ProMetic and Hemosol Finalize their Strategic Alliance & Definitive License Agreement - Capitalize on Hemosol's GMP manufacturing expertise and ProMetic's Technology - License represents CDN$15.5 million and 3 million common shares of Hemosol for ProMetic MONTREAL, June 2 /PRNewswire-FirstCall/ -- ProMetic Life Sciences Inc. (TSX: PLI) announces the closing of a definitive license agreement and strategic alliance between its Enabling Technology Unit ("Prometic") and Hemosol Corp. (TSX: HML; Nasdaq: HMSL) ("Hemosol"). This license agreement follows the execution of the binding Memorandum of Understanding ("M.o.U.") signed in December 2003. The plasma-derived protein market had annual sales of over US $5.6 billion in 2002 and this market is expected to increase to US $6 billion in 2005. The manufacturing capacity for proteins needed for these drugs, is not meeting the global demand due to technical limitations with the current technology for protein extraction. The new cascade process under license to Hemosol has been developed to address this situation. "ProMetic has achieved yet another milestone" stated Pierre Laurin, President and CEO of ProMetic. "Hemosol is the first of several of ProMetic's forthcoming licensees, and targets the North American demand". The alliance agreement aims at generating revenues for both companies on a short-term basis through technology transfer support and the supply of clinical trial material to other future licensees of ProMetic outside North America. In addition to the two million shares issued by Hemosol in December 2003, Hemosol will pay a staged license fee of CDN$15.5 million and one million common shares to ProMetic in exchange for Hemosol's rights to the Cascade technology. One million shares and CDN$1.5 million are payable by Hemosol in connection with the execution of the license agreement and further cash payments will be triggered by the achievement of certain pre-determined milestones. Hemosol will also pay royalties to ProMetic related to the sale of products produced using the Cascade. About the "Cascade Process" The Cascade process is a specific sequence of capture steps based on ProMetic's Mimetic Ligand(TM) technology to optimize the protein recovery yield from plasma. "The Cascade process increases the recovery yield of plasma proteins by up to 80% and allows for the recovery of additional new proteins, thereby increasing sales, profits and better access to life saving drugs" said Steve Burton, Executive Vice-President and Chief Scientific Officer - Enabling Technologies. "This has the potential to be used by many plasma fractionators around the world". About ProMetic Life Sciences Inc. ProMetic Life Sciences Inc. (TSX: PLI) is an international biopharmaceutical company with headquarters in Montreal (Quebec), and additional facilities in the UK and the USA. ProMetic specializes in the research, development, manufacture and marketing of a variety of commercial applications from its proprietary platform technologies, which are used in the development of therapeutics, large-scale purification of biologics and the elimination of pathogens/viruses. About Hemosol Corp Hemosol is a biopharmaceutical company focused on the development and manufacturing of biologics, particularly blood-related proteins. The Company has a broad range of novel therapeutic products in development, including HEMOLINK(TM) (hemoglobin raffimer), an oxygen therapeutic designed to rapidly and safely improve oxygen delivery via the circulatory system. Hemosol is also developing additional oxygen therapeutics, a hemoglobin-based drug delivery platform to treat diseases such as hepatitis C and liver cancers, and a cell therapy program initially directed to the treatment of cancer. Hemosol intends to leverage its expertise in manufacturing blood proteins and its state-of-the- art Meadowpine manufacturing facility to seek additional strategic growth opportunities. Hemosol Inc.'s common shares are listed on the NASDAQ Stock Market under the trading symbol "HMSL" and on the Toronto Stock Exchange under the trading symbol "HML". This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to the Company's ability to develop, manufacture, and successfully commercialize value-added pharmaceutical products and to obtain contracts for its products and services and commercial acceptance of advanced affinity separation technology. Shareholders are cautioned that these statements are predictions and these actual events or results may differ materially from those anticipated in these forward-looking statements. DATASOURCE: PROMETIC LIFE SCIENCES INC. CONTACT: ProMetic Life Sciences Inc.: Pierre Laurin, President & CEO, (514) 341-2115; Media: Dominic Sicotte, Director of Communications, (514) 842-9551, http://www.prometic.com/; Renmark Financial Communications: John Boidman or Sylvain Laberge, (514) 939-3989, http://www.renmarkfinancial.com/

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