ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

June 02, 2006 12:15 ET

ProMetic to Raise C $10.8 Million in Private Placement: Placement Participants include JPMorgan and Third Point LLC

MONTREAL, CANADA--(CCNMatthews - June 2, 2006) - ProMetic Life Sciences Inc (TSX:PLI) announced today a private placement of subordinate voting shares in an aggregate amount of C $10.8 million via a Share Purchase Agreement with JPMorgan and Third Point LLC. The Company has agreed to issue 29,600,000 subordinate voting shares.

The proceeds will be used for general corporate purposes, including accelerating the development of PBI-1402, ProMetic's lead therapeutic, an orally active drug for the treatment of anemia in cancer patients undergoing chemotherapy. The closing of this transaction is subject to customary closing conditions.

"We are extremely excited that these prominent U.S. investors have chosen to validate the potential of PBI-1402 and our entire business strategy with their investments in ProMetic," said Pierre Laurin, the Company's chairman and chief executive officer. "We are pleased to welcome them as new shareholders," Mr. Laurin added.

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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