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Press Release Source: PROMETIC LIFE SCIENCES INC. The American National Red Cross Affirms Its Ongoing Support of Joint Projects with ProMetic Tuesday March 1, 11:42 am ET WASHINGTON (DC), MONTREAL (Canada), March 1 /CNW Telbec/ - The American National Red Cross (Red Cross) and ProMetic Life Sciences Inc. (TSX: PLI.SV - News) confirmed today that their joint projects are not being materially affected by the announced plasma supply transaction between the Red Cross and Baxter Healthcare Corporation (Baxter). "The Red Cross will continue to work with ProMetic to build the value of our joint projects" said David Hammond, Executive Director, Research and Development, Plasma Derivatives, Red Cross. "The scientists directly involved in these projects are dedicated to advancing our joint programs according to our established plans." There has been an ongoing strategic review of all Lines of Service at the Red Cross for some time with a clear intent to refocus on the core mission of providing blood and blood products. To date, there has been no transaction involving Pathogen Removal and Diagnostic Technologies Inc. (PRDT) or plasma- related intellectual property assets of the Red Cross committed to the proprietary Cascade Process developed jointly between the Red Cross and ProMetic. "The proprietary Cascade Process has achieved unprecedented yields of protein recovery from plasma" stated Pierre Laurin, Chairman and CEO of ProMetic. "The business model continues to involve the out-licensing of this industrial platform to plasma fractionators who wish to improve the net product output from the plasma collected and processed." Hemosol Corp. became the first licensee of the cascade industrial platform in June 2004. Hemosol confirmed in December 2004 that the proprietary process had met or exceeded the anticipated yields at the Red Cross facility. The project undergoing scale-up at Hemosol's facility and future licensing opportunities are also unaffected by the Red Cross transaction with Baxter. With regards to PRDT, both the Red Cross and ProMetic remain committed to the development of its first filter designed for the removal of abnormal prion proteins from blood and blood components, with a CE Mark scheduled for 2005" said Peter Edwardson, Project Director of PRDT. More on Red Cross and ProMetic's two joint programs - Pathogen Removal and Diagnostic Technologies Inc. PRDT is a joint venture company established in April 2002 by the Red Cross and ProMetic. PRDT allows for a reciprocal exchange of technology and a knowledge base developed between the Red Cross and ProMetic. PRDT's main goal is to develop products and devices to remove and detect different pathogens from biological sources. This research augments work that ProMetic, the Red Cross and PRDT's scientific founders have been conducting independently for many years. PRDT's initial focus is a filter designed for the removal of abnormal prion proteins from blood and blood components. - Plasma Protein Purification Process In February 2003, The Red Cross and ProMetic established a strategic alliance to co-develop an improved protein purification process utilizing proprietary technologies from both companies to recover the most valuable therapeutic proteins from plasma in yields exceeding those currently obtained by standard manufacturing processes. In May 2004, "Proof-of-principle" regarding the fundamental objectives of the alliance was established, followed one month later by the first license agreement with Hemosol Corp. More about the American National Red Cross The American National Red Cross is where people mobilize to help their neighbors-across the street, across the country, and across the world-in emergencies. Each year, in communities large and small, victims of some 70,000 disasters turn to neighbors familiar and new--the nearly one million volunteers and 35,000 employees of the Red Cross. Through almost 900 locally supported chapters, more than 15 million people gain the skills they need to prepare for and respond to emergencies in their homes, communities and world. Some four million people give blood-the gift of life-through the Red Cross, making it the largest supplier of blood and blood products in the United States. And the Red Cross helps thousands of U.S. service members separated from their families by military duty stay connected. As part of the International Red Cross and Red Crescent Movement, a global network of 181 national societies, the Red Cross helps restore hope and dignity to the world's most vulnerable people. 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. Marsha J. Evans is the President and CEO of The American National Red Cross. More about Prometic Life Sciences ProMetic Life Sciences Inc. (TSX: PLI.SV - News) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary enabling technology. Mimetic Ligand(TM) 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. The Company's Mimetic Ligand(TM) technology is also leveraged into its drug discovery platform aiming at replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Montréal (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 . 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. https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=13075 For further information ProMetic Life Sciences Inc.: Communications: Sylvie Gosselin, Communications Manager, [phone], [e-mail] Analysts & Institutional Investors: Nicole Blanchard, President, Sun International Communications, [phone], [e-mail] Media: Dominic Sicotte, President, Echoes Media Relations Inc., [phone], Toll free: 866-633-9551, [e-mail] -------------------------------------------------------------------------------- Source: PROMETIC LIFE SCIENCES INC.