ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

May 24, 2006 14:16 ET

ProMetic Life Sciences Inc. Provides Update on PPPS Licensing Agreement with Hemosol

MONTREAL, CANADA--(CCNMatthews - May 24, 2006) - In response to recent corporate developments at Hemosol Corp. (TSX:HML), ProMetic Life Sciences Inc. (TSX:PLI) would like to comment on the Company's commitment to a near-term resolution for the commercialization of its Plasma Protein Purification System (PPPS) technology in North America.

Today, Hemosol Corp. announced that the Ontario Superior Court of Justice (Commercial List) approved yesterday the continuation of the proposal proceedings of each of Hemosol Corp. and its affiliate Hemosol LP (together "Hemosol") under the Companies' Creditors Arrangement Act (the "CCAA"). The Court issued an initial order under the CCAA providing for, inter alia, an initial stay of proceedings against Hemosol until June 22, 2006.

As previously announced, Hemosol, acting through its interim receiver PricewaterhouseCoopers Inc., has been in negotiations with a party for the potential acquisition of all Hemosol's business and assets. The continuation of Hemosol's proceedings under the CCAA was granted by the Court to allow these negotiations to continue.

ProMetic plans to work closely with Hemosol and its stakeholders as it explores available options. Going forward, the Company said it will consider all possibilities which create value and maximize the opportunities for the PPPS technology.

In addition to providing a yield advantage for classical plasma proteins, the PPPS process can be applied to the recovery of certain proteins that have established therapeutic value, but cannot be extracted effectively via current manufacturing practices, or that simply do not constitute the focus of large plasma fractionators.

The PPPS process, developed over the past three years by ProMetic and its partners and tested by Hemosol, consists of a series of filtering steps through which human plasma is processed to recover an exceptionally high yield of the most valuable therapeutic blood plasma proteins. Plasma proteins, a global business currently estimated at US $6 billion, are specialty products typically sold to group purchase organizations, hospitals or physicians for use in the treatment of various medical conditions.

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 www.prometic.com.

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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