ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.
HemCon Medical Technologies Inc.

HemCon Medical Technologies Inc.

March 03, 2009 06:00 ET

HemCon Medical Technologies Inc. and ProMetic BioSciences Ltd Announce Collaborative Development Agreement

Innovators Developing New, Single-Use Antibody Capture Device for the Removal of Isoagglutinin Antibodies

PORTLAND, OREGON, USA and CAMBRIDGE, ENGLAND--(Marketwire - March 3, 2009) - HemCon Medical Technologies Inc. ("HemCon"), a leading global developer of advanced medical products, today announced a new collaborative development agreement with ProMetic Life Sciences Inc.'s ("ProMetic") (TSX:PLI) UK-based division, ProMetic BioSciences Ltd that specializes in separation products and technologies for use in the manufacturing of biopharmaceutical products. Together, HemCon and ProMetic will develop and validate a sterile, single-use antibody capture device for the removal of isoagglutinin antibodies.

The exclusive agreement covers the development of a new capture device, based on ProMetic's affinity adsorbent technology, for both single source and pooled plasma in combination with the HemCon Lyophilized Plasma (LyP) System currently under development. Under the terms of the agreement, the development program will be funded by HemCon and both companies will jointly own all collaboration technology for the new device that is intended for the LyP System. In addition, HemCon will have exclusive purchasing rights for the device and ProMetic will be its sole supplier for the LyP System.

Plasma, the protein-rich fluid component of blood, is used clinically for the treatment of hemorrhagic and hypovolemic shock. Depending upon the blood type of the plasma donor, there is a risk that antibodies may be present to A and/or B blood group antigens. Such antibodies are commonly referred to as isoagglutinins and administring plasma with anti-A or anti-B isoagglutinins to recipients who possess the same blood group antigen can give rise to serious adverse reactions. Removal of isoagglutinin antibodies from plasma avoids the requirement to match plasma to the blood type of the recipient. If isoagglutinin antibody removal is combined with the HemCon LyP System, a novel plasma preservation system, which provides human plasma in a freeze-dried form, it would provide a stable and universally applicable plasma for emergency use. Such a product would represent a global revenue opportunity in excess of $500 million USD per annum by the year 2012.

"HemCon is pleased to collaborate with ProMetic to develop this innovative capture device," said John W. Morgan, CEO of HemCon. "ProMetic has worked with many influential companies and organizations, including the American Red Cross, to ensure the purification of blood, plasma and plasma-derived products. As we continue to develop our new Lyophilized Plasma System, ProMetic's technology will help us broaden our donor supply pool and increase the resuscitation fluid options for our military and civilian customers."

"ProMetic is excited to work with HemCon on this project as it combines many of ProMetic's strengths and is a perfect fit with our established business," said Steve Burton, PhD., CEO of ProMetic BioSciences Ltd. "By teaming with HemCon, who have a proven track record of innovation and commercial success in life-saving medical products, we can add value to their Lyophilized Plasma System and jointly drive and generate revenues from our respective experience in the plasma products field."

About HemCon Medical Technologies

HemCon Medical Technologies Inc. is a leading global developer of advanced medical products designed to improve the standard of patient care. The company is responsible for developing the chitosan-based HemCon dressing used by thousands of military and civilian first responders and is changing wound care best practices in hospital, dental and clinical settings. In addition, HemCon is leading the charge to develop and license unique, life-saving medical advances including Lyophilized Human Plasma and Nanospider™ technologies. HemCon is headquartered in Portland, Ore., USA with additional commercial operations in Ireland; England; Germany and the Czech Republic. For more information, please visit www.hemcon.com.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. ("ProMetic") (http://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™ 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.

About ProMetic BioSciences Ltd

Using its unique and proprietary Mimetic Ligand™ technology, ProMetic BioSciences Ltd ("PBL") (http://www.prometicbiosciences.com) 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 according to a strict quality system based on good manufacturing practice at PBL's ISO 9001:2000 certified 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, U.K.

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, 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, 2007, 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, unless required by applicable securities laws and regulations. All amounts are in Canadian dollars unless indicated otherwise.

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