ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

December 19, 2006 17:57 ET

Prometic Life Sciences Inc. to Raise up to C$18,794,400

MONTREAL, QUEBEC--(CCNMatthews - Dec. 19, 2006) - Not for Distribution in the United States or Through U.S. Newswire Services

ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces the filing of two supplements (the "Supplements") to a short form base shelf prospectus of ProMetic, that was previously filed on November 3, 2006 (the "Prospectus").

The first Supplement qualifies the distribution of up to 36,777,600 subordinate voting shares of the Corporation ("Subordinate Shares") at a price per Subordinate Share of $0.25. Those Subordinate Shares may be issued directly to Canadian and US institutional investors.

The second Supplement qualifies the distribution of up to 34,285,714 Subordinate Shares at a price per Subordinate Share of $0.28 (the "Offering Price"). In the case of the second Supplement, the Subordinate Shares will be issued and sold under an agency agreement dated December 19, 2006 (the "Agency Agreement") between Paradigm Capital Inc. (the "Agent") and Prometic. The Offering Price was determined by negotiation between the Corporation and the Agent.

Closing of this offering is scheduled to take place on or about December 27, 2006 and is subject to the receipt of all regulatory approvals including that of the Toronto Stock Exchange.

"We are pleased to see that ProMetic is receiving strong support from prominent US and Canadian institutional investors", stated Pierre Laurin, President and CEO of ProMetic. "This financing will not only provide the company with the necessary funds to execute on its current business objectives, but will also support ProMetic's expected growth and expansion in the coming year."

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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