatty acid receptors (FFAR's). These drug candidates have a multiple mode-of-action as agonists ("stimulators") of GPR40 and GPR 120, and antagonists ("inhibitors") of GPR84. Our lead drug candidate, PBI‑4050, is expected to enter Phase 3 clinical studies for the treatment of Alström Syndrome after approval by the FDA and EMA. A second drug candidate, PBI-4547, is expected to enter Phase 1 clinical studies in 2019.
Prometic also has leveraged its experience in bioseparation technologies to isolate and purify biopharmaceuticals from human plasma. The lead plasma-derived therapeutic product is RyplazimTM (plasminogen) which the Company expects to file a BLA with the US FDA in the first half of 2020 seeking approval to treat patients with congenital plasminogen deficiency. The Company also operates a contract development and manufacturing operation in the United Kingdom, deriving revenue through sales of affinity chromatography media.
Prometic has active business operations in Canada, the United States, the Isle of Man and the United Kingdom.
SOURCE ProMetic Life Sciences Inc.