Prometic and Top Meadows establish joint venture for development of Mad Cow Disease diagnostics

13-Jun-2005

ProMetic Life Sciences Inc. and its UK-based subsidiary, ProMetic BioSciences Ltd announced that they have entered into a Memorandum of Understanding (MOU) with Top Meadow Life Sciences Inc. ("Top Meadow"), a subsidiary of Top Meadow Farms, for the development, marketing and distribution of novel blood-based prion diagnostic systems for the ante-mortem detection of Bovine Spongiform Encephalopathy (BSE) also known as "mad cow disease", and certain other veterinary applications. These activities will be carried out through a new joint venture company to be held by ProMetic and Top Meadow, with ProMetic owning a controlling interest. A license will be granted by Pathogen Removal Diagnostic Technologies Inc. ("PRDT") to ProMetic for certain rights in the veterinary field to enable the joint venture to carry out these activities.

Kym Anthony, newly elected Director of ProMetic Life Sciences Inc. and President of Top Meadow, has agreed to invest through Top Meadow the initial seed investment to bring the joint venture's first ante-mortem veterinary blood-based diagnostic product to market. First Associates Investments Inc. acted as advisor to the parties for the formation of the joint venture and has initiated financing activities to raise additional funds.

Mr. Anthony will act as non-executive Chairman of the new joint venture which will attract additional seasoned executives with specific and complementary expertise in the field of diagnostics and veterinary medicine. Pierre Laurin will act as interim CEO. The joint venture will rely on the unique expertise of PRDT's scientists, namely Dr. Robert Rohwer, a renowned expert on prions affiliated with the University of Maryland, Dr. David Hammond, Chairperson of the Scientific Advisory Committee of PRDT and an Executive Director at the American Red Cross, Dr. Ruben Carbonell, Director of the Kenan Institute for Engineering, Technology & Science at North Carolina State University, and Dr. Peter Edwardson, Project Director, PRDT, who will work closely with scientists, regulatory and government officials.

https://www.bionity.com/en/news/46750/prometic-and-top-meadows-establish-joint-venture-for-development-of-mad-cow-disease-diagnostics.html