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Share Name | Share Symbol | Market | Type |
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Cornerstone Industries International Inc. (Tier2) | TSXV:CIA | TSX Venture | Common Stock |
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0.00 | 0.00% | 0 | - |
ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today reported on its business highlights and financial results for the year ended December 31, 2007. Additionally, ProMetic announces that its 2007 Annual Report has been filed on Sedar (www.sedar.com) and is now available on its web site at www.prometic.com. "The year 2007 has seen the expansion of ProMetic's Protein Technologies business resulting in an escalating revenue growth that is projected to make this unit EBITDA positive in 2008," stated Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic. "Following on PBI-1402's positive clinical results ProMetic will continue to concentrate its resources to advance its partnering discussions." Highlights Therapeutics - PBI-1402 positive Phase II clinical results in patients with chemotherapy induced anemia ("CIA") presented at the Annual Meeting of the American Society of Hematology; - PBI-1402 positive pre-clinical data in anemia related to renal failure, demonstrating efficacy of PBI-1402 oral treatment with minimal endogenous erythropoietin - setting the stage for Phase II chronic kidney disease ("CKD") pre-dialysis clinical trial; - Analogues to PBI-1402 and New Chemical Entities ("NCEs") have been discovered with confirmed in vivo activity on anemia. Protein Technologies - 2007 revenue increased to $8.4M in addition to $1.6M of deferred revenues as of December 31, 2007; - UK and Ireland National Blood Services initiate pre-adoption trials for P-Capt(R) prion capture filter for blood units; - Prion capture filter scaled-up for industrial use by a leading European plasma fractionation company; - Strategic alliance and licensing agreements for plasma-derived therapeutics with: -- Kedrion for Hyperimmune products - first product Hepatitis B hyperimmune value to ProMetic could exceed $30 M annually; -- Wuhan Institute of Biological Products for China and Blue Blood for Taiwan - South East Asia - representing potential annual revenue of $60M when plasma fractionation companies are fully operational; - Strategic alliance with Sartorius and the launch of ProMetic's Development and Technology Transfer Center in Maryland for protein-based therapeutics - instrumental in securing the licensing agreements; - Continued growth in sales of core products in the Affinity Ligand adsorbent range, with successful scale-up by a large bio-manufacturing client to 800L column; - Initiation of the development phase that will allow the Instituto de Tecnologia do Parana ("Tecpar") to manufacture complex biopharmaceutical products for the Brazilian and South American markets; - Key performance milestones achieved for ProMetic's new MAbsorbent(TM) ligands targeting the purification of MAbs and Fabs through validation in collaboration with seven leading antibody producer companies in the United States and Europe. 2008 Milestones Therapeutics - Additional PBI-1402 Phase II clinical results from chemotherapy-induced anemia ("CIA") trials; - Initiation of the PBI-1402 Phase II chronic kidney disease ("CKD") pre-dialysis clinical trial; - Emphasis on accelerated partnering activities surrounding PBI-1402. Protein Technologies - Protein Technologies business expected to be EBITDA positive; - Additional licensing and / or technology transfer agreements for plasma proteins; - Further licencing and partnering agreements for the Mimetic Ligand(TM) technology; - Adoption of the P-Capt(R) prion filter in Europe. 2007 Financial Results Year ended December 31, 2007 The following information should be read in conjunction with the audited financial statements for the year ended December 31, 2007 as well as the annual Management Discussion and Analysis for the year ended December 31, 2007 including results of the fourth quarter. Total revenues for 2007, which were derived from the protein technology unit, were $8.4 million compared with $2.6 million in 2006. In addition, as at December 31, 2007, deferred revenues were at $1.6 million. Research and development expenses and costs of goods sold increased to $19.1 million for the year ended December 31, 2007 from $15.3 million for the same period in 2006. Administrative and marketing expenses decreased significantly to $6.6 million for the year ended December 31, 2007 from $7.6 million for the year ended December 31, 2006. The Company incurred a net loss of $22.3 million for the year ended December 31, 2007 as compared to a net loss of $30.5 million, for the same period last year. Cash and cash equivalent as at December 31, 2007 was $2.2 million compared to $20.8 million in 2006 when the Company closed a financing in December 2006. During the first quarter of 2008, the Company collected more than $4.5 million between licensing agreements, sales to customers, R&D tax credit loan and small private placements. About ProMetic Life Sciences Inc. ProMetic Life Sciences Inc. (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(TM) 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 Montreal (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 U.S., Europe, Asia and in the Middle-East. 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 on page 21 of ProMetic's Annual Information Form for the year ended December 31, 2007, under the heading "Risk Factors". 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.
1 Year Cornerstone Industries International Inc. (Tier2) Chart |
1 Month Cornerstone Industries International Inc. (Tier2) Chart |
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