Hemosol (NASDAQ:HMSLD)
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Hemosol Retains NASDAQ Listing
TORONTO, June 24 /PRNewswire-FirstCall/ -- Hemosol Corp. (NASDAQ:HMSLDNASDAQ:
TSX:NASDAQ:HML) today announced that it has been notified by Nasdaq that the
Company has regained compliance with Nasdaq National Market's minimum bid price
requirement by achieving a closing bid price of at least US$1.00 per share for
the 10 consecutive trading days ended on June 23, 2005.
"We are pleased that the recent approval we obtained from our shareholders to
consolidate our shares has enabled us to maintain our Nasdaq listing," said Lee
Hartwell, President & CEO, Hemosol Corp.
On June 17, 2005 the Company received a letter from Nasdaq stating that the
Company's Common Shares will be delisted from Nasdaq because the Company was
not in compliance with the Nasdaq National Market's minimum bid price
requirement set forth in Marketplace Rule 4450(a)(5). Prior to receiving that
letter, on June 10, 2005 the Company completed a four to one share
consolidation in order to achieve compliance with the minimum bid price
requirement. Having achieved a closing bid price of at least US$1.00 per share
for 10 consecutive trading days, the Company has been advised by Nasdaq today
that it has regained compliance with the minimum bid price requirement and the
Company's common shares will not be delisted from Nasdaq.
As a result of the share consolidation Hemosol's trading symbol on Nasdaq has
been temporarily changed to HMSLD, the symbol will return to HMSL at the open
of trading on July 11, 2005.
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 "HMSLD" 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,
(416) 361-1331, 800-789-3419, (416) 815-0080 fax, ,
http://www.hemosol.com/;
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website at http://photos.newswire.ca/. Images are free to accredited members of
the media.
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.