Hemosol negotiates private placement of units for up to C$10 million

By Sheri Kasprzak

New York, Sept. 22 - Hemosol Corp. said it plans to raise up to C$10 million from a private placement of units.

The units will include one share and one warrant.

The pricing details of the offering have not yet been determined.

A syndicate of underwriters placing the deal has an over-allotment option for up to C$5 million in additional proceeds.

The company is conducting the private placement because it will require additional capital early in the fourth quarter to continue as a going concern, the company said in a statement.

Based in Toronto, Hemosol is a biopharmaceutical company focused on treatments for hepatitis C and liver cancer.

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