ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

December 12, 2007 15:52 ET

ProMetic Executes Private Placement of C$ 1 Million With Company CEO

MONTREAL, QUEBEC, CANADA--(Marketwire - Dec. 12, 2007) - ProMetic Life Sciences Inc. (TSX:PLI)("ProMetic") announced today the execution of a C$1 million private placement with InvHealth Holding Inc., which is a holding company wholly-owned by Mr. Pierre Laurin, ProMetic's President and Chief Executive Officer.

"I am delighted to increase my shareholding position in ProMetic at such an exciting time in the Company's development," stated Mr. Laurin. "With the positive results obtained to date with our anemia drug candidate, and the numerous licensing and partnering agreements achieved in 2007, I believe that we are clearly at an inflexion point in the future growth of Prometic."

The private placement will consist of 1,724,138 shares at a price of $0.58. The closing of this transaction will bring Mr. Laurin's direct and indirect ownership position to 12,817,293 subordinate voting shares of ProMetic Life Sciences Inc., or 4.75% of the outstanding shares issued.

The proceeds of this placement will predominantly contribute to the acceleration of the development of PBI-1402, ProMetic's orally active drug for the treatment of anemia. The closing of this transaction is subject to customary closing conditions. Unless permitted under securities legislation, InvHealth Holding Inc. may not trade these securities before April 13, 2008.

ProMetic's board of directors approved this private placement. Mr. Laurin disclosed his interest and abstained from voting in accordance with the Canada Business Corporations Act.

In accordance with related-party transaction disclosure requirements, it was reasonable in the circumstances for ProMetic not to file a material change report disclosing this private placement 21 days before the expected date of closing because this would have postponed closing.

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™ 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 US, Europe, Asia and in the Middle-East.

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, 2006, 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.

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