ProMetic Reports Highlights of Its 2012 Annual and Special Meeting of
Shareholders and Its First Quarter 2013 Financials Results
- Revenues of $4.4 million in Q1 2013, an increase of $3.3 million
compared to Q1 2012
- Revenues expected to exceed $11.0 million by the end of June 2013,
compared to $7.4 million for the first half of 2012
- 2013 revenues expected to significantly exceed 2012 revenues
- IND for PBI-4050 expected to be filed in Q3 2013
- ProMetic BioProduction's plasma purification and manufacturing
facility to be operational in Q4 2013
- 2013 corporate objectives communicated
- New members elected to Board of Directors
LAVAL, QUEBEC -- (Marketwired) -- 05/08/13 -- ProMetic Life Sciences
Inc. (TSX:PLI)(OTCQX:PFSCF) ("ProMetic" or the "Corporation") today
reported it expects revenues to exceed $11 million by the end of June
2013, compared to 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
2013 Corporate Objectives:
The Corporation's objective is to deliver amongst others on the
-- 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 Octaplas(R) 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,
-- 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
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:
Additional Information in Respect to the Three month ended March 31,
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
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.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (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 Laval (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 US, Europe,
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, 2012, 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.
President and CEO
ProMetic Life Sciences Inc.
Director, Communications & Investor Relations
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