Hemosol announces appointment of Edward Lane, C.A. to Board of Directors TORONTO, Aug. 11 /PRNewswire-FirstCall/ -- Hemosol Corp. (TSX: HML; NASDAQ:HMSL) today announced the appointment of Edward Lane, C.A. to the Board of Directors. Mr. Lane has had a distinguished business career in the financial, public and healthcare sectors which includes having served as Chief Financial Officer of the Canadian Red Cross and later, as President and Chief Executive Officer of the Canadian Fractionation Corporation. "Ed's financial and strategic experience is uniquely paired with a deep operational understanding of the blood and related products business", said Edward Rygiel, Hemosol's Chairman. "We look forward to drawing on his experience and insight as we continue to execute our strategic alliance with ProMetic and the American Red Cross to extract valuable therapeutic proteins from human blood plasma as well as our other initiatives to develop new modified blood proteins - including oxygen therapeutics - to address a broad range of unmet medical needs." Mr. Lane will replace George Masters who has stepped down from the Board for personal reasons. "We are very grateful for the numerous contributions and wise counsel that George brought to Hemosol, first as President and later, as a valued member of the Board", added Rygiel. 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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