TORONTO, Nov. 24 /PRNewswire-FirstCall/ - Hemosol Corp. today announced that it is insolvent. Hemosol Corp. and Hemosol LP have filed Notices of Intention to Make a Proposal to their creditors under the Bankruptcy and Insolvency Act (Canada), and have appointed PricewaterhouseCoopers Inc., a licensed trustee, to act as trustee under the proposals. Hemosol continues discussions with its secured creditors with respect to its current financial position.
About Hemosol
Hemosol is an integrated biopharmaceutical developer and manufacturer of biologics, particularly blood-related protein based therapeutics.
For more information visit Hemosol’s website at www.hemosol.com.
The Common Shares are listed on the NASDAQ Stock Market under the trading symbol “HMSL” and on the TSX under the trading symbol “HML”.
Certain statements concerning Hemosol’s future prospects are “forward- looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities legislation. There can be no assurances that future results will be achieved, and actual results could differ materially from forecasts and estimates. Important factors that could cause actual results to differ materially from forecasts and estimates include, but are not limited to: Hemosol’s ability to successfully implement the Cascade technology and commercialize products derived from that technology; Hemosol’s ability to obtain additional financing which is critical to the implementation of the Cascade technology and to Hemosol’s continued viability as a going concern; Hemosol’s ability to obtain regulatory approvals for its products; Hemosol’s ability to successfully complete clinical trials for its products; Hemosol’s ability to enter into satisfactory arrangements for the supply of materials used in its manufacturing operations and the sale of resulting products to customers; technical, manufacturing or distribution issues; the competitive environment for Hemosol’s products and services; the degree of market penetration of Hemosol’s products; Hemosol’s ability to attract and retain clients for its bio-manufacturing services; the risk that Hemosol may not become profitable; and other factors set forth in filings with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. These risks and uncertainties, as well as others, are discussed in greater detail in the filings of Hemosol with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Hemosol makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made.
Hemosol Corp.
CONTACT: Contact: Lee Hartwell, President & CEO, (905) 286-6204,lhartwell@hemosol.com, www.hemosol.com; Archived images on thisorganization are searchable through CNW Photo Archive website athttp://photos.newswire.ca. Images are free to accredited members of themedia. To request a free copy of this organization’s annual report, pleasego to http://www.newswire.ca and click on Tools for Investors.