ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

August 02, 2006 17:48 ET

ProMetic Life Sciences Inc.: Expedited Claims Process to Address Scope of License With Hemosol

MONTREAL, QUEBEC--(CCNMatthews - Aug. 2 2006) - ProMetic Life Sciences Inc.(TSX:PLI) is pleased to announce that the contempt proceedings originally scheduled for July 31, 2006 have been adjourned on consent of the parties. In place of the contempt proceedings moving forward at this time, the parties have agreed to a claims process that will occur from August 15 to 17, 2006 the essence of which is to address the scope of the license agreement (the "License Agreement") between Hemosol LP, an affiliate of Hemosol Corp ("Hemosol") and ProMetic Life Sciences Inc. ("ProMetic").

At the heart of the claims process is ProMetic's PPPS technology, a unique affinity capture approach that increases the recovery yield of plasma proteins, including those which are difficult to isolate or that are inactivated in existing plasma fractionation processes.

ProMetic has seen its corporate activities significantly slowed down following the demise of its licensee, Hemosol LP. The License Agreement for the use of the PPPS technology in North America was signed in 2004 with Hemosol which has since been in receivership. Hemosol, acting through its interim receiver PricewaterhouseCoopers Inc., has been in negotiations with a party ("the Plan Sponsor") for the potential acquisition of all Hemosol's business and assets.

ProMetic is convinced that it has respected all its obligations in full compliance with the License Agreement. ProMetic has solid and well-founded arguments in that regard, and it is looking forward to presenting those arguments at this expedited claims process.

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

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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