Under the terms of the agreement, the development program will be funded by HemCon and both companies will jointly own all collaboration technology for the new device that is intended for the LyP System. In addition, HemCon will have exclusive purchasing rights for the device and ProMetic will be its sole supplier for the LyP System.

The exclusive agreement covers the development of a new capture device, based on ProMetic’s affinity adsorbent technology, for both single source and pooled plasma in combination with the HemCon Lyophilized Plasma (LyP) System currently under development.

“HemCon is pleased to collaborate with ProMetic to develop this innovative capture device,” said John W. Morgan, chief executive officer of HemCon. “ProMetic has worked with many influential companies and organizations, including the American Red Cross, to ensure the purification of blood, plasma and plasma-derived products. As we continue to develop our new Lyophilized Plasma System, ProMetic’s technology will help us broaden our donor supply pool and increase the resuscitation fluid options for our military and civilian customers.”

“ProMetic is excited to work with HemCon on this project as it combines many of ProMetic’s strengths and is a perfect fit with our established business,” said Steve Burton, PhD., CEO of ProMetic BioSciences Ltd. “By teaming with HemCon, who have a proven track record of innovation and commercial success in life-saving medical products, we can add value to their Lyophilized Plasma System and jointly drive and generate revenues from our respective experience in the plasma products field.”