ProMetic Life Sciences improves Q1 loss to $2.1-million
2013-05-08 10:53 ET - News Release
Mr. Pierre Laurin reports
PROMETIC REPORTS HIGHLIGHTS OF ITS 2012 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND ITS FIRST QUARTER 2013 FINANCIALS RESULTS
ProMetic Life Sciences Inc. expects revenues to exceed $11-million by the end of June, 2013, compared with revenues of $7.4-million for the first half of 2012. This is supported by revenues of $4.4 million for the first quarter of 2013, an increase of $3.3 million compared to revenues of $1.1 million for the first quarter of 2012. The Corporation also reported EBITDA of ($1.3 million) for the quarter ended March 31, 2013, a $2.3 million improvement compared to EBITDA of ($3.6 million) for the first quarter of 2012 as well as a net loss of ($2.1 million) for the first quarter ended March 31, 2013, an improvement of $2.6 million compared to a net loss of ($4.7 million) for the first quarter of 2012.
"We are already $3.3 million ahead of same time last year in revenue terms after only the first quarter. We anticipate to further widen this improvement by the time we reach the end of the first half of 2013. Our continually improving financial situation combined with the achievement of upcoming corporate milestones should make for another strong year for ProMetic", stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer.
Base case guidance for 2013:
The Corporation indicated that it expected base case revenues from ongoing product sales, service revenues and milestone payments with further upside potential from the closing of corporate and business development initiatives to significantly exceed 2012 revenues.
2013 Corporate Objectives and First Quarter 2013 Highlights and Results
2013 Corporate Objectives:
The Corporation's objective is to deliver amongst others on the following:
-- Operational launch of ProMetic BioProduction Inc. in Laval, Quebec; -- Secure orphan drug designations; -- Advance lead small molecule drug candidate to clinical trial stage; and -- Develop and enter into new programs/strategic alliances.
First Quarter 2013 Highlights
The Corporation further improved its financial position during the three-month period ended March 31, 2013. It received cash arising from the share subscription of $9.8 million from the Hepalink strategic equity investment and successfully completed the renegotiation of the repayment terms of $4.0 million of secured, long-term debt provided by shareholders.
Other Highlights include:
-- The Corporation received confirmation from Octapharma of the regulatory approval of OctaplasAtrademark by the American Food and Drug Administration ("FDA") for the US market. ProMetic's proprietary prion capture resin, PrioClear(TM), is incorporated in Octapharma's manufacturing process for its solvent/detergent treated, prion-reduced, plasma product, OctaplasAtrademark. -- The Corporation confirmed that an orphan drug designation status has been granted for its plasma purified human plasminogen drug to ProMetic BioTherapeutics, Inc., its US based subsidiary, by the FDA. The orphan drug designation is for the treatment of hypoplasminogenemia, or type I plasminogen deficiency ("T1PD").
More on First Quarter 2013 Financial Results
The financial information for the three-months ended March 31, 2013 should be read in conjunction with the Corporation's financial statements as well as the Management's Discussion and Analysis dated May 8, 2013.
Total revenues for the three-month period ended March 31, 2013 were $4.4 million compared to $1.1 million for the same period in the previous year. Revenues from the sale of goods amounted to $1.9 million compared to $0.9 million for the same period in 2012. This increase is due to higher levels of sales of the Corporation's bioseparations products. Service revenues for the three-month period ended March 31, 2013 were significantly higher at $2.5 million compared to $0.1 million in the same period of the previous year.
ProMetic generated a net loss of $2.1 million for the three-month period ended March 31, 2013 compared to a net loss of $4.7 million for the three-month period ended March 31, 2012.
"We have significantly improved our financial position with the cash received from the Hepalink strategic equity investment and the renegotiation of the repayment terms of the $4.0 million secured long-term debt provided by shareholders. We now have sufficient financial resources to allow us to execute our key corporate initiatives for the year", said Mr. Bruce Pritchard, ProMetic's Chief Financial Officer.
ProMetic will be discussing its first quarter 2013 highlights and financial results during its annual and special meeting of shareholders taking place at 10:30am (EST) on Wednesday, May 8, 2013. A live audio webcast of the annual and special meeting of shareholders will be available via the following hyperlink: http://www.gowebcasting.com/4312
Additional Information in Respect to the Three month ended March 31, 2013
ProMetic's MD&A and three month period ended March 31, 2013 Financial Statements have been filed on Sedar (www.sedar.com) and will be available on the Company's website at www.prometic.com.
The following directors were re-elected to ProMetic's Board of Directors at the Annual and Special Meeting of the Shareholders:
Mr., G.F. Kym Anthony Mr., Robert Lacroix Mr., Pierre Laurin Ms., Louise Menard Mr., Paul Mesburis Dr., John Moran Ms., Nancy Orr Mr., Bruce Wendel Mr., Benjamin Wygodny
New Directors Elected
Mr., Michael Brunnelle Dr., Raymond Hakim
Mr Michael Brunelle and Dr Raymond Hakim were newly elected board members bringing additional pharmaceutical industry experience.
Dr. Hakim served as Chief Medical Officer and Senior Executive Vice President, Clinical & Scientific Affairs for Fresenius Medical Services North America. The Massachusetts Institute of Technology (MIT)-trained engineer broadened his career in 1972, when he entered McGill Medical School. He completed his Nephrology fellowship at Harvard Medical School and at Brigham and Women's Hospital in Boston. He went on to serve as Medical Director of Dialysis Clinical Services at Vanderbilt University Hospital. In 1995, Dr. Hakim became one of the founders of Renal Care Group which later merged with Fresenius Medical Care North America.
Dr Hakim is joining Dr John Moran to support the advancement of ProMetic's lead drug candidates for the treatment of chronic Kidney diseases.
We wholeheartedly wish to thank all our employees and collaborators for their dedication, hard work and cooperation, our Board of Directors for the valuable guidance provided as well as all our shareholders and stakeholders for their ongoing support and loyalty. We look forward to updating you on our ongoing progress and achievements as we keep building a stronger Company.
We seek Safe Harbor.