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Press release from Marketwire

ProMetic Enters Into Agreement to Improve Manufacturing Process for Biopharmaceutical Product Serving a Multi-Billion Dollar Market

- Initial service revenues of CAD 800 000 over the next 6 months - Recurring revenue from resin sales to follow achievement of target product profile

Friday, May 27, 2011

ProMetic Enters Into Agreement to Improve Manufacturing Process for Biopharmaceutical Product Serving a Multi-Billion Dollar Market11:11 EDT Friday, May 27, 2011MONTREAL, QUEBEC, CANADA--(Marketwire - May 27, 2011) -ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") today announced the signing of an agreement (the "Agreement") by ProMetic's UK subsidiary, ProMetic Biosciences Ltd ("PBL"), with a multinational company to enhance the quality of an existing biopharmaceutical product manufactured in multi-ton quantities. Under this new Agreement, ProMetic will optimize an affinity resin product and associated manufacturing process conditions for its client. This will provide ProMetic's client, already a leader in its field, with a next-generation product with enhanced potential to capture increased share of a well-established and growing multi-billion dollar market. The Agreement will provide ProMetic with initial service revenues of up to CAD 800,000 during 2011 and anticipated to lead to a subsequent long-term agreement for the manufacture and supply of the affinity resin when related target product profiles are achieved. Revenues arising from the recurring purchase of resin for such type of commercial use are typically in the range of $ 2 M to $ 5 M per year.Dr. Steve Burton, PBL's Chief Executive Officer said: "ProMetic's affinity technology has many potential uses as demonstrated by this latest application where a purpose-designed affinity product will be used to target and remove specific impurities from an existing biopharmaceutical product to further enhance its quality and safety". "The large annual production of this biopharmaceutical product and the frequency of batch manufacture should ensure a regular demand for ProMetic's resin" added Dr Burton.Further details were not disclosed for reasons of client confidentiality.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 Montréal (Canada), ProMetic has R&D facilities in the UK, the U.S. and Canada, manufacturing facilities in the UK and business development activities in the U.S., 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 25 of ProMetic's Annual Information Form for the year ended December 31, 2008, 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. All amounts are in Canadian dollars unless stated otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: Pierre LaurinCompany InquiriesPresident and CEOProMetic Life Sciences Inc.p.laurin@prometic.com+1.450.781.0115ORChief Executive OfficerSteve BurtonProMetic BioSciences Ltdsburton@prometicbiosciences.com+44.1223.420.300ORDirector, Communications and Investor RelationsFrederic DumaisProMetic Life Sciencesf.dumais@prometic.com+1.450.781.0115