ProMetic Life Sciences Updates on Reorganization, Steve Burton to be Named ProMetic BioSciences Ltd new CEO.

MONTREAL -- ProMetic Life Sciences Inc. (TSX:PLI.SV) ("ProMetic" or the "Company"), a leading biopharmaceutical company, today updates the financial community on its progress related to the corporate reorganization announced in November 2005. The Company is restructuring as a parent company with four pure-play operating units. Each distinct unit is pursuing a focused business plan and is pursuing funding opportunities with investors looking for a specific risk/return profile.

ProMetic BioSciences Ltd

Dr. Steven J. Burton will be named the new President and CEO of ProMetic BioSciences Ltd ("PBL"). Dr. Burton obtained his Ph.D. from the University of Cambridge, U.K. and has more than 20 years work experience in the bioseparation industry. After first joining as R&D Manager, Dr. Burton was appointed to the Board of PBL in 1993. In 2003, he was promoted to Executive Vice President with responsibility for ProMetic's Enabling Technology Business Unit. PBL is currently exploring financing opportunities in the UK and Dr. Burton will lead that process. A recruitment process for a CFO has been initiated and nominations to PBL's Board will be announced shortly.

Using its unique and proprietary Mimetic Ligand(TM) technology, 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 to strict quality standards at the PBL's GMP compliant manufacturing facility located on the Isle of Man, which recently completed a pounds sterling 1.5 million expansion. PBL also operates a R&D laboratory located on the Cambridge Science Park, United Kingdom.

To complete the reorganization of PBL, ProMetic will transfer its stake in Pathogen Removal and Diagnostic Technologies Inc. (PRDT), a joint venture between ProMetic and the American Red Cross, by the end of February 2006. PRDT's resin, which is incorporated into a MacoPharma filter, is the first to demonstrate reduction of TSE  prions from whole blood. TSEs are fatal brain diseases that include Bovine Spongiform Encephalopathy (BSE) or "mad cow disease" in cattle and Creutzfeldt-Jakob Disease (vCJD) in humans. ProMetic expects that the product will receive CE mark approval and be launched in 2006.

ProMetic BioSciences Inc. - Therapeutics

ProMetic Life Sciences Inc.'s therapeutic operating unit, headquartered in Montreal, intends to secure financing for its Drug discovery program aimed at the treatment of anemia, cancer and autoimmune diseases. Two of its lead compounds are advancing in clinical development:

- A Phase Ib/II clinical trial to confirm safety and efficacy in
  cancer patients undergoing chemotherapy and suffering from anemia
  is being initiated with PBI-1402, a high potential Drug candidate.
  The mechanism of action of PBI-1402 has been unraveled confirming
  that PBI-1402 offers the potential to treat anemic patients who are
  not responsive to EPO. Furthermore, since PBI-1402 has shown an
  additive effect in combination with EPO, it could as well be used
  in combination with EPO, the current treatment of choice for
  anemia.
- A clinical trial in cancer patients is planned for 2006 with PBI-
  1393, a compound targeted for the treatment of selected cancers in
  combination with chemotherapy.

ProMetic BioTherapeutics, Inc.

ProMetic BioTherapeutics ("PBT") is a therapeutic plasma protein company. PBT's platform, a proprietary plasma protein purification system (PPPS) developed in collaboration with the American Red Cross, represents the next generation in plasma fractionation technology. PBT offers process solutions for plasma fractionators, optimizing protein yield and purity over current plasma protein recovery processes.

Through its unique affinity capture approach, the PPPS technology increases the recovery yield of plasma proteins as well as providing for the recovery of additional proteins, including those difficult to isolate or that were inactivated in previous plasma fractionation operations. PBT will partner and/or license rights for PPPS technology to enable the development of these high value plasma-derived therapeutics where historical manufacturing practices and priorities have left unsatisfied medical needs, such as plasminogen deficiency.

ProMetic Animal Care

ProMetic will be using PRDT's technology to develop and market diagnostic tools to detect BSE in live cattle. The first case of BSE in cattle emerged in the UK more than 15 years ago and has spread to other countries and, in variant forms, into other animal species. The only currently available tool to detect BSE is a post-mortem test performed on brain tissue. An ante-mortem diagnostic test for cattle is urgently required to prevent the continued spread of BSE and to ensure that no further contaminated meat enters the food chain.

Christian Frayssignes has been recently appointed chief executive officer to lead ProMetic's Animal Care unit and will pursue financing opportunities and partnership developments. A Toronto-based executive with extensive experience in the Life Sciences industry, Mr. Frayssignes held key management positions at Glaxo (now GSK) and Pharmacia in Canada and abroad.

About ProMetic Life Sciences

ProMetic Life Sciences Inc. 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) enabling 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 inflammation 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 and manufacturing facilities in the UK and business development activities in the US, Europe, Asia and MENA countries (Middle East and North Africa).Additional information is available on the Company's website at www.prometic.com.

Forward Looking Statements

This press release contains forward-looking statements about ProMetic's objectives, strategies, financial condition, results of operations 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, the Company's ability to execute and complete successfully the announced reorganization, to obtain additional financing of the operating units as described, to implement facilities rationalization and personnel redeployment as planned, to develop, manufacture, and successfully commercialize value-added pharmaceutical products and to obtain contracts for its products and services; the completion of certain transactions, and the commercial acceptance of advanced affinity separation technology. 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 15 of the Company's Annual Information Form for the year ended December 31, 2004, under the heading "Risk Factors". As a result, we cannot guarantee that any forward-looking statement will materialize; forward-looking statements do not take into account the effect that transactions or non-recurring items announced or occurring after the statements are made may have on our business. 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.

ProMetic Life Sciences Inc. (TSX:PLI.SV)