HMSL Hemosol (MM)

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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