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ProMetic Life Sciences says its recent resurgence is no fluke

ProMetic Life Sciences
ProMetic Life Sciences
Billionaire Li Li, Co-Founder and Chairman of Shenzhen Hepalink Pharmaceutical. The company took a 10% stake with a $10-million equity investment in Quebec’s Prometic Life Sciences last October.

ProMetic Life Sciences (ProMetic Life Sciences Stock Quote, Chart, News: TSX:PLI) reported its fourth quarter and fiscal 2012 results yesterday. The company narrowed its losses to just $400,000 on revenue of $23.3-million, up from 2011 $17.6-million topline. ProMetic lost $3.3-million last year.

CEO Pierre Laurin said he believes the year will set up those to come.

“Two thousand twelve was a record year for ProMetic, with the highest annual sales in our corporate history. Two thousand twelve was also a pivotal year in terms of closing new strategic partnerships and alliances in both established and emerging markets. We are proud to have exceeded our corporate objectives set for the year and look forward to a strong 2013 as we continue to position ProMetic’s technologies as new industry standards,” he said. “We believe that the necessary foundation to achieve the next stage of corporate growth has been firmly established for 2013 and the coming years.”

2013 has continued a minor resurgence in shares of ProMetic that began last autumn, when its stock bottomed at a dime. The company’s share price began to stir when China-based Shenzhen Hepalink Pharmaceutical took a 10% stake with a $10-million equity investment in ProMetic last October, and was bolstered in January when it received confirmation from partner Octapharma of the regulatory approval of Octaplas by the FDA for the U.S. market. Octaplas, a treatment for patients with blood clotting disorders, has already treated more than two-million patients outside the United States, and incorporates ProMetic’s PrioClear into its manufacturing process.

Founded in 1992, Laval-based ProMetic Life Sciences designs technology that is used to remove pathogens from blood, and extract and recover proteins from plasma. The company has a number of therapeutics and protein technologies that target everything from Chemotherapy-induced anemia, to Cancer related anemia, to its Prion Capture Technology, which enhances detection of “mad cow disease” in cattle.

At press time, shares of ProMetic were down 2.2% to $.44.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.

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