- WIBP to invest further in ProMetic's PPPS(TM) technology
- ProMetic's new plasma facility instrumental to progress
- Accelerated drug development program: accelerated products' time to market
MONTREAL, QUEBEC--(Marketwire - May 18, 2011) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announced today that Wuhan Institute of Biologic Products ("WIBP") and its parent company, China National Biotech Group ("CNBG"), have agreed to further expand and strengthen their partnership with ProMetic. This announcement follows a series of successful milestone achievements and close cooperation between the parties in recent years. The decision by ProMetic to establish NewCo, its new facility to manufacture plasma-derived therapeutics in Laval, Quebec, was instrumental in the expansion of this relationship.
"The strategic alliance with ProMetic is in line with our long-term development and corporate objectives", stated Dr. Xiaoming Yang, President of CNBG. "Not only do we reaffirm our support to this mutually beneficial relationship but, in fact, agree to expand the strategic partnership with ProMetic", added Dr. Yang.
The expanded strategic relationship will target the following areas and result in:
- Increased investment in China for the advancement of the PPPS™ manufacturing platform which will significantly expand the resources deployed for the benefit of both CNBG/WIBP and ProMetic;
- Intensification of the development program so that more plasma-derived products can be developed simultaneously and at an accelerated pace;
- ProMetic's new manufacturing facility in Laval, Quebec becoming a strategic platform for WIBP/CNBG;
- Reciprocal technology transfer between WIBP/CNBG and NewCo regarding new manufacturing processes and products being scaled up in China and Canada.
- The original scientific collaboration between the two companies expanded to also include engineering and manufacturing involving the new facilities in Laval (Canada) and in Wuhan (China);
Mr. Pierre Laurin, President and CEO of ProMetic mentioned "This new integration / reciprocity approach provides ProMetic with the opportunity to leverage significant additional resources toward the PPPS™ development program. For instance, all the information gained from the massive investment being done in China to scale up the PPPS™ manufacturing process will be accessed and used by ProMetic at its NewCo facility. The net result for both parties is an accelerated and more cost effective route to commercialization."
Tom Chen, ProMetic's Vice-President, Product & Asia Pacific development concluded, "The two companies are very complementary: ProMetic is providing WIBP with a proven enabling platform to manufacture biopharmaceuticals while WIBP/CNBG possess significant resources and a wealth of experience in the manufacturing of plasma-derived therapeutics. This expanded relationship is of great benefit for WIBP/CNBG as their scientists and engineers will become familiar with manufacturing processes of certain key products at scale prior to these processes being implemented in China."