Prometic Life Sciences Inc. (TSX: PLI) (OTCQX: PFSCF), a biopharmaceutical company focused on developing novel therapeutics to treat unmet needs in patients with liver, respiratory and kidney disease, primarily in rare or orphan diseases, announced today its intention to change its name as part of a global rebrand in support of its new vision and values. Subject to the customary approvals, including stock exchange and shareholder approvals, the Company expects the name change will be effective in October 2019.
"This proposed name change underscores our determination to focus on the Company's promising future in further developing our products and businesses for the benefit of patients around the world with serious unmet medical needs" stated Kenneth Galbraith, Chief Executive Officer of the Company. "We believe that Liminal BioSciences Inc. truly represents the Company's new vision and values, and that a name change in conjunction with the NASDAQ listing application for our common shares is an appropriate time. We look forward to reporting on our progress at Liminal in the months and years ahead to our shareholders".
A special meeting of Prometic shareholders, to be held in Montreal, Quebec, has been called for October 3, 2019 to consider the change, which must be approved by at least two-thirds of the votes cast by the holders of Prometic's common shares, either present in person or represented by proxy at the special meeting. A management information circular for the special meeting is available under Prometic's profile on SEDAR at www.sedar.com and is being mailed to Prometic's shareholders.
Upon receipt of shareholder approval, Prometic will file Articles of Amendment to effect the change of name and expects that its common shares will commence trading on the NASDAQ and Toronto Stock Exchange under the new name in the fourth quarter of 2019.
About Prometic
Prometic (www.prometic.com) is an innovative biopharmaceutical company with a broad pipeline of small molecule therapeutics under development to treat unmet needs in patients with liver, respiratory and kidney disease, with a focus on rare or orphan diseases. Prometic's differentiated research involves the study of several G-protein-coupled-receptors, GPR40, GPR120 and GPR84, known as free fatty acid receptors (FFAR's). These drug candidates have a multiple mode-of-action as agonists ("stimulators") of GPR40 and GPR 120, and antagonists ("inhibitors") of GPR84. Our lead drug candidate, PBI?4050, is expected to enter Phase 3 clinical studies for the treatment of Alström Syndrome after approval by the FDA and EMA. A second drug candidate, PBI-4547, is expected to enter Phase 1 clinical studies in 2019.
