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ProMetic Enters Agreement to Improve Manufacturing Process for Second-Generation Biopharmaceutical Targeting $1B Market

^{Published on 2009-12-01 03:10:38 - Market Wire}
 

MONTREAL, QUEBEC, CANADA--(Marketwire - Dec. 1, 2009) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today announced the signing of an agreement (the "Agreement") by ProMetic's UK subsidiary, ProMetic Biosciences Ltd ("PBL"), with a multinational company looking to capture significant share of a well established and growing $1B market with a new and improved version of its already existing commercialized product.

Under this new Agreement, ProMetic will develop a Mimetic Ligand^TM affinity adsorbent for this new client as well as associated process conditions for the manufacturing of the client's next generation of its recombinant biopharmaceutical product.

The Agreement will provide ProMetic with initial service revenues of up to $1,350,000 CAD over the next year, commencing as of this month. Assuming successful completion of the development program, it is expected that ProMetic will enter into a subsequent long-term agreement for supply of the Mimetic Ligand^TM adsorbent, which will provide recurring revenues to the Company, and for which the parties have already negotiated an exclusive option period.

Mr. Cory Pigeon, PBL's Commercial Director for North America said: "The provision of custom development programs for Mimetic Ligand^TM adsorbents represents regular business for ProMetic and provides our clients with clear advantages including higher yielding and lower cost manufacturing processes as well as higher purity products".

"We are very encouraged that companies with existing products and manufacturing processes are turning to ProMetic for the development of improved processes for their second generation products," stated PBL's Chief Executive Officer, Dr. Steve Burton.

About Mimetic Ligand^TM Adsorbents

Mimetic Ligands^TM are stable synthetic affinity ligands developed and manufactured by ProMetic for use in purification of biopharmaceutical products. These proprietary materials enable ProMetic's clients to develop high-performance and cost-effective manufacturing processes. A growing number of companies are adopting Mimetic Ligand^TM products for use in the manufacture of licenced biopharmaceuticals.

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 Montreal (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe, Asia and in the Middle-East.

Forward Looking Statements

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 on page 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, under the heading "Risk Factors". 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 stated otherwise.