2012 Annual Report - Prometic - Life Science, Inc.

SIGNIFICANT EVENTS
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JANUARY
On January 26, 2012, ProMetic
received a $2.5 million purchase
order under its ongoing supply
agreement with Octapharma,
a leading, Swiss based,
independent global plasma
fractionation company that
specializes in human proteins.
This order related to the
purchase of PrioClear, a
proprietary prion capture resin
incorporated into Octapharma’s
manufacturing process for
its solvent/detergent treated
plasma product, Octaplas LG ® .
Octaplas LG ® is approved for
marketing in several European
countries and the USA
FEBRUARY
On February 17, 2012, ProMetic
completed its renegotiation of
its long term debt by restructuring
the repayment of $4 million
worth of secured loans previously
provided by some of its long term
stakeholders and improved its
short term liquidity by securing
an additional $1 million equity
investment in ProMetic from one
of the Stakeholders.
MARCH
On March 6, 2012, ProMetic
signed an agreement with an
existing client to proceed to
the next stage of an ongoing
commercial development
program. This phase of the
commercial development
program called for activities
that provided ProMetic with an
estimated $2.5 million of service
revenues throughout 2012. An
upfront payment of $0.8 million
was also triggered on the signing
of the agreement.
APRIL
On April 24, 2012, ProMetic
secured a $1.4 million agreement
with a European biotechnology
manufacturing company. Under
this agreement, ProMetic will
develop an affinity resin product
and its related manufacturing
process providing its client,
a leader in its field, with a
biosimilar product thereby
enhancing the client’s ability
to increase its share of a wellestablished
and lucrative market.
On April 25, 2012, ProMetic
received a $1.9 million follow-on
purchase order pursuant to
an existing long-term supply
agreement entered into with a
US based biopharmaceutical
company for the manufacturing
of an established bio pharmaceutical
product. This
$1.9 million purchase order
related to the supply of a
proprietary affinity adsorbent
developed and manufactured
by ProMetic’s UK subsidiary,
ProMetic Biosciences Ltd.
MAY
On May 3, 2012, ProMetic
announced the publication
of the final results of the
Prion-filtered vs. standard
Red cells in Surgical and
Multi-transfused patients
(“PRISM”) study by the UK
Advisory Board for the Safety
of Blood Tissues and Organs
(“SaBTO”).
The final conclusions of the
study were that following
administration of P-Capt ®
filtered red cells to patients:
None of the antibodies found in
study patients were attributable
to use of the filter;
There was no significant
difference in the number of
definite and probable adverse
events in patients receiving
P-Capt ® filtered red cells and
controls patients who received
standard red cells;
The use of the P-Capt ® filter does
not reduce the overall safety of
transfusion (i.e. the filter is safe
to use);
If implemented, the use of
P-Capt ® filters would require
post-marketing surveillance
to assess continued safety in
large populations of transfused
patients.
On May 7, 2012, ProMetic
signed definitive agreements
with Hematech BioTherapeutics
Inc. (“HBI”) for the codevelopment
and co-exclusive
commercialization, on a
world-wide basis (excluding
China), of a plasma-derived
biopharmaceutical product
targeting a rare medical
condition (“Orphan Drug”) and
for a strategic manufacturing
alliance.
ProMetic may receive $10 million
of milestone payments from HBI
which will fund the Orphan
Drug’s development program
up to regulatory approval.
Following the completion of
clinical trials and regulatory
approval, the Orphan Drug will
be commercialized jointly by
ProMetic and HBI on a global
basis (excluding China), with
both parties sharing profits
equally. The Orphan Drug will
be manufactured by ProMetic
in its Laval facility and in HBI’s
planned facility in Taiwan.
The deal includes a strategic
alliance providing HBI rights to
ProMetic’s proprietary PPPS
to manufacture plasma-derived
biopharmaceuticals in a
Taiwanese facility to be built and
operated by HBI.
ProMetic Life Sciences Inc.
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