Hemosol Announces Layoff of Employees
October 28 2005 - 10:06AM
PR Newswire (US)
TORONTO, Oct. 28 /PRNewswire-FirstCall/ -- Hemosol Corp.
(NASDAQ:HMSLNASDAQ: TSX:NASDAQ:HML) today announced that it has
served approximately two thirds of its employees with layoff
notices. The layoffs are necessary in order for the Company to
conserve its remaining cash and to continue to pursue potential
strategic relationships and various financing options. As
previously announced, Hemosol has held several discussions with
potential investors in connection with its proposed private
placement financing but no commitments have been obtained to date.
Hemosol has also held discussions with several parties in
connection with potential strategic transactions but no commitments
have been obtained to date. No assurance can be given that Hemosol
will be able to complete any such transactions given its current
financial resources. Hemosol requires additional capital shortly to
continue as a going concern and is in discussions with its secured
creditors with respect to its current financial position. About
Hemosol Hemosol is an integrated biopharmaceutical developer and
manufacturer of biologics, particularly blood-related protein based
therapeutics. The Company is deploying a novel technology, Plasma
Protein Chromatography (PPC), which has the potential to change the
business dynamics of the therapeutic plasma proteins sector.
Hemosol also continues to develop its rich and diverse therapeutic
pipeline that includes three technology platforms - Oxygen
Therapeutics for the treatment of high volume blood loss; Drug
Delivery for the treatment of Hepatitis C and liver cancer; and
Cell Therapeutics for the treatment of chronic myelogenous leukemia
and chemotherapy-induced 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 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, (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 Tools for
Investors.
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