Mr. Patrick Sartore reports

PROMETIC COMPLETES REFINANCING TRANSACTIONS INCLUDING C$75 MILLION (APPROXIMATELY US$56 MILLION) IN GROSS PROCEEDS FROM NEW EQUITY FINANCING

ProMetic Life Sciences Inc. has closed the recapitalization and equity offering previously announced on April 15, 2019. ProMetic received $75-million in gross proceeds from the equity offering led by Consonance Capital Management and Structured Alpha LP and converted into equity substantially all of its indebtedness to SALP.

Upon the closing of these transactions, the corporation has 20,947,510,578 common shares issued and outstanding on a fully diluted basis, including all outstanding warrants, stock options and restricted share units.

ProMetic intends to commence the previously announced rights offering to its shareholders of record in May, 2019, and to seek approval from its shareholders for a share consolidation at its next special annual general meeting of its shareholders, scheduled to be held in Montreal, Que., on June 19, 2019.

ProMetic has appointed Stefan Clulow, managing director and chief investment officer of Thomvest Asset Management, as chair of ProMetic's board of directors and Kenneth Galbraith as chief executive officer. Concurrent with these leadership changes, Prof. Simon Best has been appointed ProMetic's lead independent director, and Dr. Benny Soffer, of Consonance, has been designated as a ProMetic board observer.

"Professor Best's leadership as chair and interim CEO has enabled ProMetic to make its way successfully through very challenging circumstances. On behalf of ProMetic and its stakeholders, I thank Professor Best for his contribution to the company," stated Mr. Clulow, chair of the board of ProMetic."

"I am also pleased to have Kenneth Galbraith join ProMetic as CEO. Mr. Galbraith's long record of success as an executive and investor gives us confidence that ProMetic has the executive leadership, as well as the financial resources, necessary to realize the value of the company's assets," stated Mr. Clulow. "We look forward to working with our new partners at Consonance to support Mr. Galbraith in realizing his vision for the company."

Mr. Galbrath, ProMetic's CEO, stated: "I am excited to join ProMetic and look forward to working with the board, the management team and employees at ProMetic, and our strategic partners, to build a successful and focused global company which can discover and develop novel medicines that address unmet needs for patients with serious diseases in multiple therapeutic areas of interest. I look forward to discussing our plans further with shareholders at our first quarter earnings release in May."

Biographical information

Stefan Clulow -- chair of the board

Mr. Clulow is managing director and CIO of Thomvest Asset Management, a private investment firm. Mr. Clulow has served on the board of ProMetic since 2014 and also sits on the boards of a number of private companies and charitable organizations. Prior to joining Thomvest, Mr. Clulow practiced law in Silicon Valley and Toronto. Mr. Clulow was educated at McGill University and is a member of the State Bar of California and the Law Society of Ontario.

Kenneth Galbraith -- CEO

Mr. Galbraith is a well-known and active member of the North American life sciences community with over 30 years of experience acting as an executive, director, investor and adviser to companies in the biotechnology, medical device, pharmaceutical and health care sectors.

Previously, Mr. Galbraith was the managing director of Five Corners Capital. He joined Ventures West as a general partner in 2007 and led the firm's biotech practice prior to founding Five Corners Capital in 2013 to continue managing the Ventures West investment portfolio. Mr. Galbraith served as the chair and CEO of AnorMED, a biopharmaceutical company focused on new therapeutic products in hematology, HIV and oncology, until its sale to Genzyme Corp. in 2006 in a cash transaction worth almost $600-million (U.S.). Starting in the biotech sector in 1987, Mr. Galbraith spent 13 years in senior management with QLT Inc., a global biopharmaceutical company specializing in developing treatments for eye diseases and oncology, retiring in 2000 from his position as executive vice-president and chief financial officer when QLT's market capitalization exceeded $5-billion (U.S.). He has served on the board of directors of many public and private biotechnology companies, including Zymeworks, Celator Pharmaceuticals, Angiotech Pharmaceuticals, Alder Pharmaceuticals and Tekmira. He currently serves on the board of directors of Macrogenics and Profound Medical.

About ProMetic Life Sciences Inc.

ProMetic is a innovative biopharmaceutical corporation with a broad pipeline of small molecule therapeutics under development to treat unmet needs in patients with liver, respiratory and kidney disease, including rare diseases. ProMetic's differentiated research involves the study of two G-protein-coupled receptors, GPR40 and GPR84. These drug candidates have a dual mode-of-action as agonists of GPR40 and antagonists of GPR84. The company's lead drug candidate, PBI-4050, is expected to enter phase 3 clinical studies for the treatment of Alstrom syndrome in 2019.

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