ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

December 28, 2006 17:04 ET

Prometic Closes Previously Announced Financing for a Total of $17,141,600

MONTREAL, QUEBEC--(CCNMatthews - Dec. 28, 2006) - Not for Distribution in the United States or Through U.S. Newswire Services

ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") is pleased to announce the closing of two tranches of financing for gross proceeds of $17,141,600. The investors are a combination of prominent US and Canadian Institutional investors. Leerink Swann & Company acted as financial advisor to ProMetic.

The Company issued 36,566,400 Subordinate voting shares ("Shares") at a price of $0.25 per share for a total proceed of $9,141,600. These Shares have been issued directly to Canadian and US Institutional investors.

The Company also issued 28,571,429 Shares at a price of $0.28 per share for a gross proceed of $8,000,000. In this case, the Shares have been issued and sold under an agency agreement dated December 19, 2006 between Paradigm Capital Inc. and ProMetic.

"ProMetic has successfully completed a series of important milestones in the latter part of 2006, setting the tone for 2007 and generating a strong interest from US and Canadian Institutional investors" said Pierre Laurin, President and CEO of ProMetic. "We are pleased with the fact that there was a strong demand from both new investors and existing shareholders which provides the Company with a stronger financial position to execute on its plan" added Pierre Laurin.

These new issues were qualified for distribution in Canada under two supplements dated December 19, 2006 to a short form base shelf prospectus dated November 3, 2006.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. 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 LigandTM 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).

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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