Hemosol (NASDAQ:HMSL)
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Hemosol Announces Quarterly Update
TORONTO, May 19 /PRNewswire-FirstCall/ -- Hemosol Corp. today announced that
due to the recent restructuring it will not be releasing first quarter
financial results for the period ended March 31, 2004. Hemosol Corp. will begin
reporting its financial results for the second quarter, to end on June 30,
2004.
As a result of the reorganization and an equity financing completed at the end
of 2003, Hemosol has received aggregate gross proceeds of more than $20 million
and has sufficient funding to carry out its strategic programs into 2005.
"With the reorganization now successfully behind us we are set to seize the
broader opportunities available in the identification and production of
therapeutic blood proteins," said Lee Hartwell, President and Chief Executive
Officer of Hemosol.
For the balance of 2004 and beyond, Hemosol will continue its work on several
key strategic initiatives including:
- An alliance with ProMetic Biosciences and the American Red Cross that
will see Hemosol become the first licensee of the novel Cascade
technology and take advantage of first-to-market advantage of this
potentially paradigm shifting technology for the isolation and
purification of valuable blood proteins;
- Establishing a revenue stream through the provision of bio
manufacturing services to third party clients;
- To determine the clinical path forward for HEMOLINK. Hemosol has
worked diligently to address the issues that led to the suspension of
clinical trials with the objective of establishing the clinical path
forward for HEMOLINK by the end of 2004;
- Advancing the Company's product pipeline. Hemosol's expertise and
experience in protein bioconjugation and cell expansion technologies
is being applied to develop both a hemoglobin-based drug delivery
platform and a portfolio of novel therapeutics to stimulate the growth
of blood cells. An active program is underway to pursue partnering and
licensing opportunities to continue to advance the development of
these products.
The first quarter financial results of LBPB Inc. (formerly Hemosol Inc.) have
been posted to http://www.hemosol.com/ for information purposes and will be
incorporated into all future Hemosol Corp. financial reporting for comparative
purposes.
About Hemosol
Hemosol Corp. is a biopharmaceutical company focused on the development and
manufacturing of biologics, particularly blood-related proteins. The Company
has a broad range of novel therapeutic products in development, including
HEMOLINK(TM) (hemoglobin raffimer), an oxygen therapeutic designed to rapidly
and safely improve oxygen delivery via the circulatory system. Hemosol also is
developing additional oxygen therapeutics, a hemoglobin-based drug delivery
platform to treat diseases such as hepatitis C and cancers of the liver, and a
cell therapy program initially directed to the treatment of cancer. Hemosol
intends to leverage its expertise in manufacturing blood proteins and its
state-of-the-art Meadowpine manufacturing facility to seek additional strategic
growth opportunities.
Hemosol common shares are listed on The Nasdaq National Market under the
trading symbol "HMSL" and on the Toronto Stock Exchange under the trading
symbol "HML".
HEMOLINK is a registered trademark of Hemosol
For more information visit Hemosol's website at http://www.hemosol.com/.
HEMOLINK(TM) is a registered trademark of Hemosol Inc.
Hemosol Inc.'s common shares are listed on The Nasdaq Stock Market under the
trading symbol "HMSL" and on the Toronto Stock Exchange under the trading
symbol "HML".
Certain statements concerning Hemosol's future prospects are "forward- looking
statements" under the United States Private Securities Litigation Reform Act of
1995. 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 obtain
regulatory approvals for its products; Hemosol's ability to successfully
complete clinical trials for its products; technical or manufacturing or
distribution issues; the competitive environment for Hemosol's products; the
degree of market penetration of Hemosol's products; 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.
DATASOURCE: Hemosol Corp.
CONTACT: Jason Hogan, Investor & Media Relations, (416) 361 1331,
800 789 3419, (416) 815 0080 fax, , http://www.hemosol.com/;
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