Prometic Biosciences enters into new product development program

The deal will see the development and scale-up of a new affinity resin and associated manufacturing process to improve the quality and purity of an existing biopharmaceutical product manufactured in large quantities.

Under the deal, ProMetic is expected to receive initial service revenues of about $2.7m over the next 18 months and is expected to lead to a subsequent long-term agreement for the manufacture and supply of the new affinity resin when performance targets are achieved.

ProMetic Biosciences chief executive officer Steve Burton said the improved purity and additional improvements to existing manufacturing processes derived from using the company’s purification technologies, provide its clients with a significant competitive advantage.

"We are pleased to see global leaders in this space recognizing this added value by initiating new development and commercial initiatives with us," Burton said.

The company offers its technologies for large-scale purification of biologics, drug development, proteomics and the elimination of pathogens to a growing base of industry leaders. It uses its own affinity technology that provides for highly efficient extraction and purification of therapeutic proteins from human plasma in order to develop best-in-class therapeutics and orphan drugs.