LAVAL, Que. - ProMetic Life Sciences Inc. (TSX:PLI) had a $2.5-million net profit in the third quarter as the biotechnology company's revenue more than doubled compared with the same time last year.
The profit was equal to one cent per share and contrasted with a $2.1 million net loss in the third quarter of 2011.
The Montreal-area company's revenue for the three months ended Sept. 30 was $7.7 million, up from $3.3 million a year earlier.
The financial report comes six weeks after Laval-based ProMetic announced that China's Shenzhen Hepalink Pharmaceutical Co. Ltd. would take a 10 per cent stake in the company.
ProMetic said it expects to receive further funding for product development activities to be performed on behalf of Hepalink, starting in the fourth quarter — advancing the company's efforts to secure a solid revenue stream.
"The combination of our expanding commercial activities coupled with the execution of recent strategic agreements will provide significant upside to revenues. This consequently results in a reduction in expected financing requirements for the coming quarters," said Bruce Pritchard, ProMetic's chief financial officer
"We have already made significant progress in improving most of our key financial metrics compared to the same period of last year and expect this trend to continue."
ProMetic shares traded Tuesday at 17 cents, down half a cent, on the Toronto Stock Exchange.