Vancouver, B.C., Canada (April 6, 2011) Clearlease.com Reports Biopharmaceutical company ProMetic Life Sciences Inc. (TSX:PLI) announced Tuesday that it has assigned certain commercial rights of its protein technologies to U.S.-based Celgene Corp. in return for forgiveness of a US$10-million loan agreement.
Quebec-based ProMetic said that under the agreement, Abraxis BioScience Inc., a wholly owned subsidiary of Celgene, will effectively terminate the loan agreement entered into with ProMetic on Feb. 9, 2010, four years prior to its original term,
In return, ProMetic has granted worldwide intellectual property rights for specific commercial application of its protein technologies to Celgene “within restricted fields of use.”
“We are extremely pleased in Celgene’s recognition of the inherent value for the commercial application of ProMetic’s protein technologies,” said president and CEO Pierre Laurin.
“This is a win-win transaction for both parties and an efficient way of reducing a very significant portion of ProMetic’s debt in a manner that is non-dilutive to our existing shareholders.”
Celgene Corp., headquartered in Summit, N.J., is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation.
ProMetic specializes in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary mimetic ligand technology used in large-scale purification of biologics and the elimination of pathogens. It is also active in therapeutic drug development.
ProMetic, which released its financial results after the markets closed, said it had a net loss of $4.3 million or one cent a diluted share on revenues of $1.1 million in the three months ended Dec. 31.
That compared with a year-ago loss for the quarter of $2.4 million, also a penny per share, on revenue of $4.3 million.
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