Prometic Life Sciences - Durststrecke ade!

• ProMetic enters into global agreement with Celgene Corporation
• $4 M of repayment obligations originally due in 2011 deferred to July 2012
• Long-term  lease and funding secured for new facility to manufacture high-value  plasma-derived therapeutics for current and future clients

MONTREAL, QUEBEC, CANADA - April 5, 2011 - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic")  today reported on its business highlights and financial results for the  year ended December 31, 2010.  All amounts are in Canadian dollars  unless otherwise indicated. Additionally, ProMetic's 2010 Annual Report  has been filed on Sedar (http://www.sedar.com/) and is now available on its web site at http://www.prometic.com/.

Subsequent to year end, positive, significant and material events occurred that are setting the tone for 2011:

• ProMetic  announced that it had entered into an Agreement ("Agreement") with  Celgene Corporation ("Celgene"), for the worldwide rights to a  commercial application of ProMetic's Protein Technologies. Under the  terms of this Agreement, Abraxis BioScience, Inc. ("Abraxis"), a wholly  owned subsidiary of Celgene will forgive a $10millionUS long-term debt  entered into with ProMetic on February 9, 2010, effectively terminating  said loan agreement four years prior to its original term in return for  intellectual property rights for specific commercial application of its  Protein Technologies within restricted fields of use.
   
• The  results of other negotiations pursued in 2010 became apparent, with the  announcement that ProMetic had secured external funding for NewCo, a  new subsidiary which will, through a facility leased on very favourable  terms, allow the business to capitalize on the development work  undertaken by the U.S. subsidiary, ProMetic BioTherapeutics, Inc.  ("PBT'). This plant will enable ProMetic and its licensees to  manufacture plasma-derived therapeutics at scale and to commercialize  products for the multi-million dollar plasma-derived therapeutics  market.
• The Company also announced that it had reorganized the  terms of its secured debt, moving $4million of debt repayments to July  2012, effectively reclassifying it from short-term to long-term debt and  removing a significant short-term pressure on cash flow.

"2010  can best be described as a year of building value and opportunity, a  fact supported by the post-balance sheet activity," commented Mr. Bruce  Pritchard, ProMetic's Chief Financial Officer.  He continued noting:  "Annual revenues did not reach anticipated levels. However, the  financial results for the first half of 2010 were in line with  expectations, but delays in programs caused by both the regulatory  process and strategic deals for two of our major customers, Octapharma  AG ("Octapharma") and Abraxis caused second half revenues to be  disappointing."  Mr. Pritchard added: "As always, management responded  by slowing expenditures as much as possible, and by funding the  shortfall using the least-dilutive means available." 

"While  Abraxis' acquisition affected revenue in 2010, we are extremely pleased  with the recent agreement with Celgene," stated Mr. Pierre Laurin,  ProMetic's President and Chief Executive Officer.  Mr. Laurin continued:  "This transaction reduces a very significant portion of ProMetic's debt  in a manner that is non-dilutive to our existing shareholders, and also  provides for a potential long term supply of proprietary affinity  adsorbent.

"Moreover, Octapharma has advised that it remains  positive regarding the ultimate regulatory approval of its OctaplasLG®  product by the MHRA and its ultimate approval in additional key European  Union countries.  We therefore expect orders for resin to recommence in  2011," mentioned Mr. Pierre Laurin.  "Octapharma also announced  recently that it is seeking regulatory approval for a prion-depleted  version of its UniplasLG® product, which will also rely on ProMetic's  prion reduction technology."

2010 Significant Events

Protein Technologies

• In  January 2010, ProMetic entered into a collaboration agreement with  Abraxis. to develop and commercialize various applications deriving from  ProMetic's prion capture technology platform.

• In  February 2010, ProMetic announced that the project with HemCon Medical  Technologies, Inc. to develop a sterile, single-use antibody capture  device for the removal of isoagglutinin antibodies initiated in March  2009 met its first development milestone and moved into the second phase  of development.

• In the same month, Novozymes and  ProMetic entered into a strategic alliance regarding proprietary albumin  purification technology based upon a synthetic-ligand affinity  adsorbent developed by ProMetic's UK subsidiary, ProMetic BioSciences  Ltd ("PBL"). The new synthetic-ligand affinity adsorbent, AlbuPure®,  will be co-marketed by both companies.

• In March 2010,  ProMetic announced that it had completed the first milestone of its  strategic collaboration with the Wuhan Institute of Biological Products  ("WIBP"), a subsidiary of China National Pharmaceutical Group Corp  ("Sinopharm"), China's largest pharmaceutical company. WIBP's products  will be manufactured under licence using ProMetic's proprietary protein  technologies. These products will then move into clinical trials to  demonstrate their bioequivalence to commercialized products in order to  obtain required regulatory approval from the Chinese State Food and Drug  Administration.

• During the first half of 2010, ProMetic completed delivery of the largest order for a single Mimetic Ligand^TM product. The total order was worth approximately $8.9million and approximately two-third was recognized in 2010.

