ProMetic turns loss around in Q2
Doubles revenues, records a profit of $800,000
LAVAL, Que.: Biopharmaceutical company ProMetic Life Sciences Inc. turned around a year-ago loss by earning $800,000 on more than doubling of revenues in the second quarter.
The Quebec-based company lost $1.8 million in the year-ago period.
Revenues increased to $6.3 million for the period ended June 30, compared to $3 million a year ago.
ProMetic said its sales were driven by its bioseparation business as well as by licensing revenues from two strategic plasma-derived therapeutic deals.
President and CEO Pierre Laurin said the company secured more than $16 million of purchase orders and contracts in the quarter and expects strong results in the second half of the year.
ProMetic said expects to achieve its strategic initiatives after making “significant progress” in securing a solid revenue stream for the coming quarter despite financial challenges last year and weak results in the first quarter.
The company and a partner with financial backing from the Blackstone private equity group recently formed a joint venture to develop and commercialize a plasma-derived product for the U.S. market.
Under the agreement, ProMetic will grant rights to its plasma protein purification system and prion reduction technology to the NantPro BioSciences LLC joint venture.
The drug targeting a rare medical condition will be manufactured by ProMetic in its Laval facility north of Montreal and in Hematch Biotherapeutics’ planned facility in Taiwan.
ProMetic’s technologies are used to remove pathogens from blood, and extract and recover valuable proteins from plasma. The company develops products to treat blood-related disorders and is a world-leading technology provider and drug developer in the fields of hematology, oncology and nephrology.
ProMetic has research and development facilities in the United Kingdom, the U.S. and Canada and manufacturing facilities in the U.K. and business development activities in the US, Europe, Asia and in the Middle East.
© 2012 The Canadian Press