Will receive initial service revenues of CAD800,000 during 2011
ProMetic Biosciences Ltd, the UK subsidiary of Canadian biopharmaceutical firm, ProMetic Life Sciences, based in Montreal, has entered into an agreement with an unnamed multinational company to enhance the quality of a biopharmaceutical product that is manufactured in multi-ton quantities.
Under the terms of the agreement, ProMetic will be responsible for optimising an affinity resin product and associated manufacturing process conditions.
The agreement will provide ProMetic with initial service revenues of up to CAD800,000 (USD823,583; €571,537; £498,753) this year. The company anticipates that it will lead to a subsequent long-term agreement for the manufacture and supply of the affinity resin when related target product profiles are achieved.
PBL's chief executive Steve Burton said: ‘ProMetic's affinity technology has many potential uses as demonstrated by this latest application where a purpose-designed affinity product will be used to target and remove specific impurities from an existing biopharmaceutical product to further enhance its quality and safety.’
He added: ‘The large annual production of this biopharmaceutical product and the frequency of batch manufacture should ensure a regular demand for ProMetic's resin.’