Hemosol in talks with secured creditors over finances

By Angela McDaniels

Seattle, Nov. 9 - Hemosol Corp. said it is discussing its current financial difficulties with its secured creditors.

The company requires additional capital shortly to continue as a going concern.

Advanced discussions with several potential partners and investors for private placement financing and co-development of its pipeline products have been unsuccessful, the company said.

"While the third quarter was a period of significant technical and operational success, it has been a major disappointment in terms of securing the financial resources the company needs to realize its potential," said president and chief executive officer Lee Hartwell in a company press release.

Hemosol is a biopharmaceutical company based in Toronto.

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