ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

January 10, 2006 14:18 ET

ProMetic Announces Closing of US$8 Million Financing

MONTREAL, QUEBEC--(CCNMatthews - Jan. 10, 2006) - ProMetic Life Sciences Inc. ("ProMetic")(TSX:PLI.SV) announces the closing of a US$8 million financing. The Company issued senior secured convertible notes in the aggregate principal amount of US$10 million for aggregate proceeds of US$8 million to be used for general corporate purposes. During the first eight months following the closing, only one half of the principal amount of the notes will be convertible by their respective holders into subordinate voting shares at the conversion price of US$0.27. After that period, the outstanding principal amount of the notes will be convertible at the same conversion price. The term of the loan is 36 months and monthly reimbursements are due for payment from the ninth month. The Company may repay this loan in part or in full at any time.

The Company also issued to the investors warrants to purchase up to 18,434,065 subordinate voting shares at a price of US$0.30 per share, for a term of five years.

T.R. Winston, an investment broker, acted as sole placement agent to the Company for the transaction and received in compensation a cash commission of US$470,140 and an agent warrant to purchase up to 2,766,110 subordinate voting shares at a price of US$0.30 per subordinate voting share. The broker warrant also has a term of five years.

About ProMetic Life Sciences

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 website at

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