ProMetic Life Sciences Inc.
TSX : PLI

ProMetic Life Sciences Inc.

May 15, 2008 17:30 ET

ProMetic Reports Business Highlights and First Quarter Financial Results

MONTREAL, QUEBEC, CANADA--(Marketwire - May 15, 2008) - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today reported business highlights and financial results for the first quarter of 2008. All amounts are in Canadian dollars unless otherwise indicated.

"ProMetic is pleased that the Scottish Blood Transfusion Services have initiated pre-adoption trials for the P-Capt® filter for the capture of prions to ensure the safety of their blood supply," stated Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic. "This, combined with the projected adoption of the P-Capt® filter by the Irish National Blood Service on a national basis in the second half of 2008, and the continued integration of our protein technologies in different commercial applications, ProMetic maintains its guidance of strong revenue growth and of being EBITDA positive at the end of 2008 for this business unit."

"The recent positive data obtained in our PBI-1402 Chemotherapy-induced anemia ("CIA") clinical trial are allowing us to rapidly execute on licencing agreements," added Mr. Laurin.

Highlights

Protein Technologies

- The Scottish Blood Transfusion Services have initiated pre-adoption trials of the P-Capt®, following on those already initiated by the Irish and UK National Blood Services;

- MacoPharma stated that it expected adoption on national basis of the P-Capt® prion filter in Ireland as early as the second half of 2008 to be followed thereafter by England and other European countries;

- Given the ramping up activities necessary to meet MacoPharma's projected P-Capt® filter demands by these agencies, MacoPharma will offer multi-level support to ProMetic, thus ensuring that all aspects related to the manufacturing operations essential to the large scale commercialization of P-Capt® are well capitalized. The adoption of the P-Capt® filter by these countries is expected to contribute significantly to ProMetic's revenue growth;

- The agreements with the Wuhan Institute of Biological Products of China, Blue-Blood Biotech Corporation of Taiwan and Kedrion S.p.A. of Italy, with commercialization of plasma-derived products expected as early as 2011, represent potential annual peak sales of $90 million.

Therapeutics

- PBI-1402 demonstrated significant activity in patients with CIA, and reduced the need for red blood cell ("RBC") transfusion. Only 2 patients out of 28 (7%) treated with PBI-1402 required a RBC transfusion, a response rate greater than 90% with regards to PBI-1402's clinical objective;

- ProMetic has been selected to present data from its PBI-1402 clinical trial in patients with CIA at the 13th Congress of the European Hematology Association being held in Copenhagen from June 12th to 15th, 2008;

- In addition to PBI-1402, ProMetic has amassed a broad pipeline of promising drug candidates for various cancers. ProMetic announced results of three such compounds, PBI-1737, PBI-0110 and PBI-1308 in preclinical studies for prostate and pancreatic cancer at the American Association for Cancer Research Annual Meeting 2008.

First Quarter 2008 Financial Results

The following information should be read in conjunction with the financial statements for the first quarter 2008 as well as the Management Discussion and Analysis for the same period.

Revenues

Total revenues for the first quarter of 2008 were $1.8 million, which were primarily derived from the protein technologies unit, compared with $3.0 million for the first quarter of 2007. Notwithstanding the lower first quarter revenue, we maintain our guidance of strong revenue growth in 2008 vs. 2007.

Historically, revenues arising from Resin supply to partners have been unevenly distributed from quarter to quarter. As the Company's technology is being adopted by various pharmaceutical companies, quarterly revenues will vary constantly. These activities make revenue comparison very difficult; therefore, revenues should be analyzed and compared using longer periods.

Revenues for the first quarter of 2008 were mainly derived from the following:

- Hepatitis B licence and development for Kedrion S.p.A.;

- Development work related to the Tecpar in Brazil;

- Ligand development project with large pharmaceutical companies;

- Advancement of the prion-binding ligand for a European plasma fractionator.

Net results

The Company incurred a net loss of $5.8 million for the quarter ended March 31, 2008 compared with a net loss of $4.7 million for the same period in 2007.

Cash Flows

The Company intends to improve its cash position by reaching commercial deals for its Therapeutic unit as well as increase revenues from its Protein Technology Unit through sales of Affinity Ligand Adsorbent and licensing its technology with plasma fractionators. In addition, on April 08, 2008, the Company issued shares with a net proceed of $4.7 million and is currently pursuing other financing activities to strengthen its cash-flow position.

ProMetic's MD&A and 2008 First Quarter Financial Statements have been filed on Sedar (www.sedar.com) and are now available on its web site at www.prometic.com.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. ("ProMetic") (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 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, ProMetic'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 ProMetic 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 ProMetic's Annual Information Form for the year ended December 31, 2007, 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, unless required by applicable securities laws and regulations.

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