Press Release
28 Oct, 2005
Hemosol Announces Layoff of Employees
TORONTO, Ontario (October 28, 2005) – Hemosol Corp. (NASDAQ: HMSL, TSX: 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
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".
You are currently accessing this Site as a guest. Please login or register by clicking Here
Linear Mode
