ProMetic confirmed that it was anticipating its baseline revenue in 2014 to significantly exceed 2013 level and that its ongoing transition towards becoming a vertically integrated, specialty
During the presentation, management confirmed the drug development pipeline activities for 2014:
-- The PBI-4050 clinical program is expected to enroll diabetic patients with chronic kidney disease in H2 2014; -- The plasminogen clinical program and regulatory pathway has been confirmed during a pre-IND meeting with the
FDAand ProMetic expect to start enrolling patients in early H2 2014; -- The IVIG clinical program and regulatory pathway has been confirmed during a pre-IND meeting with the FDAand ProMetic expect to start enrolling patients in late 2014; -- ProMetic expect to start enrolling patients for its Alpha1 Antitrypsin clinical trial in Q1 2015; and -- ProMetic expect to have 2 additional plasma-derived orphan drugs enabled in 2014.
In line with its new commercialization strategy, the Corporation is developing more of its assets to an advanced stage prior to partnering. This is allowing ProMetic to retain a greater portion of the future returns from those high-value products and lucrative markets, thereby ultimately increasing shareholder value.
"We expect 2014 to be a pivotal year for ProMetic. Some of our lead drug candidates, from both the plasma derived and small molecules segments, are scheduled to commence clinical trial stages in patients during the second half of the year", mentioned Mr
2014 Corporate Objectives:
ProMetic communicated the following corporate objectives during its annual and special meeting of shareholders:
-- Continued growth of the bioseparation business; -- Manufacturing of required GMP clinical trial material at
ProMetic BioProduction Inc.in Laval, Quebecfor ongoing plasma derived development programs; -- Advancing several plasma derived drug candidates to clinical trial stages; -- Enabling of new orphan drug candidates; -- Securing additional orphan drug designations; -- Advancing lead small molecule drug candidate to patients clinical trial stage; and -- Developing and entering into new partnering deals/strategic alliances to provide market access and further manufacturing capacity.
The current auditors, Ernst & Young, were reappointed as auditors of the Corporation, to hold office until the next annual meeting of shareholders.
The following Directors were elected to hold offices until the next annual meeting of shareholders or until their successors are elected or appointed:
Simon BestDr. Raymond HakimMr. Charles KenworthyMr. Pierre LaurinMs. Louise MenardMr Paul MesburisDr. John MoranMs Nancy OrrMr. Bruce WendelMr Benjamin Wygodny
Detailed voting results for the meeting are available on SEDAR at www.sedar.com
New Directors Elected
Commenting the election of the new Director and the resignation of ProMetic's Chairman of the Board of Directors, Mr.
Due to the number of votes against the proposal to increase the maximum number of restricted share unit reserved for issuance under the restricted share unit ("RSU") plan and to amend the RSU plan to add members of the Board of Directors as eligible to participate under the RSU plan, the Board of Directors decided to withdraw the proposal.
Dr Best has served, both as a Founder, CEO and Chairman or Board Member of
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 in ProMetic's Annual Information Form for the year ended
FOR FURTHER INFORMATION PLEASE CONTACT:
Pierre LaurinPresident and CEO ProMetic Life Sciences Inc.firstname.lastname@example.org 450.781.0115 Frederic DumaisDirector, Communications & Investor Relations ProMetic Life Sciences Inc.email@example.com 450-781-0115 Source: ProMetic Life Sciences Inc.