MONTREAL, Aug. 5 /CNW Telbec/ - ProMetic Life Sciences Inc. (TSX:PLI)
("ProMetic") announces today that it has reached an understanding with a fully
integrated, U.S.-based, biotechnology company with respect to the development
and global commercialization of several biopharmaceutical products in
ProMetic's Protein Technology Division.
In addition to licensing, development and milestone fees as well as
on-going royalties on sales of products, the definitive agreements will
provide for an initial strategic investment in ProMetic of $7 million at a
share price of $0.47. This transaction is anticipated to provide a significant
funding commitment towards the development and commercialization of the
products, which will contribute to ProMetic's revenue growth as early as 2008.
The definitive agreements will also provide for possible additional
investments in ProMetic, which may be triggered by either the biotechnology
company or ProMetic, upon fulfillment of certain predetermined conditions.
Further, the definitive agreements will provide the biotechnology company to
have a right to representation on ProMetic's board of directors.
Definitive agreements regarding the deal, which will be subject to
customary closing conditions, including TSX approval, are intended to be
negotiated and executed in the following weeks.
The Company will file a short form base shelf prospectus or "shelf
registration" with Canadian securities regulators in part to facilitate the
completion of this transaction.
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 U.K., the U.S. and
Canada, manufacturing facilities in the U.K. and business development
activities in the U.S., 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, 2007, 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, email@example.com; Anne
Leduc, Manager, Investor Relations & Communications, ProMetic Life Sciences
Inc., (514) 341-2115, firstname.lastname@example.org; Media Relations: Jules Abraham,
Lippert/Heilshorn & Associates, (212) 838-3777, JAbraham@lhai.com; Dominic
Sicotte, Echoes Financial Network Inc., (514) 842-9551,