ProMetic, NantPharma form US biopharmaceutical company
NantPro will manufacture plasma-derived product for US market.
LAVAL, Que.: ProMetic Life Sciences Inc. and NantPharma LLC have formed an affiliate biopharmaceutical company to commercialize a plasma-derived biopharmaceutical product for the US market.
NantPro BioSciences LLC has entered into exclusive development, licensing and manufacturing agreements with the Laval, Que.-based ProMetic, a biopharmaceutical company, for rights to its Plasma Protein Purification System and Prion Reduction technologies for an initial payment of $2.5 million.
ProMedic said the agreements also provide ProMetic with grant-back rights to the product for markets outside the US, subject to payment of royalties by ProMetic to NantPro arising from ProMetic sales outside the US.
NantPharma has the right to make additional capital contributions in exchange for an increased equity stake. NantPro will in turn use the additional funds to pay ProMetic for the development and manufacturing costs of the plasma-derived product.
ProMetic will provide development and manufacturing services to NantPro, including the production of cGMP bulk active batches at its Laval, Que. facility for regulatory filings and bioequivalence clinical trials.
When it has FDA approval, ProMetic will manufacture and supply the commercial requirements of the cGMP bulk active with NantPharma completing final sterile manufacturing steps at its Terre Haute, Ind. plant.