LAVAL, QUEBEC, CANADA – April 26, 2012 – ProMetic Life Sciences Inc. (TSX: PLI) (“ProMetic”or the “Corporation”) announced today the execution of private placements with 3188795 Canada Inc. and Les Castels de Vaudreuil Inc. (“LCDV“), both companies controlled by their president and current ProMetic board member, Mr. Benjamin Wygodny. The Corporation also executed a private placement with Mr. Benjamin Wygodny personally (collectively, the “Stakeholders“).
The private placements with 3188795 Canada Inc. and LCDV were executed to partially settle debt stemming from secured loans granted to the Corporation by 3188795 Canada Inc. and LCDV. Mr Wygodny has personally further invested $125,000 for additional equity participation in ProMetic.
As consideration for the above-mentioned private placements, the Stakeholders will collectively receive a total of 2,906,225 shares in ProMetic’s share capital at an approximate average share price of $0.125. Mr. Wygodny shall also receive 454,545 warrants exercisable at a price of $0.18 over the next 2 years with respect to his personal equity investment. The Toronto Stock Exchange has given conditional approval to this issuance of shares and granting of warrants.
“We appreciate the Stakeholders’ decision to convert ProMetic debt into equity and Mr. Wygodny further investing personally at this time as it clearly demonstrates confidence in ProMetic’s ability to execute on its strategic initiatives and business plan”, commented Pierre Laurin, President and Chief Executive Officer of Prometic.
In accordance with applicable securities legislation, the securities issued pursuant to the debt settlements and equity investment shall be subject to a four (4) month hold period commencing on this date.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (http://prometic.com/) is a biopharmaceutical company specializing in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic LigandTM 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 Laval (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, 2011, 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.