ProMetic signs a $1.4 million agreement with European biotech company

April 25, 2012 6:24 AM

ProMetic Life Sciences Inc., a Canadian biotech company, announced yesterday the signing of an agreement by ProMetic’s UK subsidiary, ProMetic Biosciences Ltd with a European biotechnology manufacturing company.

Under this new agreement, ProMetic will develop an affinity resin product and its related manufacturing process. This will provide ProMetic’s client, a leader in its field, with a biosimilar product thereby enhancing the client’s ability to increase its share of a well-established and lucrative market.

The agreement provides ProMetic with initial service revenues of $1.4 million with work commencing immediately.  The work performed under this agreement is anticipated to lead to a long-term agreement for the manufacture and supply of the affinity resin for use in the client’s scale-up and routine commercial production of the product.

“ProMetic’s state-of-the-art technology allows us to custom design affinity products according to each client’s specific needs, providing them with high-performance manufacturing processes, enhanced quality and lower cost biological products” said Dr. Steve Burton, PBL’s Chief Executive Officer. “Furthermore, the application of our novel purification technology enables biosimilar manufacturers to avoid existing intellectual property developed and used for production of the original products and to generate new intellectual property around the new process which provides them with a competitive advantage” added Dr Burton.

“This is yet another new commercial agreement expected to contribute to our strong and growing revenue base for 2012 and beyond”, mentioned Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic.  “We anticipate adding more clients and products to our roster over the coming weeks as we continue demonstrating the significant benefits of using our proven and enabling manufacturing platforms”, added Mr. Laurin.

 

Source: ProMetic press release

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