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ProMetic gains controlling stake in PRDT

 
• By Joseph Harvey

Biopharmaceutical firm ProMetic Life Sciences has secured a majority stake in Pathogen Removal and Diagnostic Technologies (PRDT) from US emergency response organisation American Red Cross. The non-cash transaction sees ProMetic increase its stake from 26% to 77% in exchange for a tapering royalty on PRDT revenue that will be paid to American Red Cross over an unspecified period of time. The remaining 23% of common stock in PRDT will continue to be held by its academic co-founders. American Red Cross will maintain a position on PRDT’s board of directors. This deal gives ProMetic access to PRDT’s prion capture materials used for blood cell filtration, which are shown to significantly reduce the risk of transmission of variant Creutzfeldt-Jakob disease (vCJD) from blood-derived products.

Biopharmaceutical firm ProMetic Life Sciences has secured a majority stake in Pathogen Removal and Diagnostic Technologies (PRDT) from US emergency response organisation American Red Cross. The non-cash transaction sees ProMetic increase its stake from 26% to 77% in exchange for a tapering royalty on PRDT revenue that will be paid to American Red Cross over an unspecified period of time. The remaining 23% of common stock in PRDT will continue to be held by its academic co-founders. American Red Cross will maintain a position on PRDT’s board of directors. This deal gives ProMetic access to PRDT’s prion capture materials used for blood cell filtration, which are shown to significantly reduce the risk of transmission of variant Creutzfeldt-Jakob disease (vCJD) from blood-derived products.

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