NEW YORK (GenomeWeb News) — Prometic Life Sciences today said an improved financial and competitive landscape has caused it to postpone plans to file an initial public offering for its ProMetic BioSciences subsidiary, a maker of synthetic proteins.
Prometic said the company decided to let its value increase as a private company after certain events buoyed its overall outlook. Among these was the recent approval by European regulators for its P-Capt filter, “favorable changes in the business competitive landscape” for its prion filter, and a string of agreements with pharmaceutical companies, including most recently Novartis.
ProMetic BioSciences develops and manufactures affinity separation materials.
“Because [ProMetic BioSciences] is expected to be cash neutral with projected revenues in excess of $15 million in 2007, it makes more business sense for the benefit of our shareholders not to do an IPO at this time,” said ProMetic CEO Pierre Laurin.
In June, the company closed a private placement with JP Morgan and Third Point worth $9.8 million.
Prometic did not project a new date for an IPO, which would be on the London Stock Exchange.