ARC ARCpoint Inc

- Non Cash Transaction results in ProMetic increasing its holding of common
stock from 26% to 77%


- No change in level of funding required by ProMetic

- Improved visibility in ProMetic's financial statements

- American Red Cross remains involved at Board Level

ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic") announces that it has
finalized its intended transaction with the American Red Cross ("ARC") to
acquire, in a non-cash transaction, its common stock holding in Pathogen Removal
and Diagnostic Technologies Inc. ("PRDT"). The transaction, originally announced
in April 2008, will see ProMetic's participation in the common stock increase
from 26% to a controlling 77% in exchange for a tapering royalty on PRDT
revenue. The remaining 23% of common stock in PRDT will continue to be held by
the academic co-founders and ARC will continue to be represented on the Board of
Directors.


PRDT's technology forms the basis of proven prion capture materials used in both
industrial purification processes and in the P-Capt(R) prion removal filters for
red blood cell filtration that significantly reduce the risk of transmission of
the fatal brain disease variant Creutzfeldt-Jakob disease ("vCJD") from blood
derived products. PRDT's prion capture materials are supplied by ProMetic to
end-users under the Prioclear(TM) tradename.


"PRDT's prion reduction technology has seen increasing levels of commercial
success recently. We are particularly pleased with the strengthening
relationship between ProMetic and Octapharma, and are encouraged by the growing
level of interest in the technology by other players in the market," commented
Mr. Pierre Laurin, President and Chief Executive Officer of ProMetic who added:
"This increased level of use for bulk-scale applications, combined with the
anticipated adoption of the P-Capt(R) filter, should result in further growth in
revenues. In view of the increasing commercialization of PRDT's technology it is
appropriate that control of PRDT moves from ARC to ProMetic. We do however look
forward to a continued long-term collaboration with ARC".


"With ongoing concerns over vCJD contamination of blood and plasma products,
PRDT's prion reduction technology provides ProMetic's customers with increased
competitive advantage," said Dr. Steve Burton, Chief Executive Officer of
ProMetic BioSciences Ltd, ProMetic's UK division who is responsible for
manufacturing and marketing Prioclear(TM) adsorbents. "Having acquired the
controlling interest in PRDT, ProMetic is now able to provide a comprehensive
and integrated development service for plasma derived products including both
protein purification and prion reduction steps," Dr Burton added.


Mr. Bruce Pritchard, ProMetic's Chief Financial Officer commented, "This
transaction has been structured in such a way as to ensure that the
consideration paid to ARC for their shares is contingent on the future success
of PRDT. In addition, for some time, ProMetic has been funding the operations of
PRDT. By increasing our position in its common stock, we will have greater
control over the future costs of that business, and do not intend to let these
exceed the level of our recent commitment". Mr. Pritchard added: "Subject to
final comment by our auditors on the accounting treatment for the consolidation
of this larger stake, I anticipate that we will have greater visibility over
PRDT in our own financial statements, benefiting specifically from the ability
to fully consolidate future results".


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(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 hematological diseases 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 US and Canada, manufacturing facilities in the UK and business
development activities in the US, Europe, Asia and in the Middle-East.


About the American Red Cross

The American Red Cross (www.redcross.org) helps people prevent, prepare for and
respond to emergencies. Last year, almost a million volunteers and 35,000
employees helped victims of almost 75,000 disasters; taught lifesaving skills to
millions; and helped U.S. service members separated from their families stay
connected. Almost 4 million people gave blood through the Red Cross, the largest
supplier of blood and blood products in the United States. The American Red
Cross is part of the International Red Cross and Red Crescent Movement. An
average of 91 cents of every dollar the Red Cross spends is invested in
humanitarian services and programs. The Red Cross is not a government agency; it
relies on donations of time, money, and blood to do its work. Ms. Gail J.
McGovern is President and CEO of the American National Red Cross.


About ProMetic BioSciences Ltd

Using its unique and proprietary Mimetic Ligand(TM) technology, ProMetic
BioSciences Ltd ("PBL") specializes in the development and manufacture of robust
affinity separation materials which provide very high levels of purification.
This is achieved by use of small chemical affinity ligands designed to bind a
target biomolecule specifically and reversibly. In view of their use for the
production of therapeutics, ProMetic's affinity products are manufactured
according to a strict quality system based on good manufacturing practice at
PBL's ISO 9001:2008 certified manufacturing facility on the Isle of Man, which
completed a pounds sterling 1.5 million expansion in 2005. PBL also operates an
R&D laboratory located on the Cambridge Science Park, United Kingdom.


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.

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