ProMetic Life Sciences Inc.


in
ProMetic Life Sciences Inc.  signed a letter of intent to acquire 51% stake in Pathogen Removal and Diagnostic Technologies Inc. from American Red Cross. The terms of the letter of intent provide for an ongoing royalty stream to American Red Cross based on income derived from Pathogen Removal and Diagnostic Technologies. In exchange, ProMetic will raise its ownership position in Pathogen Removal to 77% by acquiring American Red Cross's 51% stake in Pathogen Removal. The remaining 23% of Pathogen Removal will continue to be held by the Dr. Ruben Carbonell and Dr. Robert G. Rohwer, academic co-founders. American Red Cross will continue to hold its preferred stock and maintain representation on the Board of Directors.