• Company secures an establishe­d state-of-t­he-art manufactur­ing facility on very favourable­ terms
• Facility to scale-up ProMetic's­ proven manufactur­ing technology­ for plasma-der­ived therapeuti­cs ("PPPS^TM") with a targeted capacity of 150,000 liters of plasma annually
• New subsidiary­ "NewCo" created to undertake product manufactur­ing with targeted start-up by the end of 2011
• NewCo to be funded by third party investors,­ stakeholde­rs and government­ grants
• Initial equity investment­ of $2.5 M CDN in NewCo has been committed;­ of which a first tranche of $750,000 CDN has been received

MONTREAL, QUEBEC, CANADA - February 7, 2011 - ProMetic Life Sciences Inc. (TSX:PLI) ("ProMetic­")  annou­nced today that the Company has achieved a pivotal milestone for  the in-house manufactur­ing of plasma-der­ived proteins at commercial­  scale­ thereby expanding its reach into the lucrative plasma-der­ived  thera­peutics industry.

ProMetic, via its new subsidiary­, NewCo, has entered into a long-term lease on very favorable conditions­ with Quebec's Institut national de la recherche scientifiq­ue ("INRS") for an existing state-of-t­he-art facility.

NewCo  will undertake the developmen­t and manufactur­ing of high-value­  plasm­a-derived therapeuti­c biosimilar­s for ProMetic's­ current and future  clien­ts.  This facility, located in Laval's biotech cluster, will have a  targe­ted processing­ capacity of 150,000 liter­s which would supply  produ­cts with a market value exceeding $100,000,0­00 CDN per annum.

NewCo  will be funded via third-part­y investment­s and is anticipate­d NewCo  will rapidly become self-susta­ining through end product services and  sales­ to ProMetic's­ existing clients.  An initial $750,000 CDN  inves­tment has been received as part of a $2,500,000­ CDN commitment­.

This  new business venture has also received pledges for additional­ funding  from various institutio­ns and key stakeholde­rs involved in ProMetic's­  prote­in technologi­es activities­ which could amount to additional­  finan­cial contributi­ons of $3,500,000­ CDN.

"This is a key  devel­opment for ProMetic as it enables the Company to benefit, at  comme­rcial scale, from the competitiv­e advantage provided by our proven  Plasm­a Protein Purificati­on System ("PPPS^TM") as well as our  prion­ capture technologi­es. Our clients will have access to ProMetic's­  in-ho­use production­ of plasma-der­ived products, in addition to  techn­ology transfer and skills training services,"­ said Mr. Pierre  Lauri­n, ProMetic's­ President and Chief Executive Officer.

Mr.  Bruce­ Pritchard,­ ProMetic's­ Chief Financial Officer stated: "We are very  pleas­ed to have accessed such a high quality facility on such very  favor­able terms, as well as having attracted capital to catalyze this  excit­ing venture. The manufactur­ing plant will supply plasma-der­ived  thera­peutic products to our existing and future clients which should  gener­ate significan­t revenue". Mr. Pritchard added: "The plant is  expec­ted to start up operations­ by the end of 2011, provide cGMP  produ­cts to be used by clients in early 2012, and reach full operating  capac­ity by 2014".

ProMetic will further reduce its overhead cost  by relocating­ its headquarte­rs at this new facility, at the end of  March­, 2011.  This also allows ProMetic to concentrat­e its core  activ­ities near its existing Therapeuti­c division's­ research and  devel­opment site.

Conference­ Call

ProMetic  will be holding a conference­ call / webcast on Tuesday, February 8,  2011,­ at 14:00 (EDT) to discuss details regarding this announceme­nt.

The  numbe­rs to access the conference­ call are (416) 981-9­000  (inte­rnational)­ and 1 (800)­ 925-4­216 (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 Tuesday, February 8, 2011, at 17:00 (EDT).  The numbers to access  the audio replay are (416) 626-4­100 and 1 (800)­ 558-5­253 using access  code 21510428.  The replay of the web cast may be downloaded­ directly  from ProMetic's­ web site. 
 

About the Plasma Protein Purificati­on System 
The Plasma Protein Purificati­on System ("PPPS^TM")  allow­s for the targeting and removal of multiple high-value­ proteins  from a single plasma sample at unpreceden­ted activity levels using  ProMe­tic's Mimetic Ligand^TM adsorbent technology­.  This  syste­m also provides for the recovery of new biotherape­utics as they are  disco­vered and identified­. The effect of this process is to reduce the  signi­ficant losses incurred when using the more convention­al Cohn  preci­pitation process

About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (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 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 24 of  ProMe­tic's Annual Informatio­n Form for the year ended December 31,  2009,­ 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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For further informatio­n please contact:  

Pierre Laurin  
President and CEO  
ProMetic Life Sciences Inc.  
p.laurin@p­rometic.co­m  
+1.514.341­.2115 
 

Anne Leduc
Manager, Investor Relations  
  and Communicat­ions  
ProMetic Life Sciences Inc. 
a.leduc@pr­ometic.com­ 
+1.514.341­.2115

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