Hemosol says financial status is a concern

By E. Janene Geiss

Philadelphia, Oct. 21 - Hemosol Corp. on Friday said its financial position is a concern and it needs to raise additional capital soon to continue operations - but so far has not been able to reach an agreement.

The company said it has been in discussions with several potential investors for a private placement or other type of strategic transaction.

No commitments have been obtained for Hemosol's proposed private placement financing or any other type of strategic financing, company officials said in a news release.

No assurances can be given that Hemosol will be able to complete any such transactions given its current financial position, officials said.

On Sept. 22, Hemosol said it planned to raise up to C$10 million from a private placement of units but had not yet set pricing.

The Mississauga, Ont.-based biopharmaceutical company is focused on blood-related protein-based therapeutics.

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