Hemosol Announces Completion of Health Canada Inspection
June 07 2005 - 8:30AM
PR Newswire (US)
Hemosol Announces Completion of Health Canada Inspection - Positive
rating from regulatory agency clears way for delivery of
Hepalean(R) products to Organon Canada and other potential clients
of the Company's bio-manufacturing services - TORONTO, June 7
/PRNewswire-FirstCall/ -- Hemosol Corp. (NASDAQ:HMSLNASDAQ:
TSX:NASDAQ:HML) today announced that the Company has received a
'Compliance' rating from Health Canada following the completion of
the regulatory agency's licence inspection of Hemosol's Meadowpine
facility. Formal licensing of the facility will allow Hemosol to
proceed with shipping Hepalean(R) products under its contract with
Organon Canada and to attract and fulfill other commercial
bio-manufacturing relationships. Hemosol expects to receive the
formal licence and to begin shipping product in the coming weeks.
"Our receipt of this important rating is a key milestone in
leveraging our state of the art manufacturing facility and
implementing our bio-manufacturing initiative," said Dr. Dirk
Alkema, Vice President of Operations at Hemosol. "This is a fiscal
strategy to generate revenue in the near to mid-term, while also
proceeding with our initiative to produce valuable therapeutic
proteins from human plasma. Our production team deserves
recognition and praise for successfully meeting the rigorous
timelines and requirements of this inspection." In September of
2004 Hemosol signed a multi-year agreement with Organon Canada, the
pharmaceutical division of Akzo Nobel. This agreement, with an
initial term of three years, will see Hemosol become the exclusive
Canadian manufacturer and supplier of licensed "Hepalean(R)"
products to Organon. As part of this agreement, Hemosol installed
an aseptic vial filling capability to fill and package the
Hepalean(R) products for delivery. While currently dedicated to the
filling of Hepalean(R) products, the Company also expects to use
this filling capability in the future, to package therapeutic
plasma protein products for both clinical evaluations - slated to
begin in 2006 - as well as initial commercial production.
Additionally Hemosol has sterile bag filling capability that can be
used as a part of its fiscal strategy to generate near-term
revenues to reduce its net operating expenses. 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 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/; Archived images on this
organization are searchable through CNW Photo Archive 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.
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