LAVAL, QUEBEC--(Marketwire - Dec. 5, 2012) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic" or the"Corporation") announced today the achievement of the first milestone related to the advancement of a plasma-derived biopharmaceutical product targeting a rare medical condition ("Orphan Drug") in partnership with Hematech Biotherapeutics Inc. ("Hematech").
The $1.0 million milestone payment is part of an overall $10 million drug licensing and development agreement concluded with Hematech in May, 2012, of which $1.0 million was already paid to ProMetic as an upfront fee. The agreement calls for additional milestone payments totaling $8.0 million, of which $4 million are expected to be achieved over the course of the next 12 to 15 months.
Following the completion of clinical trials and regulatory approval, the Orphan Drug will be commercialized jointly by ProMetic and Hematech on a global basis (excluding China), with both parties sharing profits equally. The Orphan Drug will be manufactured by ProMetic in its Laval, Quebec facility and in HBI's planned facility in Taiwan.
"We are pleased with the timely achievement of this first milestone. It confirms the potential of our plasma purification manufacturing platform and its related processes to eventually and efficiently produce best-in-class orphan drug products", mentioned Mr. Pierre Laurin, ProMetic's President and Chief Executing Officer. "This milestone achievement bodes well for the advancement of other plasma derived therapeutics currently under development to take place at the future Hematech Taiwanese manufacturing facility", added Mr. Laurin.
About Orphan Drug
An orphan drug is a pharmaceutical agent that has been developed specifically to treat a rare medical condition, the condition itself being referred to as an orphan disease. The assignment of orphan status to a disease and to any drugs developed to treat it is a matter of public policy in many countries, and has resulted in medical breakthroughs that may not have otherwise been achieved due to the economics of drug research and development. Orphan drugs generally follow the same regulatory development path as any other pharmaceutical product, in which testing focuses on pharmacokinetics and pharmacodynamics, dosing, stability, safety and efficacy. However, some statistical burdens are lessened in an effort to maintain development momentum.
About ProMetic's Plasma Protein Purification System (PPPS ™ )
The Plasma Protein Purification System (PPPS™) allows for the targeting and removal of multiple high-value proteins from a single plasma sample at unprecedented activity levels using ProMetic's Mimetic Ligand™ adsorbent technology. This system also provides for the recovery of new biotherapeutics as they are discovered and identified. The effect of this process is to reduce the significant losses incurred when using the more conventional Cohn precipitation process.