• 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