LAVAL, QUEBEC -- (Marketwire) -- 03/26/13 -- ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic" or the "Corporation") today reported revenues of $8.3 million and a net profit of $1.0 million for the fourth quarter ended December 31, 2012, driven by strengthening product sales as well as increased service revenues from ProMetic's protein technologies business. ProMetic reported revenues of $23.3 million for the fiscal year ended December 31, 2012, representing an increase of 32% over the prior year and a net loss of ($0.4 million), representing an improvement of $2.8 million over the prior year.
"2012 was a record year for ProMetic with the highest annual sales in our corporate history. 2012 was also a pivotal year in terms of closing new strategic partnerships and alliances in both established and emerging markets. We are proud to have exceeded our corporate objectives set for the year and look forward to a strong 2013 as we continue to position ProMetic's technologies as new industry standards", stated Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer. "We believe that the necessary foundation to achieve the next stage of corporate growth has been firmly established for 2013 and the coming years", added Mr. Laurin.
The Corporation had a very successful year in regards to its business development initiatives as evidenced by the growing number of transactions and strategic partnerships secured. As a result, the Corporation significantly improved its financial performance and exceeded its projected $21 million base case business for 2012.
-- Agreements with NantPharma, LLC for the formation of an affiliate biopharmaceutical company, NantPro BioSciences, LLC, to develop and commercialize a plasma-derived biopharmaceutical product for the US market. Under these agreements, ProMetic has granted NantPro BioSciences, LLC rights to its Plasma Protein Purification System ("PPPS") and Prion Reduction technologies for the exclusive development and commercialization of a plasma-derived biopharmaceutical product for the US market. The agreements provide ProMetic with grant back rights to the biopharmaceutical product for markets outside the US. Upon FDA approval, ProMetic will manufacture and supply cGMP bulk active to NantPharma LLC completing the final sterile manufacturing steps;-- An $11 million research and development agreement for a project program on its proprietary prion technologies with Shenzhen Hepalink Co., Ltd. The agreement includes $11 million in licensing fees and milestone payments to ProMetic, of which $2 million was paid up front;-- A strategic investment from Shenzhen Hepalink Co., Ltd consisting of a $10.0 million equity investment in ProMetic at a significant premium to ProMetic's share trading price.-- Agreement with Hematech BioTherapeutics Inc. ("HBI"), for the co- development and co-exclusive commercialization, on a world-wide basis (excluding China), of a plasma-purified human plasminogen drug targeting the treatment of hypoplasminogenemia, or type I plasminogen deficiency ("T1PD") for which an orphan drug status has been granted by the FDA.-- A strategic alliance with HBI pursuant to which HBI will fully fund the construction and operating costs of a new cGMP plant dedicated to manufacturing of plasma-derived therapeutics for ProMetic and its licensees.