ProMetic BioSciences prepares for IPO, advances PBI-1402, PBI-1393 research

By Elaine Rigoli

Tampa, Fla., July 6 - ProMetic Life Sciences, Inc. said the company's divisions are planning for an IPO; its scientists have advanced in research for PBI-1402 and PBI-1393; and its plasma protein purification system development has been slowed down following the demise of its licensee.

ProMetic BioSciences Ltd. (PBL), which specializes in the development and manufacture of robust bioseparation materials for use in commercial purification of biopharmaceutical products, said it is preparing for an IPO, which will occur as soon as market conditions are favorable.

As part of the company's announced reorganization, ProMetic has transferred to PBL its stake in Pathogen Removal and Diagnostic Technologies, Inc., whose resin is the first to demonstrate reduction of TSE prions from whole blood. TSEs are fatal brain diseases that include "mad cow disease" in cattle and Creutzfeldt-Jakob disease in humans.

Maco Pharma SA, a European industry leader in blood-collection systems and transfusion solutions, is the marketing partner in Europe. Maco Pharma incorporates Pathogen Removal and Diagnostic Technologies' prion-capture adsorbent into its filter, P-CAPT.

The company said it believes that Maco Pharma, after receiving a CE Mark for P-CAPT, will be the first to effectively launch a prion filter on the market, which should favorably impact the value of PBL for its anticipated IPO.

In other ProMetic news, ProMetic BioSciences, Inc. - Therapeutics said its scientists achieved additional milestones in the determination of PBI-1402 mechanism of action further supporting the activity of the drug on the production of red blood cells. While PBI-1402 is currently in phase 1b/2, ProMetic is preparing for a U.S. expansion of the clinical program.

A clinical trial in cancer patients is planned for 2006 with PBI-1393, a compound targeted for the treatment of selected cancers in combination with chemotherapy. ProMetic said its scientists have now confirmed the molecular mechanism of action of PBI-1393.

The toxicology studies for the compound are progressing well and are near completion with the drug on schedule to enter clinical trials by the end of 2006, the company said in a news release.

Finally, ProMetic BioTherapeutics, a therapeutic plasma protein company, said its plasma protein purification system development has been slowed down following the demise of its licensee, Hemosol LP.

A license agreement for the use of the plasma protein purification-system technology in North America had been signed in 2004 with Hemosol, which has since been in receivership, the release said.

As previously announced, Hemosol, acting through its interim receiver PricewaterhouseCoopers Inc., has been in negotiations with a party for the potential acquisition of all of Hemosol's business and assets.

ProMetic is a biopharmaceutical company based in Montreal.

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