Hemosol Corporate Announcement

Hemosol Corporate Announcement 


TORONTO, July 8  /PRNewswire-FirstCall/ -- Hemosol Corp. (NASDAQ:HMSLDNASDAQ:
TSX:NASDAQ:HML) - Pursuant to Nasdaq Marketplace Rule 4350(b)(1)(B) which
requires an issuer that receives an audit opinion that contains a going concern
qualification to make a public announcement disclosing the receipt of such
qualification, Hemosol Corp. today announced that the auditors' report on
Hemosol's financial statements for the year ended December 31, 2004, contained
in Hemosol Corp.'s Annual Report on Form 20-F for the year ended December 31,
2004 (filed with the U.S. Securities and Exchange Commission on June 30, 2005),
contained a going concern qualification.

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/.

Hemosol's common shares are listed on the NASDAQ Stock Market under the trading
symbol "HMSLD" through July 8, 2005, and from July 11, 2005 under the trading
symbol "HMSL". The common shares are also listed 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 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. 

DATASOURCE: Hemosol Corp.



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

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

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