LAVAL, QUEBEC--(Marketwired - Aug. 12, 2014) - ProMetic Life Sciences Inc. (TSX:PLI) (OTCQX:PFSCF), ("ProMetic" or the "Corporation") announced today the promotion of Mr. Bruce Pritchard to the newly created position of Chief Operating Officer ("COO") as well as the nomination of Mr. Stefan Clulow to its Board of Directors, both effective as of today August 12, 2014. Mr. Pritchard will, in the interim, continue to assume his Chief Financial Officer duties until his replacement is duly appointed. Mr. Clulow is filling the board vacancy following the retirement of Mr. Robert Lacroix from ProMetic's Board of Directors.
"As we progress rapidly to commercialize our pharmaceutical products, the time has come to expand the management team to ensure the Corporation successfully achieves its growth ambitions", commented Mr. Pierre Laurin, ProMetic's Chief Executive Officer. "In his new role, Bruce will assume responsibility for a number of key areas, including Global Manufacturing Operations, Supply Chain, and Logistics, while retaining an oversight role in Finance," continued Mr. Laurin. "This will enable me to focus on strategic matters and value creation, specifically in the fields of research and development, the commercialization of our pharmaceutical products and business and corporate development. Over his eight years in senior finance positions within the group, Bruce has built a strong understanding of ProMetic's operations, and has demonstrated strong stewardship of its finances. It gives me great comfort to know that the new COO role will be in Bruce's trusted hands".
"I am excited to be taking on these new responsibilities at such a pivotal time in ProMetic's corporate development. ProMetic has in place the required elements to become a rare disease and orphan drug industry leader. I look forward to contributing to the successful completion of our transition into a specialty pharmaceutical corporation", stated Mr. Bruce Pritchard, ProMetic's newly appointed Chief Operating Officer and current Chief Financial Officer.
Dr. Simon Best, ProMetic's Chairman, commented, "The board of directors is delighted to support the creation of this critical role, signaling that ProMetic is progressing diligently to meet its declared corporate, development and manufacturing and marketing milestones. We are also very pleased to see Mr. Clulow officially join our Board of Directors. ProMetic has greatly benefited from his knowledge and guidance on the board as an observer over the last year. His business, management and board experience will serve us well in further promoting shareholder value creation", added Dr. Best.
Mr. Bruce Pritchard joined ProMetic as CFO of its UK subsidiary, ProMetic BioSciences Ltd, in 2006 and was promoted CFO of the group in 2008. He is a chartered accountant with many years of experience in corporate accountancy including senior finance positions with biotech and pharmaceutical companies, and a proven track record of success in strategic acquisitions and raising finance from public and private sources. Mr. Pritchard is currently a member of the Governing Council of The Institute of Chartered Accountants of Scotland, a member of the Board of Examiners of The Institute of Directors and is a Non-Executive Director of both Imanova Limited and Being Digital Limited. A Heriot-Watt University graduate, Mr. Pritchard gained a BA in Accountancy and Computer Science in 1993; he qualified as a Member of the Institute of Chartered Accountants of Scotland in 1996.
Stefan Clulow is Chief Investment Officer and Managing Director of Thomvest Asset Management Inc., a private investment firm. Prior to joining Thomvest, Stefan practiced law in Silicon Valley and Toronto, Ontario. Stefan sits on the boards of a number of private companies and charitable organizations. Stefan received a B.A. and an LL.B. from McGill University. He is a member of the State Bar of California and the Law Society of Upper Canada.
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 and orphan drugs. ProMetic is also active in developing its own novel small-molecule therapeutic products targeting unmet medical needs in the field of fibrosis, cancer and autoimmune diseases/inflammation. 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, 2013, 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.