LAVAL, QUEBEC--(Marketwire - Mar 26, 2013) - ProMetic Life Sciences Inc. (PLI.TO) ("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.
2012 Financial Results
The financial information in regards to the twelve month period ended December 31, 2012 should be read in conjunction with the Corporation's financial statements as well as the Management's Discussion and Analysis dated March 25, 2013.
Total revenues for the fourth quarter of 2012, which were derived from product sales, development services and licensing revenues, were $8.3 million. Total revenues for the 2012 financial year were $23.3 million as compared to $17.6 million for the previous financial year.
ProMetic generated a net profit of $1.0 million for the quarter ended December 31, 2012 contributing to reduce its net loss to ($0.4 million) for the 2012 financial year compared to a net loss of ($3.3 million) for the previous 2011 financial year.
"We have significantly improved our overall financial performance in 2012 reaching new highs on many of our key financial indicators. We are pleased with our 2012 performance with record annual sales exceeding $23 million, positive EBITDA of $2.5 million, a significant improvement of our balance sheet and almost breaking even for the entire year. We believe to be well positioned to continue delivering solid financial performances going forward", said Mr. Bruce Pritchard, ProMetic's Chief Financial Officer.
ProMetic is pleased to announce that the entity that will operate its facility located in Laval, Quebec has been officially named ProMetic BioProduction Inc. Formerly known as "NewCo", the entity will manufacture high-value plasma-derived therapeutics.
Fourth Quarter and Year End 2012 Conference Call Information
ProMetic will host a conference call at 11:00am (EST) on Wednesday, March 27, 2013. The telephone numbers to access the conference call are (416) 981-9000 (International) and 1-800-755-1805 (Toll-free). A replay of the call will be available from March 27, 2013 at 1:30 p.m. until April 3, 2013. The numbers to access the replay are 1-416-626-4100 (passcode:21652529) and 1-800-558-5253 (passcode:21652529). A live audio webcast of the conference call will be available through the following: http://www.gowebcasting.com/4228
Additional Information in Respect to the Three month and Twelve month Periods ended December 31, 2012
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™ 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 Laval (Canada), ProMetic has R&D facilities in the U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the US, Europe, Asia.
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 December 31, 2012, under the heading "Risk and Uncertainties related to ProMetic's business". 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 indicated otherwise.