ProMetic looking for financing for two new units

New York, Feb. 21 - ProMetic Life Sciences Inc. said two of its new subsidiaries are looking at financing.

ProMetic BioSciences Ltd., based in the United Kingdom, is developing bioseparation products based on applications of its Mimetic Ligand technology.

New president and chief executive officer Steven J. Burton is currently exploring financing opportunities for the subsidiary. The company is also recruiting a chief financial officer and will announce board nominations shortly, ProMetic Life Sciences said in a news release.

As part of the reorganization, ProMetic Life Sciences will transfer its stake in Pathogen Removal and Diagnostic Technologies Inc., a joint venture between ProMetic and the American Red Cross, by the end of February.

Meanwhile ProMetic BioSciences Inc.'s therapeutics unit, headquartered in Montreal, plans to raise financing for its drug discovery program aimed at the treatment of anemia, cancer and autoimmune diseases.

Two of its lead compounds are advancing in clinical development. PBI-1402 is in a phase 1b/2 clinical trial to confirm safety and efficacy in cancer patients undergoing chemotherapy and suffering from anemia. ProMetic said it has potential to treat anemic patients who are not responsive to EPO.

A clinical trial in cancer patients is planned for this year with PBI-1393, a compound targeted for the treatment of selected cancers in combination with chemotherapy.

The reorganization, announced in November, also created ProMetic BioTherapeutics, Inc., a therapeutic plasma protein company, and ProMetic Animal Care, which will use Removal and Diagnostic Technologies' technology to develop and market diagnostic tools to detect BSE in live cattle. Christian Frayssignes has been named chief executive officer.

ProMetic Life Sciences is a Montreal-based biopharmaceutical company. It unveiled the reorganization to turn itself into a parent company with four pure-play operating units. Each distinct unit is pursuing a focused business plan and is pursuing funding opportunities with investors looking for a specific risk/return profile, ProMetic said.

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