ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

November 08, 2006 10:55 ET

Octapharma Moves Forward with ProMetic Adsorbent

MONTREAL, CANADA--(CCNMatthews - Nov. 8, 2006) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") is pleased to announce its UK subsidiary ProMetic BioSciences Ltd ("PBL") is to provide Octapharma AG with scale-up quantities of a Mimetic Ligand™ affinity adsorbent developed under the collaboration agreement announced January 5th 2005. As a part of this collaboration, PBL developed a novel synthetic affinity ligand using its Chemical Combinatorial Library® technology. Having demonstrated the new Mimetic Ligand™ adsorbent achieved the purification performance requirements for Octapharma's new recombinant protein product, the project is now entering the final scale-up phase of the CAD $1.4 million programme. This will involve the production of multiple batches of adsorbent.

"Octapharma joins a growing number of companies who have benefited from ProMetic's unique affinity technology" said Steve Burton, CEO of ProMetic BioSciences Ltd (PBL). "In addition to its proven ability to develop materials for the purification of specific protein products, PBL also provides a comprehensive manufacturing service for its affinity adsorbents including clean-room manufacture to ISO 9001:2000 standard, project management, and extensive regulatory support. This enables PBL's clients to scale-up with confidence".

About Octapharma

Octapharma was established in 1983 and operates worldwide as a plasma fractionation specialist. Its core business is the development, production and distribution of high-quality plasma derivatives. The company employs 1 400 staff and has operations in 27 countries, with production facilities in Austria, France, Sweden and Mexico. Through collaboration networks, Octapharma products are available in more than 70 countries. www.octapharma.com

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 www.prometic.com.

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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