LAVAL, QC, Feb. 14, 2019 /CNW Telbec/ - Prometic Life Sciences Inc. (TSX: PLI), (OTCQX: PFSCF) ("Prometic" or the "Corporation") today announced that it has engaged Lazard to review and execute key strategic transactions for the Corporation focused on maximizing shareholder value. These transactions could include, among other things, the out-licensing of drug candidates and monetization of non-core assets.
Commenting on the proposed transactions, Simon Best, Prometic's Chairman and Chief Executive Officer stated, "We have received significant interest in some of our assets to the point that it is appropriate to utilize the expertise of an experienced deal-making bank to execute these potential transactions. While we conduct this review, we will remain focused on delivering our business plan".
Bruce Pritchard, Prometic's Chief Operating Officer and Chief Financial Officer added, "Successful outcomes of these potential transactions will simplify our operations and strengthen the Prometic balance sheet. Furthermore, the assistance of Lazard will allow us to leverage their deal-making experience to ensure we maximize shareholder value in any potential deal".
Bruce Wendel, Prometic's Chief Business Development Officer stated, "Lazard has a world-class reputation with a strong track record in closing substantive transactions including several in the plasma biopharmaceutical space. We are delighted to be working with them on key potentially transformative projects".
The Corporation has not set a timetable for this process, and there can be no assurance that a transaction will be entered into or consummated or, if a transaction is undertaken, as to its terms, structure or timing. The Corporation does not expect to make further public comment regarding these matters unless and until the Board has approved a specific transaction or otherwise concludes its review of strategic alternatives.
About Prometic Life Sciences Inc.
Prometic (www.prometic.com) is a biopharmaceutical corporation with two drug discovery platforms focusing on unmet medical needs. The first platform (small molecule therapeutics) stems from the discovery of two receptors which we believe are at the core of how the body heals: namely, promoting tissue regeneration and scar resolution as opposed to fibrosis. One of the lead drug candidates emerging from this platform, PBI-4050, is expected to enter pivotal phase 3 clinical trials for the treatment of Alström syndrome. The second drug discovery and development platform (plasma-derived therapeutics) leverages Prometic's experience in bioseparation technologies used to isolate and purify biopharmaceuticals from human plasma. The Corporation's primary goal with respect to this second platform is to address unmet medical needs with therapeutic proteins not currently commercially available, such as Ryplazim™ (plasminogen). We are also leveraging this platform's higher recovery yield potential to advance novel and established plasma-derived therapeutics. The Corporation also provides access to its proprietary bioseparation technologies to enable pharmaceutical companies in their production of non-competing biopharmaceuticals. Recognized as a bioseparations expert, the Corporation derives revenue from this activity through sales of affinity chromatography media which contributes to offset the costs of its own R&D investments.
We are headquartered in Laval, Quebec (Canada) and have R&D facilities in Canada, the United Kingdom ("UK") and the United States ("USA"), manufacturing facilities in Canada and the Isle of Man and corporate and business development activities in Canada, the USA, Europe and Asia.
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, 2017, 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: Corporate Contacts: Simon Best, Chairman 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; Investor Contact: Bob Yedid, LifeSci Advisors, [email protected], 646-597-6989; Media Contact: Matt Middleman, M.D., LifeSci Public Relations, [email protected], 646-627-8384