ProMetic Life Sciences Inc. Provides Update On PPPS Licensing Agreement With Hemosol

MONTREAL, CANADA--(CCNMatthews - May 24, 2006) - In response to recent corporate developments at Hemosol Corp. (TSX:HML), ProMetic Life Sciences Inc. (TSX:PLI) would like to comment on the Company's commitment to a near-term resolution for the commercialization of its Plasma Protein Purification System (PPPS) technology in North America. Today, Hemosol Corp. announced that the Ontario Superior Court of Justice (Commercial List) approved yesterday the continuation of the proposal proceedings of each of Hemosol Corp. and its affiliate Hemosol LP (together "Hemosol") under the Companies' Creditors Arrangement Act (the "CCAA"). The Court issued an initial order under the CCAA providing for, inter alia, an initial stay of proceedings against Hemosol until June 22, 2006.