Hemosol Announces Quarterly Update
19 Mai 2004 - 11:55PM
PR Newswire (US)
Hemosol Announces Quarterly Update TORONTO, May 19
/PRNewswire-FirstCall/ -- Hemosol Corp. today announced that due to
the recent restructuring it will not be releasing first quarter
financial results for the period ended March 31, 2004. Hemosol
Corp. will begin reporting its financial results for the second
quarter, to end on June 30, 2004. As a result of the reorganization
and an equity financing completed at the end of 2003, Hemosol has
received aggregate gross proceeds of more than $20 million and has
sufficient funding to carry out its strategic programs into 2005.
"With the reorganization now successfully behind us we are set to
seize the broader opportunities available in the identification and
production of therapeutic blood proteins," said Lee Hartwell,
President and Chief Executive Officer of Hemosol. For the balance
of 2004 and beyond, Hemosol will continue its work on several key
strategic initiatives including: - An alliance with ProMetic
Biosciences and the American Red Cross that will see Hemosol become
the first licensee of the novel Cascade technology and take
advantage of first-to-market advantage of this potentially paradigm
shifting technology for the isolation and purification of valuable
blood proteins; - Establishing a revenue stream through the
provision of bio manufacturing services to third party clients; -
To determine the clinical path forward for HEMOLINK. Hemosol has
worked diligently to address the issues that led to the suspension
of clinical trials with the objective of establishing the clinical
path forward for HEMOLINK by the end of 2004; - Advancing the
Company's product pipeline. Hemosol's expertise and experience in
protein bioconjugation and cell expansion technologies is being
applied to develop both a hemoglobin-based drug delivery platform
and a portfolio of novel therapeutics to stimulate the growth of
blood cells. An active program is underway to pursue partnering and
licensing opportunities to continue to advance the development of
these products. The first quarter financial results of LBPB Inc.
(formerly Hemosol Inc.) have been posted to http://www.hemosol.com/
for information purposes and will be incorporated into all future
Hemosol Corp. financial reporting for comparative purposes. About
Hemosol Hemosol Corp. is a biopharmaceutical company focused on the
development and manufacturing of biologics, particularly
blood-related proteins. The Company 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 also is developing additional oxygen therapeutics, a
hemoglobin-based drug delivery platform to treat diseases such as
hepatitis C and cancers of the liver, and a cell therapy program
initially directed to the treatment of cancer. Hemosol intends to
leverage its expertise in manufacturing blood proteins and its
state-of-the-art Meadowpine manufacturing facility to seek
additional strategic growth opportunities. Hemosol common shares
are listed on The Nasdaq National Market under the trading symbol
"HMSL" and on the Toronto Stock Exchange under the trading symbol
"HML". HEMOLINK is a registered trademark of Hemosol For more
information visit Hemosol's website at http://www.hemosol.com/.
HEMOLINK(TM) is a registered trademark of Hemosol Inc. Hemosol
Inc.'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" under the United
States Private Securities Litigation Reform Act of 1995. 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; technical or manufacturing or distribution
issues; the competitive environment for Hemosol's products; the
degree of market penetration of Hemosol's 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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