LAVAL, QUEBEC, CANADA--(Marketwire - March 2, 2012) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic" or the "Company") announced today the appointment of Dr. John Moran to its Board of Directors and the resignation of Ms. Louise Paradis from its Board of Directors, both effective immediately.
"We are delighted to have Dr. Moran join our Board of Directors. John brings over 25 years of experience in senior executive positions related to clinical affairs, clinical development and marketing in the field of nephrology and end-stage renal diseases. John's appointment is indicative of the importance and potential we see for our drug candidates in this field" said Mr. Kym Anthony, Chairman of the Board of Directors of ProMetic.
Dr. John Moran MD, FRACP, FACP, FACPE, currently serves as Vice President, Clinical Affairs - Home modalities at DaVita Inc. where he has overall responsibilities for quality of care and related business issues for over 15,000 home dialysis patients in over 650 care centers. Dr. Moran is also a Consulting Professor in Nephrology at Stanford University. Previously, Dr. Moran served for 8 years as Senior Vice President, Clinical Affairs for Satellite Healthcare, 4 years as Senior Vice President and Chief Medical Officer for Vasca Inc. and more than 3 years as Vice President for Clinical Development and Marketing for Baxter Healthcare Corporation.
"I am delighted to be joining ProMetic at such an interesting junction in their therapeutics development programs. ProMetic's compounds have so far demonstrated first-in-class efficacy and could represent a significant improvement in the treatment of various inflammatory and fibrotic conditions. I look forward to begin contributing to their advancement towards later clinical stages" said Dr. John Moran. "Chronic Kidney diseases affect millions of patients worldwide and costs billions of dollars per year to the healthcare system. This represent a significant unmet medical need where we believe ProMetic's compounds could play a major role in improving patients' quality of life while providing costs reductions to the healthcare system" added Dr. Moran.
In conjunction with the appointment of Dr. Moran, ProMetic also announces the resignation of Ms. Louise Paradis from its Board of Directors, citing personal business activities.
"We wish to thank Ms. Paradis for her valuable contributions and services rendered to the Company as a member of the Board since 2010. We wish her success in all her future endeavors" added Mr. Anthony.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic™ Ligand technology. This technology is used in large-scale purification of biologics and the elimination of pathogens. ProMetic is also active in therapeutic drug development with the mission to bring to market effective, innovative, lower cost, less toxic products for the treatment of hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Laval (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., Europe, Asia and in the Middle-East.
Forward Looking Statements
This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Such risks and assumptions include, but are not limited to, ProMetic's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of ProMetic to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 27 of ProMetic's Annual Information Form for the year ended December 31, 2010, under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless stated otherwise.