• The  WIBP project is progressing according to schedule. After the successful  completion of the initial technology transfer stage earlier this year,  ProMetic's scientists have initiated the second technology transfer  stage and are moving ahead with the retrofit of WIBP's GMP pilot  facility. ProMetic's proprietary Plasma Protein Purification System  ("PPPS^TM") will be integrated in WIBP's facility as part of this retrofit.

• Initiation  of the scale-up activities for the manufacturing of the first GMP  products for the Chinese market is expected in second quarter of 2011.  WIBP will then pursue regulatory approval from the SFDA for these  products manufactured under licence using ProMetic's proprietary protein  technologies, by demonstrating their bioequivalence to commercialized  products.

Therapeutics

• ProMetic  presented data on its orally-active PBI-1402 compound at the 15th  Congress of the European Hematology Association held in Barcelona,  Spain, June 9 - 13, 2010. Clinical and preclinical results were  presented about the management of side effects induced by chemotherapy  and the treatment of certain cancers such as lung and pancreatic  cancers, and certain forms of leukemia.

• In addition, an  oral presentation was made regarding the positive clinical data  generated in patients that developed anemia as a result of their  chemotherapy. The clinical trial demonstrated a reduction in the need  for blood transfusions in chemotherapy-induced anemic patients.  Furthermore, the trial data indicated that the level of hemoglobin and  red blood cells never exceeded recommended levels even when the drug was  used at high dose. This, combined with anti-cancer activity  demonstrated in numerous cancer models, supports the potential use of  PBI-1402 to address unmet medical needs in oncology.

• The  PBI-1402 development program also led to the discovery of new and  proprietary chemical compounds ("NCEs") that regulate fibrosis via a  novel mechanism of action. Fibrosis is part of the inflammatory process  that leads to a loss of functionality in vital organs such as kidney,  heart, liver and lungs in certain chronic diseases that affects hundreds  of millions of patients. These first-in-class NCEs are orally active,  and have been confirmed to exhibit strong anti-fibrotic activity in  various in vivo models.

• Further advances were also accomplished with the Company's portfolio of autoimmune disease drug candidates.

• In  October 2010, ProMetic signed terms of a strategic agreement for  PBI-1402 and PBI-4419 with Allist who will fund the development costs  required for the regulatory approval in China for the two products.  Allist undertakes to perform development activities according to  standards meeting the Food and Drug Administration's ("FDA")  requirements, which will then allow ProMetic to have full access to and  use of data generated by Allist for markets outside China. This  represents an investment by Allist in the programs well in excess of  $10millionUS. Allist will retain the rights for the Chinese market for  PBI-1402 for the chemotherapy-induced anemia and cancer related anemia  indications and for PBI-4419 for fibrotic diseases.

Selected Annual Information         
The  following selected annual information is derived from the consolidated  financial information of the Company for each of the three most recently  completed financial years. The financial statements are prepared in  accordance with Canadian GAAP. More financial information, including the  Company's Annual Information Form, is available on SEDAR (http://www.sedar.com/).

The  Company generated revenues of $11.4 million for the year ended 31  December 2010 compared to $13.6 million for the year ended 31 December  2009. Delays in programs caused by both the regulatory process and  strategic deals for two of our major customers, Octapharma and Abraxis,  impacted significantly on revenues in the second half.

The Company  returned a net loss of $11.3 million or $0.03 per share (basic and  diluted), for the year ended December 31, 2010, as compared to a net  loss of $9.3 million or $0.03 per share (basic and diluted) for year  ended December 31, 2009. Analysing the increase in the annual loss of  $1.9 million from the previous year, $1.3 million can be explained by  the PRDT gain in 2009 not being repeated in 2010 and $0.2 million  associated with lower exchange gains in 2010. 

* In thousands of dollars

During  the last week of March 2011, the Company received funds in lieu of a  series of equity investments in the Company by way of private placements  totalling $800,000. The aggregate number of common shares to be issued  by the Company in relation thereto remains to be confirmed, as the  Company awaits relevant common share pricing (VWAP) confirmation from  the Toronto Stock Exchange.

Conference call / webcast details  
The Company will be holding a conference call / webcast on Thursday, April 7, 2011, at 10:30 (EDT).

The  numbers to access the conference call are (416) 981-9000  (international) and 1 (800) 738-1032 (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 Thursday, April 7, 2011, at 13:00 (EST).  The numbers to access  the audio replay are (416) 626-4100 (international) and 1 (800) 558-5253  (North America toll free).using access code 21519729.  The replay of  the web cast may be downloaded directly from ProMetic's web site.

About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. ("ProMetic") (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 U.K., the U.S. and Canada, manufacturing facilities in  the U.K. and business development activities in the US, 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 23 of  ProMetic's Annual Information Form for the year ended December 31,  2010, 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.

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For further information please contact:

Pierre Laurin
President and CEO
ProMetic Life Sciences Inc.
p.laurin@prometic.com
+1.450.781.0115

Anne Leduc
Manager, Investor Relations &
   Communications
ProMetic Life Sciences Inc.
a.leduc@prometic.com
+1.450.781.0115