ProMetic Life Sciences Inc. Continues to Access Capital and Reduce Expenditures

MONTREAL, QUEBEC--(Marketwire - August 24, 2009) - ProMetic Life Sciences Inc. (TSX: PLI) (“ProMetic”) today announced that it has concluded a secured loan agreement for $1.5 M, bringing the total amount of funding received from different debt instruments since the end of the second quarter of 2009 to $2.3 M.

Terms of the secured loan include, inter alia:

- maturity at 24 months;

- interest payment through share issue;

- no performance-related covenants.

ProMetic will issue 4,500,000 fully-paid common shares in relation thereto.

“The closing of this financing once again demonstrates ProMetic’s ability to obtain debt financing via its network of existing shareholders. The new long-term loans are provided by shareholders that have chosen to receive any and all interest payments in the form of ProMetic shares. This, combined with the long-term moratorium on capital reimbursement, positively impacts our cash flow. These financings are structured to provide ProMetic with liquidity and an adequate runway to continue growing its business and deliver on key value drivers,” stated Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic.

Moreover, we are pleased to announce the fact that ProMetic has recently repaid its long-term debt of $12.0 M contracted back in 2006, which translates into $1.5 M less in payments per quarter as of September, further impacting our cash flow in a very positive manner,” commented Mr. Bruce Pritchard, ProMetic’s Chief Financial Officer.

“These events are examples that reinforce ProMetic’s continuous message to its shareholders that it shall continue to reduce expenditures while continuing to give itself the tools to close opportunities which will have positive short and long-term effect on shareholder value,” added Mr. Laurin.

About ProMetic Life Sciences Inc.

ProMetic Life Sciences Inc. (“ProMetic”) (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 U.K., the U.S. and Canada, manufacturing facilities in the U.K. 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 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.