Hemosol Announces Share Consolidation

Hemosol Announces Share Consolidation
- Edward McCormack Named as New Chairman of the Board - 


TORONTO, June 7  /PRNewswire-FirstCall/ -- Hemosol Corp. (NASDAQ:HMSLNASDAQ:
TSX:NASDAQ:HML) today announced that it has filed articles of amendment for the
consolidation of the Company's common shares on the basis of one post-
consolidation share for four pre-consolidation shares. The share consolidation
was approved by shareholders at Hemosol's Annual and Special Meeting held
earlier today.

This consolidation is being undertaken to bring the Company into compliance
with the minimum bid requirements of NASDAQ. Hemosol believes that retaining
its NASDAQ listing is of strategic importance, given the Company's large US
shareholder base as well as the importance of maintaining ready access to the
US capital markets.

The Company expects its common shares to begin trading on a consolidated basis
on the TSX and NASDAQ on or about June 10, 2005. There will be a temporary
change to Hemosol's NASDAQ symbol to HMSLD for 20 trading days to reflect the
consolidation. No fractional shares will be issued in connection with the
consolidation and all fractional entitlements will be cancelled.

New Director and New Chairman of the Board

Following the meeting of shareholders, Hemosol's Board also appointed Dr. Paul
Walker to the Board of Directors and named Edward McCormack, currently the
chair of the Company's audit committee, as the new Chairman of the Board.
Edward Lane was also named to succeed Mr. McCormack as the new chair of the
Audit committee and Edward Rygiel, the outgoing chairman will remain on the
board as a director.

"Ed Rygiel is one of the founding directors of Hemosol and he has served as
Chairman since Hemosol began in 1988," stated Lee Hartwell, Hemosol's President
and CEO. "His guidance, vision and determination have been of tremendous value
through each stage of the Company's development and we look forward to his
continuing contribution as a member of the Board." An archived webcast of the
Annual and Special Meeting of Shareholders for Hemosol is available on the
company website at http://www.hemosol.com/.

About Hemosol

Hemosol is a biopharmaceutical company focused on the development and
manufacturing of biologics, particularly blood-related proteins. Hemosol has a
broad range of novel therapeutic products in development, including oxygen
therapeutics and protein-based therapeutics to treat certain infectious
diseases, cancers and anemia.

For more information visit Hemosol's website at http://www.hemosol.com/.

The Common Shares are listed on the NASDAQ Stock Market under the trading
symbol "HMSL" and on the Toronto Stock Exchange (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 there from;
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. 

DATASOURCE: Hemosol Corp.



CONTACT: Jason Hogan, Investor & Media Relations, [phone],

[phone], [phone] fax, , http://www.hemosol.com/;

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