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Sumitomo to Act As Advisor to ProMetic for Japanese Market
Date:4/30/2009

MONTREAL and NEW YORK, April 30 /PRNewswire/ -- ProMetic Life Sciences Inc. (TSX: PLI) ("ProMetic") and Sumitomo Corporation of America ("SCOA") announces that it has retained the services of SCOA and Summit Pharmaceuticals International ("SPI"), both wholly owned subsidiaries of Sumitomo Corporation ("Sumitomo") to advise ProMetic in its business development activities relating to PBI-1402 for the Japanese market.

In the course of ProMetic's partnering activities several Japanese companies have signaled their interest in PBI-1402. Consequently, ProMetic has retained the services of Sumitomo to capitalize on this asset. Sumitomo's reach and experience in various commercial fields will facilitate the leveraging of PBI-1402's value for this market.

"Sumitomo is pleased to advise and support ProMetic's activities that aim to increase PBI-1402's reach into the high-return environment of the Japanese market," said Mr. Yasunori Ishibashi, Senior Director of SCOA's Life Science Unit. "There is increasing demand in Japan for therapeutic drugs such as PBI-1402 that would treat anemia problems associated with cancer treatment and kidney disease. Our agreement with ProMetic allows them to access the global network and business development services of Sumitomo, while at the same time giving us an option for further investment down the road," states Mr. Ishibashi.

According to Mr. Masahiro Sasaki, President of SPI, "We believe that PBI-1402, with its novel mechanism of action, will become a promising drug for the treatment of anemia associated with cancer and kidney diseases. The need for such indication is high in Japan as well. We look forward to assisting ProMetic in choosing an appropriate partner for this compound, making the best of the abundant experiences and network of SPI."

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SOURCE Sumitomo Corporation of America
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