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LAVAL, QC, ROCKVILLE, MD and CAMBRIDGE, United Kingdom, Sept. 3, 2019 /CNW Telbec/ - Prometic Life
Sciences Inc. (TSX: PLI) (OTCQX: PFSCF) ("Prometic" or
the "Company"), a biopharmaceutical company focused on developing
novel therapeutics to treat unmet needs in patients with liver,
respiratory and kidney disease, primarily in rare or orphan
diseases, announced today its intention to change its name as part
of a global rebrand in support of its new vision and values.
Subject to the customary approvals, including stock exchange and
shareholder approvals, the Company expects the name change will be
effective in October 2019.
"This proposed name change underscores our determination to
focus on the Company's promising future in further developing our
products and businesses for the benefit of patients around the
world with serious unmet medical needs" stated Kenneth Galbraith, Chief Executive Officer of
the Company. "We believe that Liminal BioSciences Inc. truly
represents the Company's new vision and values, and that a name
change in conjunction with the NASDAQ listing application for our
common shares is an appropriate time. We look forward to reporting
on our progress at Liminal in the months and years ahead to our
shareholders".
A special meeting of Prometic shareholders, to be held in
Montreal, Quebec, has been called
for October 3, 2019 to consider the
change, which must be approved by at least two-thirds of the votes
cast by the holders of Prometic's common shares, either present in
person or represented by proxy at the special meeting. A management
information circular for the special meeting is available under
Prometic's profile on SEDAR at www.sedar.com and is being mailed to
Prometic's shareholders.
Upon receipt of shareholder approval, Prometic will file
Articles of Amendment to effect the change of name and expects that
its common shares will commence trading on the NASDAQ and Toronto
Stock Exchange under the new name in the fourth quarter of
2019.
Forward-Looking Statements
Certain information provided in this news release constitutes
forward-looking statements, including the intention of the Company
to complete the Consolidation and the amount of Common Shares after
giving effect to the Consolidation. The words "anticipate",
"expect", "project", "estimate", "forecast" and similar expressions
are intended to identify such forward-looking statements. Although
Prometic believes that these statements are based on information
and assumptions which are current, reasonable and complete, these
statements are necessarily subject to a variety of known and
unknown risks and uncertainties. You can find a discussion of such
risks and uncertainties in our Management Information Circular,
Annual Information Form and other securities filings. While the
Company makes these forward-looking statements in good faith,
should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary significantly from those expected. Accordingly, no assurances
can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits that the Company will derive therefrom.
All subsequent forward-looking statements, whether written or oral,
attributable to Prometic or persons acting on its behalf are
expressly qualified in their entirety by these cautionary
statements. The forward-looking statements contained in this news
release are made as at the date of this news release and the
Company does not undertake any obligation to update publicly or to
revise any of the forward-looking statements made herein, whether
as a result of new information, future events or otherwise, except
as may be required by applicable securities law.
About Prometic
Prometic (www.prometic.com) is an innovative biopharmaceutical
company with a broad pipeline of small molecule therapeutics under
development to treat unmet needs in patients with liver,
respiratory and kidney disease, with a focus on rare or orphan
diseases. Prometic's differentiated research involves the study of
several G-protein-coupled-receptors, GPR40, GPR120 and GPR84, known
as free fatty acid receptors (FFAR's). These drug candidates have a
multiple mode-of-action as agonists ("stimulators") of GPR40 and
GPR 120, and antagonists ("inhibitors") of GPR84. Our lead drug
candidate, PBI‑4050, is expected to enter Phase 3 clinical studies
for the treatment of Alström Syndrome after approval by the FDA and
EMA. A second drug candidate, PBI-4547, is expected to enter Phase
1 clinical studies in 2019.
Prometic also has leveraged its experience in bioseparation
technologies to isolate and purify biopharmaceuticals from human
plasma. The lead plasma-derived therapeutic product is
RyplazimTM (plasminogen) which the Company expects to
file a BLA with the US FDA in the first half of 2020 seeking
approval to treat patients with congenital plasminogen deficiency.
The Company also operates a contract development and manufacturing
operation in the United Kingdom,
deriving revenue through sales of affinity chromatography
media.
Prometic has active business operations in Canada, the United
States, the Isle of Man and
the United Kingdom.
SOURCE ProMetic Life Sciences Inc.