This Canadian medical firm is gaining ground in a special area of expertise, the purification of vaccines and other drug products.
It has developed its own technology for purifying plasma and plans to bring a new therapy to market later this year. The company is generating revenue, but still has many projects in early stages of development that could fail in testing or against competitors’ drugs.
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PROMETIC LIFE SCIENCES (symbol PLI on Toronto; www.prometic.com) makes products that are used in the purification of vaccines, plasma and other biologics. Its products are also used to develop drugs, analyze proteins and remove pathogens.
ProMetic uses its own technology for the extraction and purification of therapeutic proteins from human plasma. That purified plasma is then used in the creation of therapeutics and orphan drugs.
An Orphan Drug designation is granted to drugs or biologics that treat a rare disease or condition affecting fewer than 200,000 U.S. patients. The designation provides the drug developer with exclusive marketing rights in the U.S. for seven years, as well as tax credits for their clinical research costs. Companies with the designation are also eligible for annual grant funding, clinical trial assistance and waivers for prescription drug fees.
In addition, ProMetic aims to develop drugs for sufferers of fibrosis, cancer and autoimmune diseases.
In the three months ended September 30, 2017, overall revenue jumped to $24.0 million from $3.7 million a year earlier. The company held cash of $21.1 million on September 30, but needs about $100 million a year to finance its operations. As a result, in October 2017, it secured a $100 million line of credit (at an interest rate of 8.5%) from Structured Alpha LP; it’s an affiliate of ThomVest Asset Management.
Penny Stocks: Increased sales and Ryplazim therapy offer growth prospects
The funding secured last October is aimed at helping Prometic bring its plasminogen replacement therapy (Ryplazim) to the market later this year.
Plasminogen is a naturally occurring protein synthesized by the liver and circulating in the blood. Among other things, activated plasminogen—or plasmin—is the main enzyme involved in breaking down blood clots. Plasminogen is therefore vital in wound healing, cell migration and tissue remodelling.
The most common condition associated with plasminogen deficiency is ligneous conjunctivitis, which is characterized by thick, woody (ligneous) growths on the mucous membranes of the eye. If it’s left untreated, the condition can lead to corneal damage and blindness. Ligneous growths tend to occur after surgery to remove part or all of an organ.
ProMetic’s increased sales and the potential of its Ryplazim therapy offer growth prospects. Still, a lot of the company’s therapies are in the early stages of development. They could fail to prove effective, or lose out to superior drugs developed by competitors.
TSI Networkrecommendation: ProMetic Life Sciences is okay to hold, but only for highly aggressive investors.
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