ProMetic sees improvement despite economic climate

By Nick Taylor

- Last updated on GMT

Related tags: Revenue, Income statement

 Protein technology and therapeutic specialist ProMetic managed to increase revenues in 2008, despite the challenging economic climate, but still posted a net loss of CN$20.2m (€12.1m).

The company markets an array of bioseparation and pathogen removal technologies, in addition to developing its own therapeutics, and by sealing a deal with Abraxis BioScience and achieving milestones has achieved a moderate rise in revenues.

ProMetic’s deal with Abraxis yielded an initially strategic investment of CN$7.4m but despite this, and the reaching of several developmental milestones, the company’s net loss only fell by around CN$2m.

This leaves ProMetic some way short of its goal of self-sufficiency but this remains the company’s stated goal, with Pierre Laurin, CEO of ProMetic, saying that going forward it intends to minimise “reliance on capital markets​”.

Elaborating on how this could be achieved Laurin said: "With such an objective, we must maintain the fine balance between activities which generate profit, and activities that generate substantial longer-term value​.

With this in mind, we communicated in the third quarter of 2008 the strategic decision to focus on revenue generating activities driven by our Protein Technologies Unit, to reduce our expenditures relating to our Therapeutic Unit's research and development activities, and to focus our efforts on partnering activities for PBI-1402​."

ProMetic will be hoping these measures will lead to a period of sustained growth for the company after a period that has seen the company’s fortunes fluctuate, as depicted in the graph below (figures in 1000s CN$).

The dip in revenues in 2006 was attributed to the insolvency of Hemosol and subsequent delays in collecting milestones and shipping products.

However, with this blip behind it and 30 products using its bioseparation technology either approved or in scale-up, the company has achieved year on year revenue growth for the first time since 2002.

Related topics: Contract Manufacturing & Logistics

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