Prometic Announces US$1.7 Million Agreement With European Plasma Fractionator to Develop Plasma Prion Removal Process

PRDT's proprietary ligand technology is the prion capture element of the P-Capt(TM) prion reduction filter, which was CE marked in September 2006 and is marketed by MacoPharma SA for the treatment of red blood cell concentrate. This new application represents an extension of the PRDT prion-capture platform technology into the plasma and plasma fractionation industry. The program will utilize a specific affinity ligand, developed by PRDT and licensed exclusively to PBL, to bind and remove any abnormal prion protein (PrPsc, the agent responsible for vCJD) that might be present in donor plasma. Although the risk of infection with vCJD is extremely low following established treatment protocols, this process will provide an additional level of safety. This use of the filter is particularly relevant because there is no commercially available diagnostic test for detection of the blood-borne form of the vCJD agent.

As part of this program, PBL will manufacture and validate an affinity capture material comprising the PRDT ligand, attached to synthetic resin particles. The P-Capt(TM) filter is designed as a small disposable unit to handle a small volume from a single donation of blood. The affinity capture material must be adapted for the plasma fractionation industry, which involves the processing of thousands of liters of plasma in a batch process. In addition to this program, it is also anticipated that the manufacturing process of the five products to be co-developed in partnership with Kedrion Biopharmaceuticals S.p.A. will also include prion capture process step.

"While for competitive reasons we are not disclosing the name of PBL's partner in this agreement, we are delighted to open a significant new market opportunity for PRDT's technology," commented Pierre Laurin, president and chief executive officer of ProMetic. "The efficacy of PRDT's technology in combating the risk of transmission of vCJD in transfusion blood is already established and the P-Capt(TM) filter is approved for treatment of red blood cell concentrate. Its application to increase the safety of plasma and plasma derivatives is an obvious extension of the use of this technology."

"PRDT and ProMetic have worked for several months to demonstrate feasibility of this approach to removing vCJD from plasma," stated Dr. Peter Edwardson, vice president of PBL. "We are excited about the continuation of this excellent collaboration and the opportunity to develop the technology to a validated product that can be incorporated into a plasma production process."

Forward Looking Statements

This press release contains forward-looking statements about ProMetic's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in 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. Such risks and assumptions include, but are not limited to, the Company's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of the Company to take advantage of business opportunities in the pharmaceutical industry, uncertainties related to the regulatory process and general changes in economic conditions. You will find a more detailed assessment of the risks that could cause actual events or results to materially differ from our current expectations on page 21 of the Company's Annual Information Form for the year ended December 31, 2006, under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize. We assume no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.

Notes for Editors

About vCJD

vCJD and Bovine Spongiform Encephalopathy (BSE) are caused by abnormal prions or rogue proteins. Prion diseases are known to have long incubation periods and it is possible that a person could be silently infected for more than several decades before developing symptoms of the disease. During this time they pose a potential risk to others through blood transfusion and contamination of surgical and medical instruments. vCJD is characterized by the accumulation of large deposits in the brain and the nervous system of the misfolded prion protein. The resulting damage causes sponge-like holes to appear in the brain causing a fatal degenerative CNS disorder. Such abnormal prion proteins may be sufficient to transmit the disease. Although some people's genetic make-up may protect them, at least 89% of the population may be susceptible to vCJD.

About The American Red Cross

The American Red Cross is where people mobilize to help their neighbors-across the street, across the country, and across the world-in emergencies. Each year, in communities large and small, victims of some 70,000 disasters turn to neighbors familiar and new--the nearly one million volunteers and 35,000 employees of the Red Cross. Through almost 900 locally supported chapters, more than 15 million people gain the skills they need to prepare for and respond to emergencies in their homes, communities and world. Some four million people give blood-the gift of life-through the Red Cross, making it the largest supplier of blood and blood products in the United States. And the Red Cross helps thousands of U.S. service members separated from their families by military duty stay connected. As part of the International Red Cross and Red Crescent Movement, a global network of 181 national societies, the Red Cross helps restore hope and dignity to the world's most vulnerable people. An average of 91 cents of every dollar the Red Cross spends is invested in humanitarian services and programs. The Red Cross is not a government agency; it relies on donations of time, money, and blood to do its work.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. (www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand(TM) technology. This technology is used in large-scale purification of biologics and the elimination of pathogens. ProMetic is also active in therapeutic drug development with the mission to bring to market effective, innovative, lower cost, less toxic products for the treatment of hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Montreal (Canada), ProMetic has R&D facilities in the UK, the USA and Canada, manufacturing facilities in the UK and business development activities in the US, Europe, Asia and in the Middle-East.

About ProMetic BioSciences Ltd

Using its unique and proprietary Mimetic Ligand(TM) technology, PBL specializes in the development and manufacture of robust affinity separation materials which provide very high levels of purification. This is achieved by use of small chemical affinity ligands designed to bind a target biomolecule specifically and reversibly. In view of their use for the production of therapeutics, ProMetic's affinity products are manufactured to strict quality standards at PBL's GMP-compliant manufacturing facility on the Isle of Man, which completed a pounds sterling 1.5 million expansion in 2005. PBL also operates an R&D laboratory located on the Cambridge Science Park, United Kingdom.

About Pathogen Removal and Diagnostic Technologies Inc. (PRDT)

PRDT is a joint-venture company set up in April 2002 by The American Red Cross and ProMetic Life Sciences Inc. PRDT allows for a reciprocal exchange of technology and knowledge developed between the American Red Cross and ProMetic. PRDT's main goal is to develop products and devices to remove and detect different pathogens from biological sources. This research augments work that ProMetic, the American Red Cross and PRDT's scientific founders have been conducting independently for many years.

LLindberg@lhai.com