ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

December 04, 2006 07:00 ET

Novartis Signs Agreement with ProMetic Biosciences Ltd to Develop an Affinity Ligand for Vaccine Purification

MONTREAL, CANADA--(CCNMatthews - Dec. 4, 2006) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announced today that its UK subsidiary ProMetic Biosciences Ltd ("PBL") has entered into an agreement with Novartis Vaccines and Diagnostics GmbH & Co.K.G (NYSE:NVS) ("Novartis"), to develop a synthetic-ligand affinity adsorbent for the purification of a recombinant protein vaccine. Under the terms of the agreement PBL will receive funding from Novartis to screen its Chemical Combinatorial Libraries® for ligands suitable for the processscale purification of a new vaccine product developed by Novartis and currently undergoing clinical trials. The work is to be conducted at PBL's research laboratories located at the Cambridge Science Park, UK.

PBL has established itself as a world leader in the area of development and application of affinity ligands for use in the manufacture of biopharmaceutical products. Owing to their high selectivity, robustness and low cost compared to ligands derived from biological sources, Mimetic Ligands™ provide biopharmaceutical manufacturing companies with numerous advantages, particularly for large-scale production of price-sensitive products. Financial details of this latest affinity ligand project were not disclosed.

According to Dr Steve Burton, Chief Executive Officer of PBL, "we are proud to have been selected by Novartis for this exciting project". "This latest agreement is further recognition of PBL's prominence and successful track record in the development of affinity ligand products for bioprocess applications" Dr Burton added.

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™ enabling 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 inflammation 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 and manufacturing facilities in the UK and business development activities in the US, Europe, Asia and MENA countries (Middle East and North Africa). Additional information is available on the Company's web site at

About ProMetic BioSciences Ltd

Using its unique and proprietary Mimetic Ligand™ 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.

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 17 of the Company's Annual Information Form for the year ended December 31, 2005, 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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