ProMetic in development accord with Abraxis

ProMetic Life Sciences (TSX:PLI) and Abraxis BioScience (NASDAQ: ABII) of Los Angeles have entered into a collaboration agreement to develop and commercialize various applications using ProMetic’s prion capture technology platform to improve the safety profile of blood-derived therapeutics.

Under the accord, both companies will equally share the cost for the development of new applications as well as financial rewards from their commercialization.

“ProMetic will greatly benefit from Abraxis’ significant resources and knowledge in bringing therapeutics to market,” ProMetic CEO Pierre Laurin said in a statement.

The international reach of Abraxis (NASDAQ:ABII)  and its ability to improve the safety profile of established therapies, together with ProMetic’s expertise and technological assets in this field, “will surely deliver a winning combination,” he added.