CPE News (2/27/2019) – Prometic Life Sciences Inc. (TSX: PLI, OTCQX: PFSCF) has raised additional US $10 million or CDN $13.2 million from Structured Alpha LP (SALP), an affiliate of Thomvest Asset Management Inc.
The drawdown represents the final tranche pursuant to the existing US $80 million loan agreement originally entered into with SALP in November 2017.
Prometic Life Sciences drew US $50 million in 2018 and US $20 million in 2017.
Laval, Quebec based Prometic Life Sciences is a biopharmaceutical corporation with two drug discovery platforms focusing on unmet medical needs in the field of fibrosis and orphan diseases.
photo credit: Prometic
PROMETIC SECURES ADDITIONAL USD $10 MILLION (CAD $13.2 MILLION) TRANCHE FROM STRUCTURED ALPHA LP, AN AFFILIATE OF THOMVEST ASSET MANAGEMENT INC., UNDER ITS EXISTING CREDIT FACILITIES
LAVAL, QUEBEC, CANADA – February 25, 2019 – Prometic Life Sciences Inc. (TSX: PLI, OTCQX: PFSCF) (“Prometic” or the “Corporation”) announced today that it has secured an additional USD $10 million (CAD $13.2 million) tranche from Structured Alpha LP (“SALP”), an affiliate of Thomvest Asset Management Inc., under the existing loan agreement originally entered into with SALP in November 2017. Other than the extension of this additional tranche, the provisions of the existing credit facilities with SALP remain in full force and effect.
About Thomvest Asset Management Inc. And Structured Alpha LP
Thomvest Asset Management Inc. is a Toronto-based investment management firm controlled by Peter J. Thomson. Structured Alpha LP is an affiliate of Thomvest Asset Management Inc. that makes structured investments in companies that leverage disruptive technologies and business models to pursue high-growth commercial opportunities. We are committed to the success of our entrepreneur partners. The capital we invest is our own, enabling us to be more creative, flexible, strategic and patient than most investors. It takes time to build great companies and Thomvest and its affiliates are committed to supporting its entrepreneurs throughout their journey. To learn more about Thomvest, please visit us at www.thomvest.com.
About Prometic Life Sciences Inc.
Prometic (www.prometic.com) is a biopharmaceutical corporation with two drug discovery platforms focusing on unmet medical needs. The first platform (small molecule therapeutics) stems from the discovery of two receptors which we believe are at the core of how the body heals: namely, promoting tissue regeneration and scar resolution as opposed to fibrosis. One of the lead drug candidates emerging from this platform, PBI-4050, is expected to enter pivotal phase 3 clinical trials for the treatment of Alström syndrome. The second drug discovery and development platform (plasma-derived therapeutics) leverages Prometic’s experience in bioseparation technologies used to isolate and purify biopharmaceuticals from human plasma. The Corporation’s primary goal with respect to this second platform is to address unmet medical needs with therapeutic proteins not currently commercially available, such as Ryplazim™ (plasminogen). We are also leveraging this platform’s higher recovery yield potential to advance novel and established plasma-derived therapeutics. The Corporation also provides access to its proprietary bioseparation technologies to enable pharmaceutical companies in their production of non-competing biopharmaceuticals. Recognized as a bioseparations expert, the Corporation derives revenue from this activity through sales of affinity chromatography media which contributes to offset the costs of its own R&D investments.
We are headquartered in Laval, Quebec (Canada) and have R&D facilities in Canada, the United Kingdom (“UK”) and the United States (“USA”), manufacturing facilities in Canada and the Isle of Man and corporate and business development activities in Canada, the USA, Europe and Asia.
For further information please contact:
Chairman and CEO
Prometic Life Sciences Inc.
Senior Director, Communications & Investor Relations
Prometic Life Sciences Inc.
Matt Middleman, M.D.
LifeSci Public Relations