ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc.

September 04, 2007 11:32 ET

ProMetic Raises $ 6 Million

MONTREAL, QUEBEC, CANADA --(Marketwire - Sept. 4, 2007) - Not for Distribution in the United States or Through U.S. Newswire Services

ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces that it has received share purchase offers from U.S. institutional investors and therefore will file two Supplements (the "Supplements") to a short form base shelf Prospectus of ProMetic that was previously filed on November 3, 2006 (the "Prospectus").

"It is important for ProMetic to complete this financing transaction despite poor market conditions. This will allow ProMetic to fund its revenue growth and to better execute on its business development opportunities," comments Stephane Archambault, Vice-President, Finance of ProMetic.

The initial Supplement is an amended and restated version of the third Supplement previously filed on August 13, 2007, and qualifies the distribution of 11,607,143 Subordinate Shares of the Corporation ("Subordinate Shares") at a price per Subordinate Share of $0.35. In the case of this Supplement, the Subordinate Shares will be issued under an Agency Agreement between Paradigm Capital Inc. (the "Agent") and ProMetic (the "Brokered Offering").

The other Supplement is a fourth Supplement to the Prospectus that qualifies the distribution of 5,535,714 Subordinate Shares of the Corporation at a price per Subordinate Share of $0.35. Those Subordinate Shares are issued directly to U.S. institutional investors.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Enthrust Financial Services, Inc. (OTCBB:EFSV), is participating in this offering as a financial advisor to ProMetic. In addition, ProMetic has granted to the Agent an over-allotment option which allows the Agent to acquire a number of Subordinate Shares equal to 15 percent of the Subordinate Shares sold under this Brokered Offering.

Closing of the Brokered Offering is scheduled to take place on or about September 11, 2007 and is subject to the receipt of all regulatory approvals including that of the Toronto Stock Exchange.

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, 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 21 of the Company'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.

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