Bruce Pritchard, BA, CA, MloD. »Chief Financial OfficerProMetic Life Sciences Inc.
Bruce Pritchard, BA, CA, MloDChief Financial OfficerProMetic Life Sciences Inc.Mr. Bruce Pritchard joined PLI as CFO of the UK subsidiary, ProMetic BioSciences Ltd. ("PBL") in 2006 and was promoted CFO of the group in 2008.He is a chartered accountant with many years of experience in corporate accountancy including senior finance positions with biotech and pharmaceutical companies, and a proven track record of success in strategic acquisitions and raising finance from public and private sources.Mr. Pritchard is currently a member of the Governing Council of The Institute of Chartered Accountants of Scotland, a member of the Board of Examiners of The Institute of Directors and is a Non-Executive Director of both Imanova Limited and Being Digial Limited.A Heriot-Watt University graduate, Mr. pritchard gained a BA in Accountancy and Computer Science in 1993, he qualified as a Member of the Institute of Chartered Accountants of Scotland in 1996.
Commenting on the financial results for the quarter, Mr. Bruce Pritchard, ProMetic's Chief Financial Officer stated, "Year to date revenues continue to track slightly ahead of 2012.
However, the composition of these
revenues has altered with $3.9 million less in licensing revenue being earned in the first 9 months of 2013 versus the same period of 2012. Such revenues, have no associated cost of goods, and therefore directly impact the bottom line and this, coupled with the increase in spending on the preparation of the Laval plant for launch and the progression of PBI-4050 into the clinic, has caused the $6.3 million swing in the year to date EBITDA position".
Mr. Pritchard continued, "Additionally, in the quarter, the company was required, under IFRS, to account for a $2.6 million non-cash charge associated with the re-evaluation of the Thomvest warrants. This transaction has led to other accounting matters detailed in the financial statements, which I will explain during this afternoon's conference call".
Bruce Pritchard, Chief Financial Officer of ProMetic, commented, "The structure of this financial instrument is very beneficial to ProMetic. Funds are immediately available, allowing us to aggressively pursue our growth plans. Furthermore, the fact that there are no required repayments of either capital or interest until the end of the 5-year period allows us to build strong positive cash-flow from the business in the interim.
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