Prometic Life Sciences - die bessere Genta?

• Company secures an established state-of-the-art manufacturing facility on very favourable terms
• Facility to scale-up ProMetic's proven manufacturing technology for plasma-derived therapeutics ("PPPS^TM") with a targeted capacity of 150,000 liters of plasma annually
• New subsidiary "NewCo" created to undertake product manufacturing with targeted start-up by the end of 2011
• NewCo to be funded by third party investors, stakeholders and government grants
• Initial equity investment of $2.5 M CDN in NewCo has been committed; of which a first tranche of $750,000 CDN has been received

MONTREAL, QUEBEC, CANADA - February 7, 2011 - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic")  announced today that the Company has achieved a pivotal milestone for  the in-house manufacturing of plasma-derived proteins at commercial  scale thereby expanding its reach into the lucrative plasma-derived  therapeutics industry.

ProMetic, via its new subsidiary, NewCo, has entered into a long-term lease on very favorable conditions with Quebec's Institut national de la recherche scientifique ("INRS") for an existing state-of-the-art facility.

NewCo  will undertake the development and manufacturing of high-value  plasma-derived therapeutic biosimilars for ProMetic's current and future  clients.  This facility, located in Laval's biotech cluster, will have a  targeted processing capacity of 150,000 liters which would supply  products with a market value exceeding $100,000,000 CDN per annum.

NewCo  will be funded via third-party investments and is anticipated NewCo  will rapidly become self-sustaining through end product services and  sales to ProMetic's existing clients.  An initial $750,000 CDN  investment has been received as part of a $2,500,000 CDN commitment.

This  new business venture has also received pledges for additional funding  from various institutions and key stakeholders involved in ProMetic's  protein technologies activities which could amount to additional  financial contributions of $3,500,000 CDN.

"This is a key  development for ProMetic as it enables the Company to benefit, at  commercial scale, from the competitive advantage provided by our proven  Plasma Protein Purification System ("PPPS^TM") as well as our  prion capture technologies. Our clients will have access to ProMetic's  in-house production of plasma-derived products, in addition to  technology transfer and skills training services," said Mr. Pierre  Laurin, ProMetic's President and Chief Executive Officer.

Mr.  Bruce Pritchard, ProMetic's Chief Financial Officer stated: "We are very  pleased to have accessed such a high quality facility on such very  favorable terms, as well as having attracted capital to catalyze this  exciting venture. The manufacturing plant will supply plasma-derived  therapeutic products to our existing and future clients which should  generate significant revenue". Mr. Pritchard added: "The plant is  expected to start up operations by the end of 2011, provide cGMP  products to be used by clients in early 2012, and reach full operating  capacity by 2014".

ProMetic will further reduce its overhead cost  by relocating its headquarters at this new facility, at the end of  March, 2011.  This also allows ProMetic to concentrate its core  activities near its existing Therapeutic division's research and  development site.

Conference Call

ProMetic  will be holding a conference call / webcast on Tuesday, February 8,  2011, at 14:00 (EDT) to discuss details regarding this announcement.

The  numbers to access the conference call are (416) 981-9000  (international) and 1 (800) 925-4216 (North America toll free). A live  audio webcast of the conference call will be available through  ProMetic's website at http://www.prometic.com/en/news-events/events.php.

An  audio replay of the call will be available for a period of seven days  as of Tuesday, February 8, 2011, at 17:00 (EDT).  The numbers to access  the audio replay are (416) 626-4100 and 1 (800) 558-5253 using access  code 21510428.  The replay of the web cast may be downloaded directly  from ProMetic's web site.    
 

About the Plasma Protein Purification System   
The Plasma Protein Purification System ("PPPS^TM")  allows for the targeting and removal of multiple high-value proteins  from a single plasma sample at unprecedented activity levels using  ProMetic's Mimetic Ligand^TM adsorbent technology.  This  system also provides for the recovery of new biotherapeutics as they are  discovered and identified. The effect of this process is to reduce the  significant losses incurred when using the more conventional Cohn  precipitation process

About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (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^TM  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 24 of  ProMetic's Annual Information Form for the year ended December 31,  2009, 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.

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For further information please contact:                                                            

Pierre Laurin  
President and CEO    
ProMetic Life Sciences Inc.  
p.laurin@prometic.com         
+1.514.341.2115        
 

Anne Leduc
Manager, Investor Relations                          
   and Communications                                  
ProMetic Life Sciences Inc.                          
a.leduc@prometic.com                                 
+1.514.341.2115

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