ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

December 07, 2007 18:36 ET

ProMetic Secures Access to C$ 15 Million Equity Draw Down Facility

MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2007) -


ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announced today that it has secured access to additional monetary resources on an "as-needed" basis for up to C$15M through an equity draw down facility ("Facility") provided by Nanuq Investments Ltd. ("Nanuq"). Innerkip Capital Management Inc. ("Innerkip") is the advisor to Nanuq. ProMetic has benefited from Innerkip's financial and advisory support in the past and is pleased to expand this relationship.

This facility has unique features in that resources may be drawn upon at ProMetic's sole discretion, with ProMetic determining the timing, minimum dollar amount and price per share of each draw under this Facility, subject to certain conditions including a market price greater than $0.45. The terms of the Facility provide for a distribution of Subordinate Shares of ProMetic ("Subordinate Shares") to Nanuq and the possibility for Nanuq, through registered dealers, to distribute such Subordinate Shares, at its discretion, through the Toronto Stock Exchange ("TSX"). Funds may be accessed by ProMetic over the next 24 months through the sale of the Subordinate Shares at a 4 to 7 percent discount to the market price based upon the weighted average price of the Subordinate Shares (VWAP) over a pricing period ranging from 5 to 20 trading days. ProMetic is under no obligation to draw from this Facility and will remain at all times free to enter into other financing transactions.

"ProMetic is at a significant positive inflection point both in terms of revenue generation and fundamental value as it is on the verge of substantial growth. During this period it is imperative that we manage cash carefully, yet effectively and with as little dilution as possible. The flexibility of this C$15 M Facility permits us to draw funds on an "as needed" basis from one single source thereby minimizing the potential negative impact on the Company's valuation in anticipation of financing events," declares Mr. Laurin.

"One of the most important advantages of this Facility is that it offers us the flexibility to access capital efficiently when market conditions are the most opportune for ProMetic," states Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer.

ProMetic has recently provided its revenue guidance for 2008 with anticipated revenue to exceed C$ 30 M. These revenues are expected to come from multiple sources, such as our bioseparation and protein technologies divisions, as well as from ProMetic's collaborative and partnership activities.

The terms of the Facility are described in detail in a Supplement dated December 6, 2007 to a short form base shelf Prospectus of ProMetic that was previously filed on November 3, 2006 and the Facility will be made available on Upon closing the Facility today, ProMetic has issued a draw down notice to Nanuq for an aggregate amount of C$1M. The draw down notice specifies that the first trading day of the 5day draw down pricing period will be December 6, 2007.

About Innerkip Capital Management Inc.

Innerkip Capital Management Inc. is a Toronto based investment management company specializing in high growth Canadian opportunities. Innerkip manages and advices long-biased Funds focused on the Energy, Materials, Life Sciences and Technology industries.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. ( is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand™ 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 U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the U.S., Europe, Asia and in the Middle-East.

Forward Looking Statements

All amounts are in Canadian dollars unless otherwise indicated. The above financial information should be read in conjunction with the financial statements for the third quarter 2007 as well as the Management Discussion and Analysis for the same period.

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, ProMetic'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 ProMetic 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 ProMetic'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.

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