ProMetic Provides Corporate Update

"The recent transaction with Celgene which removes US$10 million of debt is a significant step towards improving the balance sheet", commented Mr. Pierre Laurin, ProMetic's President and CEO. He added, "Management is focused on closing other lucrative technology-related deals providing significant cash and recurring revenue to the Company. To achieve this amid lower than expected revenues, the Company needs to increase its cash level. The Company has recently closed a series of private placements with six long standing shareholders, which together total $2.75 million. This sum includes the $0.8 million already disclosed in the 2010 annual report as post balance sheet event."

Additional liquidity has been provided to the group with part of the previously disclosed $1.5 million raised in Newco being used in PLI on a temporary basis with the agreement of those who invested it. NewCo is currently attracting new business as well as fresh capital and additional announcements are forthcoming. Newco is expected to get additional funding in the second quarter of 2011.

Mr. Bruce Pritchard, ProMetic's Chief Financial Officer indicated, "These various sources of cash injection, when combined with the recently announced debt reduction of US$10 million and the postponement of the $4 million secured debt term to July 1, 2012, improves ProMetic's short-term liquidity and more importantly allows the Company greater opportunity to deliver on deals that will ultimately make it self-financing."

The series of equity investments by way of private placements (including the $0.8 million investment that was previously disclosed in ProMetic's 2010 Annual Report) brings total equity injections in ProMetic to $2.75 million since January 2011. These investments were done at an average approximate price of $0.16 per share for a total of 17,686,274 Common Shares of ProMetic and are subject to a four month hold period. No warrants were issued in relation to any said investments.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. ("ProMetic") ([ http://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 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 23 of ProMetic's Annual Information Form for the year ended December 31, 2010, under the heading "Risk and Uncertainties related to ProMetic's business". 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 indicated otherwise.

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ProMetic Provides Corporate Update