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Independent Proxy Advisory Firms RiskMetrics and Glass Lewis Recommend That ProMetic Life Sciences Inc. (PFSCF.PK)'s Shareholders Vote in Favour of Management Proposals at Upcoming Annual and Special Meeting


4/27/2010 10:49:46 AM

MONTREAL, QUEBEC, CANADA--(Marketwire - April 26, 2010) - ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic") today announced that RiskMetrics Group (formerly Institutional Shareholder Services, or ISS) ("RiskMetrics"), and Glass Lewis & Co., LLC ("Glass Lewis"), leading independent proxy advisory firms, each published a report recommending that shareholders of ProMetic support the proposals in the "Business to be Transacted at the Meeting" section of ProMetic's Management Information Circular.

Both firms have issued specific recommendations for item 4 "Approval and Ratification of the Guarantee" as stated below:

RiskMetrics: "A vote FOR this resolution is warranted as it releases the company from all obligations to a third-party...."

Glass Lewis: "... the Company has historically been very transparent to shareholders regarding InvHealth, as both the private placing and the guarantee were disclosed. Accordingly, we recommend shareholders vote FOR this proposal."

Furthermore, the Board of Directors of the Corporation is of the opinion that a vote in favour of the resolution will benefit all shareholders.

Details regarding the requirement for disinterested shareholder approval of the Guarantee and the Amended and Restated ProMetic Loan have been disclosed by ProMetic in a press release dated March 25, 2010.

Resolutions approving these proposals will be considered at ProMetic's Annual and Special Meeting (the "Meeting") of shareholders. Shareholders can vote by phone, internet or mail. Additional information regarding the proposals and instructions for voting can be found in the Management Information Circular that was mailed to shareholders in April and which is available at ProMetic's profile on SEDAR at www.sedar.com. If shareholders have questions about voting or other matters relating to the Meeting, they can contact ProMetic's proxy solicitor, Laurel Hill Advisory Group, toll-free at 1 (877) 900-2441. Proxies must be received no later than 17:00 (EDT) on May 3, 2010.

ProMetic will host its Annual and Special Meeting of Shareholders on Wednesday, May 5, 2010, at 10:30 (EDT) in the auditorium located on the fourth floor of the Montreal Stock Exchange Tower, 800 Victoria Square in Montreal.

For those who are unable to attend the Meeting in person, ProMetic offers a live telephone or audio webcast accessible using the following dial-in information - (416) 800-1066 (international) and 1 (886) 212-9072 (toll free) or through ProMetic's website on the Events page - http://www.prometic.com/en/news-events/events.php or the Highlights section of the Home page - http://www.prometic.com/en/index.php. A replay of the event will be available following the Meeting on ProMetic's website.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. (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 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.


Contacts:
Laurel Hill Advisory Group
Der Allen
Director, Proxy Services
+1-877-900-2441 or +1-416-637-0688
dallen@laurelhill.com

ProMetic Life Sciences Inc.
Patrick Sartore
Senior Legal Counsel & Corporate Secretary
+1-514-341-2115
p.sartore@prometic.com

ProMetic Life Sciences Inc.
Anne Leduc
Manager, Investor Relations & Communications
+1-514-341-2115
a.leduc@prometic.com


Read at BioSpace.com


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