TORONTO, Nov. 7 /PRNewswire-FirstCall/ - Hemosol Corp. today announced that on November 3, 2005 it received notification from The Nasdaq Stock Market indicating that for the previous 30 consecutive business days, the bid price of Hemosol’s common stock closed below the minimum US$1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 4450(b)(4) (the “Rule”).
As a result, in accordance with Nasdaq Marketplace Rule 4450(e)(2), Hemosol will be provided 180 calendar days, or until May 2, 2006, to regain compliance by having its shares close above $1.00 for a minimum of 10 consecutive trading days.
If Hemosol has not regained compliance with the Rule by May 2, 2006, Nasdaq will issue a letter notifying the Company that its common stock will be delisted. At that time, Hemosol may appeal the determination to delist its common stock to a Listings Qualifications Panel.
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: Jason Hogan, Investor & Media Relations, (416) 361-1331, (800)789-3419, (416) 815-0080 fax, ir@hemosol.com, www.hemosol.com; Archivedimages on this organization are searchable through CNW Photo Archivewebsite at http://photos.newswire.ca. Images are free to accredited membersof the media. To request a free copy of this organization’s annual report,please go to http://www.newswire.ca and click on Tools for Investors.