Liminal BioSciences Announces Completion of Sale of Remaining Plasma-Derived Therapeutics Businesses

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Posted: October 15, 2021 at 3:54 p.m. CDT|Update: 2 hours ago

LAVAL, QC and CAMBRIDGE, England, October 15, 2021 / PRNewswire / – Liminal BioSciences Inc. (Nasdaq: LMNL) (“Liminal BioSciences” or the “Company”), today announced the closing of the sale of the remainder of the Company’s plasma-derived therapeutic business (the “Second”) under the terms of the previously announced share purchase agreement between the Company and Kedrion SpA (“Kedrion”).

This sale included the Ryplazim® (plasminogen, human-tvmh) (“Ryplazim®“) business operated through the subsidiary of Liminal BioSciences, Prometic Biotherapeutics Inc. (” PBT “), holder of the biological license application (” BLA “) for Ryplazim®. The consideration received by Liminal BioSciences during the second closing was $ 5.5 million, subject to adjustments. Pursuant to the share purchase agreement, PBT paid Prometic Bioproduction Inc. (“PBP”), a subsidiary of Kedrion, $ 5 million in return for services receivable from PBP. Liminal BioSciences generated full consideration for the divestiture of its plasma-derived therapeutics business, including the sale of its priority review voucher, PBT, PBP and its plasma collection centers, net of payments made to third parties, including PBP, of approximately $ 100.2 million.

About Liminal BioSciences Inc.

Liminal BioSciences is a biopharmaceutical company focused on the discovery and development of novel small molecule drug candidates for the treatment of patients with respiratory fibrotic diseases and other fibrotic or inflammatory diseases who have a high unmet medical need. The Company’s lead small molecule product candidate, fezagepras (PBI-4050), is in a Phase 1 clinical trial in the UK to evaluate increasing multiple doses in normal healthy volunteers, to daily doses higher than those evaluated in our already completed phase 2 clinical trials. The Company expects that a comprehensive analysis of the complete PK data set from the Phase 1 multiple-dose escalating clinical trial will help determine the choice of other potential indications for the further development of fezagepras. Furthermore, the Company is also currently developing a selective antagonist candidate for GPR84 and a selective oral OXER1 antagonist candidate. Our GPR84 and OXER1 antagonist programs are currently at the preclinical stage.

Liminal BioSciences has active business activities in Canada and the UK.

Forward-looking statement

This press release contains forward-looking statements about the objectives, strategies and activities of Liminal BioSciences that involve risks and uncertainties. Forward-looking information includes statements regarding, among other things, statements regarding the potential of our product candidates and the development of R&D programs and the launch schedule or the nature of preclinical and clinical trials.

These statements are “forward-looking” because they are based on our current expectations about the markets in which we operate and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. Factors that could cause actual results to differ materially from those described or projected in this document include, but are not limited to, risks associated with: the Company’s ability to successfully develop, manufacture and market product candidates, if applicable; the impact of the COVID-19 pandemic on the business operations, clinical development, regulatory activities and financial and other impacts of the Company’s business; the availability of funds and resources to pursue R&D projects, manufacturing operations or marketing activities; the successful and timely initiation or completion of clinical trials; Liminal BioSciences’ ability to take advantage of funding or business opportunities in the pharmaceutical industry; uncertainties generally associated with research and development, clinical trials and related regulatory reviews and approvals; and general changes in economic conditions. You will find a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations in the documents and reports that the Company makes to the State Securities and Exchange Commission. United and Canadian Securities Commissions, including in the Annual Report on Form 20-F for the year ended December 31, 2020 and future Company filings and reports from time to time. Such risks may be magnified by the ongoing COVID-19 pandemic and any related impact on Liminal BioSciences’ business and the global economy. Therefore, we cannot guarantee that any particular forward-looking statement will materialize. Existing and potential investors are cautioned not to place undue reliance on these forward-looking statements and estimates, which speak only as of the date hereof. We assume no obligation to update any forward-looking statements contained in this press release, even if new information becomes available, as a result of future events or for any other reason, unless applicable laws and regulations. securities matters require it.

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SOURCE Liminal BioSciences Inc.

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