Hemosol Corporate Announcement
July 09 2004 - 5:47PM
PR Newswire (US)
Hemosol Corporate Announcement TORONTO, July 9
/PRNewswire-FirstCall/ -- Hemosol Corp. (TSX: HML, NASDAQ: HMSL) -
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 the financial statements of Hemosol Corp's
predecessor, Hemosol Inc., contained in Hemosol Corp.'s Annual
Report on Form 20-F for the year ended December 31, 2003 (filed
with the U.S. Securities and Exchange Commission on June 30, 2004)
contained a going concern qualification. On April 30, 2004, Hemosol
Corp. became the successor to LPBP Inc. pursuant to Rule 12g-3(a)
under the Securities Exchange Act of 1934 upon completion of a Plan
of Arrangement under Section 182 of the Business Corporations Act
(Ontario) involving Hemosol Inc. (which was subsequently renamed
LPBP Inc. after the Arrangement became effective), its security
holders and MDS Inc. The Arrangement provided a $16 million cash
infusion into Hemosol Corp.'s blood product business. As noted in
the Annual Report, this cash infusion will enable Hemosol Corp. to
continue its initiatives for its blood products business, including
the further development of HEMOLINK and other product candidates.
These funds will also permit Hemosol Corp. to advance the
implementation of its strategic alliance with ProMetic, exclusive
of milestone payments due under the license agreement. Hemosol
Corp. believes that, following the proactive steps taken in April
2003 to reduce cash burn, its current cash resources, together with
the proceeds from the Arrangement and the Special Warrant Offering,
will be sufficient to fund its anticipated operating and capital
expenditures through the second quarter of 2005, at which point it
will require additional financing. About Hemosol Hemosol is a
biopharmaceutical company focused on the development and
manufacturing of biologics, particularly blood-related proteins.
Hemosol is leveraging its expertise in manufacturing blood proteins
and its state-of-the-art Meadowpine manufacturing facility to seek
additional strategic growth opportunities. Hemosol has a broad
range of novel therapeutic products in development, including
HEMOLINK(TM) (hemoglobin raffimer), an oxygen therapeutic designed
to rapidly and safely improve oxygen delivery via the circulatory
system. Hemosol is also developing next generation oxygen
therapeutics, a hemoglobin-based drug delivery platform to treat
diseases such as hepatitis C and liver cancers, and a cell therapy
program initially directed to the treatment of cancer. 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 "HMSL" and on the Toronto Stock Exchange 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 obtain regulatory approvals for
its products; Hemosol's ability to successfully complete clinical
trials for its products and 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; the degree of market penetration of
Hemosol's products; Hemosol's ability to obtain sufficient
financing to complete clinical development of its products; 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 available through CNW E-Pix at
http://www.newswire.ca/. Images are free to members of The Canadian
Press. 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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