ProMetic Reports its Third Quarter 2013 Highlights and Financial Results
14 Novembre 2013 - 12:00PM
Marketwired Canada
ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX:PFSCF) ("ProMetic" or the
"Corporation") today reported revenues of $6.0 million and an EBITDA loss of
$2.0 million for the third quarter ended September 30, 2013. 2013 year-to-date
revenues totaled $15.6 million compared to $15.0 million for the same 2012
period.
Commenting on the financial results for the quarter, Mr. Bruce Pritchard,
ProMetic's Chief Financial Officer stated, "Year to date revenues continue to
track slightly ahead of 2012. However, the composition of these revenues has
altered with $3.9 million less in licensing revenue being earned in the first 9
months of 2013 versus the same period of 2012. Such revenues, have no associated
cost of goods, and therefore directly impact the bottom line and this, coupled
with the increase in spending on the preparation of the Laval plant for launch
and the progression of PBI-4050 into the clinic, has caused the $6.3 million
swing in the year to date EBITDA position". Mr. Pritchard continued,
"Additionally, in the quarter, the company was required, under IFRS, to account
for a $2.6 million non-cash charge associated with the re-evaluation of the
Thomvest warrants. This transaction has led to other accounting matters detailed
in the financial statements, which I will explain during this afternoon's
conference call".
Commenting on the recently closed $24.0 million equity raise, Mr. Pierre Laurin,
ProMetic's President and Chief Executive officer stated, "Given the
strengthening of our share price and renewed interest in ProMetic from
institutional investors, we decided to raise additional equity in order to
reduce the need to solely rely on our partners for the funding of our
development activities. This will allow us to retain a greater portion of future
commercial revenues". Mr. Laurin added, "We intend to create much more value for
our shareholders by exercising greater control and ownership over our own
technology platform and related therapeutics rather than solely enabling third
parties with it".
Third Quarter 2013 Highlights
Business Highlights
During the third quarter of 2013, the Corporation made certain strategic
decisions in relation to the advancement of its technology platform on the back
of a strengthening in the company's share price. The Corporation decided to
embark upon developing more of its near term assets to an advanced stage, prior
to partnering, allowing it to retain a greater portion of these high
value/profile products and assets. By exercising greater control and ownership
over its own technology platform rather than solely enabling third parties with
it, the Company strongly believes it will ultimately significantly increase
value creation for all its shareholders. This will be achieved using the
proceeds of the equity issue recently closed.
Key quarterly highlights also include:
-- The Corporation entered into a licensing and long-term affinity resin
supply agreement with one of its existing clients, a global leader in
the biotherapeutics industry;
-- The Corporation announced that the recovery yield for Alpha-1
Antitrypsin ("AAT") achieved with its proprietary PPPS(TM) represents a
220% improvement over existing industry average and that it has selected
AAT as its second plasma-derived therapeutic to address a well-defined
unmet medical need;
-- The Corporation presented new pre-clinical data at the 2013 European
Respiratory Society ("ERS") annual congress held in Barcelona, Spain,
suggesting that PBI-4050 offers a new therapeutic approach to Idiopathic
Pulmonary Fibrosis ("IPF");
-- The Corporation secured a $10.0 million loan and issued warrants in a
financing transaction with Thomvest Seed Capital Inc. The Corporation
will use part of the proceeds for the commissioning of its GMP facility,
which will enable the manufacturing of plasma-derived orphan drugs;
-- The Corporation announced that it had successfully completed the
required GLP toxicology studies performed by a certified contract
research organization confirming that its lead drug candidate, PBI-4050,
is safe to advance into clinical trial stages; and,
-- Subsequent to quarter end, the Company announced that, it closed a
public offering of common shares in the capital of the Company. The
Company issued a total of 26,651,400 Common Shares at a price of $0.90
per Common Share for gross proceeds of $23,986,260. The net proceeds to
the Company from the Offering will be used for the advancement of the
plasma-derived orphan drug and small molecule therapeutics clinical
programs.
Third Quarter 2013 Financial Results
The financial information in regards to the three-month period ended September
30, 2013 should be read in conjunction with the Corporation's financial
statements as well as the Management's Discussion and Analysis dated November
14, 2013.
Revenues for the three-month period ended September 30, 2013 were $6.0 million
compared to $7.7 million for the same period in the previous year. Revenues for
the first nine months of 2013 were $15.6 million compared to $15.0 million for
the same period in the previous year. 2013 year-to-date product sales and
service revenues totaled $14.0 million compared to $9.6 million in 2012.
ProMetic generated a net loss (including the non-cash warrant liability impact
related to the $10.0 million Thomvest financing transaction) of $9.9 million for
the first nine months of 2013 compared to a net loss of $1.4 million for the
same 2012 period. Corporate investments relating to the advancement of PBI-4050
and other plasma-derived orphan drugs and the refurbishment of the Laval
facility contributed to this increase.
Change in Board Composition
ProMetic also announced today that California Capital Equity LLC has changed its
nominated representative on the Corporation's Board of Directors. Accordingly,
Mr. Michael Brunelle is being replaced by Mr. Chuck Kenworthy, with immediate
effect.
Third Quarter 2013 Conference Call Information
ProMetic will host a conference call at 2:00 pm (ET) on Thursday November 14,
2013 to discuss its third quarter 2013 highlights and financial results. The
telephone numbers to access the conference call are 1-416-981-9035
(International) and 1-800-759-0876 (Toll-free). A replay of the call will be
available from November 14, 2013 at 3:00 pm until November 28, 2013. The numbers
to access the replay are 1-416-626-4100 (passcode: 21686603) and 1-800-558-5253
(passcode: 21686603). A live audio webcast of the conference call will be
available through the following: http://www.gowebcasting.com/5104
Additional Information in Respect to the Three month Period ended September 30, 2013
ProMetic's MD&A and 2013 Third Quarter Financial Statements have been filed on
Sedar (www.sedar.com) and will be available on the Company's website at
www.prometic.com.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a long established
biopharmaceutical company with globally recognized expertise in bioseparations,
plasma-derived therapeutics and small-molecule drug development. ProMetic offers
its state of the art technologies for large-scale purification of biologics,
drug development, proteomics and the elimination of pathogens to a growing base
of industry leaders and uses its own affinity technology that provides for
highly efficient extraction and purification of therapeutic proteins from human
plasma in order to develop best-in-class therapeutics. ProMetic is also active
in developing its own novel small-molecule therapeutic products targeting unmet
medical needs in the field of fibrosis, anemia, neutropenia, cancer and
autoimmune diseases/inflammation as well as certain nephropathies Headquartered
in Laval (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 and 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pierre Laurin
President and CEO
ProMetic Life Sciences Inc.
p.laurin@prometic.com
450.781.0115
Frederic Dumais
Director, Communications & Investor Relations
ProMetic Life Sciences Inc.
f.dumais@prometic.com
450-781-0115
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