HemCon Medical Technologies, Inc. and ProMetic Life Sciences Inc. Collaboration Progresses to Next Stage

MONTREAL, QUEBEC, CANADA--(Marketwire - February 24, 2010) - ProMetic Life Sciences Inc. (TSX: PLI) (“ProMetic”) announced today that its UK subsidiary, ProMetic BioSciences Ltd (“PBL”), has successfully completed the first phase of work with HemCon Medical Technologies Inc. (“HemCon”) on the development of a single-use antibody capture device for the removal of isoagglutinin antibodies from human plasma. First announced March 3rd 2009, the exclusive collaboration agreement with HemCon covers the development of a new capture device, based on ProMetic’s affinity adsorbent technology, for both single source and pooled plasma in combination with HemCon’s Plasfusion™ Lyophilized Plasma System.

The project with HemCon aims to combine isoagglutinin antibody removal with HemCon’s novel Plasfusion™ plasma preservation system to provide a stable and universally applicable human plasma for emergency use. With the initial research and development phase of the project complete, HemCon and ProMetic have now initiated work on the second phase of the project which involves the development of a fully functional prototype device. Both companies jointly own all collaboration technology for the new device that will be exclusive to HemCon with ProMetic the sole supplier for the capture device.

Dr. Steve Burton, Chief Executive Officer of PBL commented: “We are pleased to have completed the first phase of work on schedule and are looking forward to the next stage of the project which will see the development of a working prototype device for use in the production of universal lyophilized plasma for incorporation into HemCon’s clinical programme. While ProMetic receives valuable remuneration from Hemcon during the development phase, we are very excited about the future value of this project for Hemcon and Prometic”. Dr. Burton added: “The ProMetic-HemCon alliance is another example of a successful partnership leveraging respective technologies and expertise to create a valuable and superior product”.

About Universal Plasma

Plasma, the protein-rich fluid component of blood, is used clinically for the treatment of hemorrhagic and hypovolemic shock. Depending upon the blood type of the plasma donor, there is a risk that antibodies may be present to A and/or B blood group antigens. Such antibodies are commonly referred to as isoagglutinins and administering plasma with anti-A or anti-B isoagglutinins to recipients who possess the same blood group antigen can give rise to serious adverse reactions. Removal of isoagglutinin antibodies from plasma avoids the requirement to match plasma to the blood type of the recipient.

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 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.